Hitesh Aggarwal
Chartered Accountant
Hitesh Aggarwal
Chartered Accountant
As a Chartered Accountant with over 12 years of experience, I am not only skilled in my profession but also passionate about writing. I specialize in producing insightful content on topics like GST, accounts payable, and income tax, confidently delivering valuable information that engages and informs my audience.
Latest Articles By Hitesh Aggarwal
TDS on Rent: Complete Guide to Section 194I and 194IB
What is TDS on Rent? Tax Deducted at Source (TDS) on rent is a mechanism under the Income Tax Act, 1961 that requires the tenant (the payer of rent) to deduct a specified percentage of the rent amount before making…
Proforma Invoice Under GST: Meaning, Format, Rules & Complete Guide (2026)
What is a Proforma Invoice? A proforma invoice is a preliminary document sent by a seller to a buyer before the final sale takes place. It shows the expected details of a proposed transaction, such as goods or services, quantity,…
Work in Progress (WIP) Inventory
In inventory management , when an input used in the production process has undergone some level of processing but has not yet been completely transformed into the final and finished product that is ready to be sold, it is known…
Accounting Principles: Complete Guide with Golden Rules, Types & Examples
What Are Accounting Principles? Accounting principles are a set of guidelines, assumptions, and rules that dictate how financial transactions should be recorded, reported, and interpreted. These principles form the foundation for the preparation of financial statements, ensuring consistency, comparability, and…
What is a Ledger in Accounting? Types, Format, Posting, and Examples
A ledger account is essentially a detailed record-keeping tool for your finances. It’s a place where you document all the specific money-related actions within your business or personal financial life. Think of a ledger account as a categorised logbook. In…
Golden Rules of Accounting: The Complete Guide with Journal Entries, Practice Problems & Mnemonics
What Are the Golden Rules of Accounting? The Golden Rules of Accounting are three foundational principles that govern how every financial transaction is recorded in a double-entry bookkeeping system. Developed from the principles first systematized by Luca Pacioli in 1494,…
Profit and Loss Appropriation Account
The Profit and Loss Appropriation Account is an important component of a company’s financial statements, specifically designed to outline the distribution of profits among various stakeholders, such as partners or shareholders. This account provides transparency regarding how the net profits…
Equity in Accounting
The word “equity” has diverse meanings, from property value to investments. In accounting, it can refer to an owner’s interest in a company after subtracting all liabilities. This overview delves into the specifics of equity in accounting and its calculation.
What is Trial balance
A trial balance is a summary of a company’s financial position at a specific point in time, typically at the end of an accounting period. It comprises a list of all the general ledger accounts and their respective balances. The…
Accounting Equation: Meaning, Formula, Examples, and How It Works
What Is the Accounting Equation? The accounting equation is the simplest way to express a business's financial position at any point in time. It states: Assets = Liabilities + Owner's Equity This equation shows a basic truth about every business.…
Tax Accounting
Want to understand what is tax accounting? BUSY’s guide covers its types, tips, and how it compares to financial accounting. Manage your taxes effectively now!
Financial Accounting
Learn financial accounting with BUSY! Discover its rules, types of financial accounting, and how it works to boost your business's financial management.
Management Accounting – Definition, Objectives, Scope, Techniques & Limitations
What Is Management Accounting? Management accounting is a branch of accounting that focuses on providing relevant financial and non-financial information to internal stakeholders within an organisation. Unlike financial accounting, which is primarily concerned with external reporting to investors, lenders, and…
Inventory Accounting
Inventory accounting made easy by Busy. Learn the definition, key steps, and advantages to improve your business’s inventory control. Discover more!
How to Choose the Best GST Accounting Software for Your Business
Accounting software has become crucial for managing financials for all kinds of businesses. With stringent GST regulations, it has become more important than ever to have GST accounting software in place to avoid errors and file the GST accurately. There…
How Accounting Software Improve Productivity Of Small Business
Accounting software enhances productivity and allows businesses to generate and maintain financial records, record sales and expenses, and pay customer bills. It is less expensive to use accounting software to increase a business’s productivity as transactions are recorded automatically, accurately,…
7 Factors to Consider When Choosing an E-way Bill Software
As per GST regulations, transporters must carry E-Way Bills while transporting goods amounting to more than Rs. 50,000 (depending on the state) within or between two states. Transporters must also have a copy of the E-Way Bill and invoice as…
Highlights of the new GST Amendments
The finance minister conducted a GST Council Meeting on June 28th and 29th, 2022. The council made several significant amendments in the meeting, ranging from GST return filings to GST rate changes. Below are highlights of the new GST amendments…
How to Adapt Ledger Formats for Tax Preparation
A well-organised ledger ensures that all transactions are properly recorded, making tracking income, expenses, and tax liabilities easier. This not only simplifies the tax filing process but also helps in avoiding errors and potential penalties. By adapting your ledger formats…
How to Choose the Right Accounting Software for Managing Equity?
Managing the daily operations of a business is a difficult job. In addition, other responsibilities like managing equities can take a considerable amount of time and energy. This can indirectly hinder the efficiency of your business operations. However, you do…
How Does the Accounting Equation Reveal Your Business’s Funding Sources?
The accounting equation is a fundamental business principle that supports a company’s financial health. It states that a company’s assets must always equal its liabilities plus equity. This equation helps maintain the accuracy and consistency of a business’s financial statements.
How TRAN Transforms Financial Processes: Key Insights and Benefits
TRAN stands for Transitional in the context of GST. These forms, specifically TRAN 1 and TRAN 2, were crucial tools for businesses in India during the transition from the previous tax regime to the Goods and Services Tax (GST) system.…
Managing and Monitoring Personal Account Rule Compliance: Best Practices
Personal accounts are crucial in tracking financial transactions with clients, vendors, and other business entities. They enable businesses to maintain accurate records of financial interactions, generate precise statements, and make data-driven decisions that support strategic goals.
A Comprehensive Guide to Setting Up Accounting Software for Your New Business
Setting up accounting software is crucial for new businesses looking to streamline their financial processes. The right software can simplify bookkeeping, manage transactions, and generate accurate financial reports. This guide will help you understand your business needs, explore different software…
Key Benefits of Using Restaurant-Specific Accounting Software
Restaurant-specific accounting software is a game-changer for food service businesses. It simplifies complex financial tasks, provides real-time insights, and boosts overall efficiency. In this blog, we will explore the key benefits of this software.
The Crucial Role of WMS Software in E-commerce Fulfillment
See how WMS software streamlines e-commerce order processing with real-time stock tracking and integration via BUSY.
Who is a Casual Taxable Person under GST?
Under the Goods and Services Tax (GST) regime, a Casual Taxable Person (CTP) is an individual or business entity who occasionally supplies goods or services in a state or union territory where they do not have a fixed place of…
Why Does Your Business Need Proper GST Billing Software?
GST billing software is essential for businesses to comply with tax laws. It makes generating invoices easy, assists in keeping records accurate, and ensures the systematic application of GST rates. The software also helps generate GST returns , reduce manual…
Guide to GSTR-2
GSTR-2 is a crucial GST Return form that needs to be filed by registered taxpayers in India as part of the Goods and Services Tax (GST) system. It contains details of all the inward supplies of goods and services received…
Cloud-Based vs. Offline Accounting Software: Which One is Right for You?
Running a small business means making smart choices about your tools, and selecting the right accounting software is no exception. With both cloud-based and offline accounting options available, it’s important to understand how each can impact your workflow. Whether you…
Impact of Union Budget 2025-26 on MSMEs: Key Announcements and Implications
Finance Minister Nirmala Sitharaman presented the Union Budget 2025, marking her 8th consecutive budget and the first full budget of Prime Minister Narendra Modi’s third term. This budget comes at a critical time, with India’s economic growth at a four-year…
How to Choose the Right Accounting and Billing Software for Your Business?
Choosing the right accounting and billing software can streamline finances, improve accuracy, and save time. But with so many options, how do you decide? Consider your business size, industry needs, scalability, and integration capabilities. Look for automation, ease of use,…
Sundry Creditors and Debtors: Meaning, Journal Entries and Balance Sheet
Sundry debtors and sundry creditors are central to every credit-based business. If you sell on credit, you create debtors. If you buy on credit, you create creditors. Managing them properly helps with collections, supplier payments, GST matching, working capital control,…
Applicability of GST on Real Estate
The supply of goods and services related to both movable and immovable property is also subject to the implementation of the e-invoicing system in stages. The National Informatics Center was the first designated invoice registration portal (IRP) for this (NIC).…
Different Types of Json Errors While Filing GSTR-9C
Learn about common JSON errors while filing GSTR-9C and how to fix them. Simplify your GST compliance process with Busy. Click to troubleshoot now!
Asset Turnover Ratio: How Efficiently Is Your Business Using Its Assets?
The asset turnover ratio is a financial metric that shows how well a business is using its assets to generate revenue. It helps assess how efficiently investments in equipment, buildings, and inventory are contributing to sales. If the ratio is…
What is Hedge Accounting?: Types and Strategies
Businesses today face many financial risks, including fluctuating currency rates, interest rate changes, and unstable commodity prices. To protect themselves, companies use tools like derivatives and financial contracts. But how do these tools get recorded in financial statements? That’s where…
Indian Accounting Standards (Ind AS): Applicability, Complete List & Guide
What Are Accounting Standards? Accounting standards are authoritative written rules that determine how transactions and events should be recognised, measured, presented, and disclosed in financial statements. In India, accounting standards for companies are notified by the Ministry of Corporate Affairs…
Double Entry Bookkeeping System: Definition, Rules, and Examples
What Is Double Entry Bookkeeping? Double entry bookkeeping is the system of recording financial transactions in which every transaction affects at least two accounts, and the total debits always equal the total credits. The rule is simple: for every debit,…
Realisation Concept in Accounting: Definition, Importance, and Example
Understanding when to record income is crucial to maintain accurate financial records. The realisation concept, also known as the realisation principle, helps businesses know when to recognize revenue. This concept ensures that income is recorded only when earned, not when…
Accounting Policies: What They Are and Why They Matter in Financial Reporting
Accounting policies are the rules and methods a business uses to record and show its financial information. These rules help make sure that all companies follow a similar way of reporting, so that their numbers are clear, accurate, and easy…
How to Report a Fake GSTIN Number?
There have been reports of fake GST number registrations in recent months. This is found to be performed by obtaining a GST registration using another person’s identification. Through such a GST Registration, the impostor conducts illegal business and acquires GST…
What is the Consistency Concept in Accounting? Importance and Examples
In accounting, accuracy and clarity are vital, but without consistency, comparing financial data from one year to the next becomes impossible. That’s where the concept of consistency in accounting comes into play. In this blog, we’ll explain what the consistency…
Step By Step Guide to Filing GST CMP-08
CMP-08 is a simplified quarterly return form for composition dealers under the GST Composition Scheme . This guide explains who should file CMP-08, due dates, the step-by-step process, penalties for late filing, and how accounting software can help.
What is DRC-03, and When Should You File It Under GST
Under India’s Goods and Services Tax (GST) regime, compliance and accurate tax reporting are critical for businesses. One such compliance mechanism is Form DRC-03, which facilitates voluntary tax payments and correction of liabilities. DRC-03 is particularly significant for taxpayers who…
What Is Cess in GST? Full Form, Meaning, Rates, and the 2025 Reform That Changed Everything
What Is Cess in GST? Definition and Full Form Compensation Cess under the Goods and Services Tax framework. is a surcharge levied in addition to the standard GST rate on specified goods and services. It is not a separate tax…
Interest Calculator In GSTR-3B Explained H1
The monthly return form GSTR-3B is essential for all registered taxpayers under India’s Goods and Services Tax (GST) regime. It is a comprehensive summary of all outward and inward supplies made during a particular tax period, including tax liability and…
Checksum Validation Failed Error In GST Return
Many GST return filers get the “Checksum Validation: Failed” problem when submitting GSTR-3B . When users click “Offsets Liability” in GSTR-3B, they encounter this problem. This problem causes the return filer’s inability to submit their GST Returns effectively. Get Here:…
What is Dead Stock?
Inventory is a critical aspect of any retail business, but it can also be a source of significant financial loss. Deadstock, or unsold products accumulating over time, can harm a retailer’s bottom line. To maintain strong profit margins, it’s crucial…
Shareholder Equity: A Key to Understanding Financial Health
A company’s financial strength isn’t just measured by its profits—it’s also reflected in its shareholders’ equity . This figure shows the net value of a company after deducting all liabilities from total assets. In simple terms, it tells you what…
Basics of GST
The introduction of the Goods and Services Tax (GST) law in India has garnered significant attention. This proposed legislation aims to reform business practices and the taxation of goods and services across the country. While its potential impact on affordability…
GST Payments and Appeals
GST payments and appeals refer to the regular settlement of a firm’s outstanding Goods and Services Tax (GST) amount. Complying with GST requirements is crucial for companies, as it ensures adherence to tax regulations. The implementation of the GST regime…
GST Composition Scheme
The Composition Scheme in GST is a simplified solution for small taxpayers. By opting for this scheme, taxpayers can avoid complex GST formalities and instead pay GST at a fixed rate based on their turnover. It is available to taxpayers…
GST Penalties and Appeals
Understanding the descriptions of offenses and corresponding penalties outlined in the GST law is crucial for business owners, chartered accountants (CAs), and tax professionals. Even a minor mistake can have serious consequences, making it essential to have a clear understanding…
E-Invoice
The concept of e-invoicing under GST, which refers to electronic invoicing, has gained significant importance among the business community since its approval by the GST council. In September 2019, during the council’s 37th meeting, the introduction of e-invoicing was approved…
E-Way Bill
The E way bill, or Electronic Way Bill, is a crucial document introduced under the Goods and Services Tax (GST) system to track goods in transit. It is mandatory for a taxable person registered under GST, engaged in the transportation…
Accounting for Taxes: Income Tax Reporting
Paying taxes is not just a legal duty but also a step toward building financial credibility. One of the most important parts of tax compliance is income tax reporting. It is the process where individuals, businesses, and professionals declare their…
Section 194B of the Income Tax Act
The Income Tax Act , 1961 has specific provisions for tax deduction at source (TDS) on certain types of income. One of these provisions is Section 194B , which deals with TDS on income earned through winnings from lotteries, crossword…
What is Section 194NF and How Does it Affect Unit Holders of Business Trusts and Investment Funds?
The Indian Income Tax Act contains multiple provisions for the deduction of tax at source (TDS) to ensure efficient tax collection. One such provision is Section 194NF , which was introduced to bring more transparency in the taxation of income…
Section 393 TDS on Professional and Technical Fees - Rates, Threshold, Due Dates, and Compliance Guide for Tax Year 2026-27
What Is the Current Law After 1 April 2026? From 1 April 2026, fresh TDS transactions are governed by the Income-tax Act, 2025. For this topic, the applicable provision for current transactions is section 393. The transition rule is based…
TDS on Dividend Income
Dividends are a common source of passive income for investors in shares and mutual funds. However, just like other types of income, dividends are also subject to taxation. To ensure tax compliance, companies and mutual funds deduct Tax Deducted at…
What is Section 195 of the Income Tax Act?
When Indian businesses or individuals make payments to non-residents, tax laws ensure that such payments are not left untaxed. Section 195 of the Income Tax Act, 1961, plays a crucial role here. It states that any payment made to a…
What is Inventory Optimization?
Inventory optimization is the process of maintaining the right amount of stock at the right place and time to meet customer demand while minimizing costs. It involves balancing inventory levels to avoid both overstocking, which ties up capital, and understocking,…
Accounts Receivable: Complete Guide to Managing Customer Payments Efficiently
What Is Accounts Receivable? Accounts receivable (AR) is the total amount of money owed to a business by its customers after goods or services have been delivered on credit but before payment has been received. It represents a short-term claim…
What Is Inventory Control? Methods, Formulas & Best Practices
What Is Inventory Control? Inventory control is the process of monitoring, tracking, and managing stock levels in a business. For small businesses, poor inventory control can quickly affect cash flow. Buying too much stock ties up capital in slow-moving items,…
Fund Accounting: Meaning, Principles, and Use in Nonprofits and Government
Fund accounting is a specialized system used primarily by nonprofits and government entities to track financial resources based on specific restrictions or purposes. Unlike traditional accounting, which focuses on profits, fund accounting ensures accountability and transparency in resource management.
A Guide on What is Material Requirement Planning
Handling production without delays or excess inventory is a big challenge for manufacturers, and that’s where material requirement planning, or MRP, comes in. It allows businesses to ensure the right materials are available at the right time and in the…
Methods of Inventory and Supply Chain Management
Managing stock and ensuring timely delivery are two important aspects of running a business. If you don’t plan well, you can end up with too much inventory, late deliveries, or unhappy customers. That’s why having the right inventory and supply…
New GST on Under Construction Property: What Buyers Should Know
If you’re planning to buy a house or office space that’s still being built, it’s important to understand how GST affects the final cost. This blog will simplify everything about gst on under construction property , including how rates vary…
New GST on Cars in India: Tax Rate by Type and Segment
Buying a car in India? Whether it’s a small hatchback or a luxury SUV, understanding the GST (Goods and Services Tax) structure is essential. This guide explains the GST rates on different car types, the relevant Car HSN code, and…
GST for Electrical Items: Appliances and Wiring Products
Electrical items are an essential part of every home, office, and industrial setup. From wire HSN codes and gst rate to switches and lighting systems, understanding the GST rate and HSN codes for electrical items helps consumers, retailers, and builders…
Wood New GST Rate: Timber, Plywood, and Other Products
Wood is a widely used material in construction, furniture, and interior design. From raw timber to polished furniture, different types of wood products are taxed differently under the Goods and Services Tax (GST). This blog simplifies everything you need to…
GST on Readymade Clothes: Tax by Fabric and Price
If you’ve bought a shirt from a retail store or a kurta from an online shop, you’ve already paid GST on it. But how is it calculated? This guide breaks down everything you need to know about gst on readymade…
New GST on Fabric: Yarn to Finished Textile Overview
From cotton sarees to polyester blends, fabric plays a vital role in India’s textile and fashion industries. Whether you’re a manufacturer, retailer, or consumer, knowing the fabric HSN code and GST rate works is important for pricing, tax compliance, and…
New GST for Vegetables: Fresh, Frozen, and Canned
Vegetables are essential for every household, and they are sold in many forms—fresh, frozen, dehydrated, or canned. But how are they taxed under GST ? This blog simplifies the gst for vegetables so sellers, retailers, and consumers can understand what’s…
GST on Sanitary Pads in India: Current Tax Status
Sanitary pads are a basic necessity for women. But for a long time, they were taxed just like luxury goods under GST. After much public debate and demand, the government revised its stance. In this blog, we explain the current…
New GST on Dairy Products: What’s Taxable Under GST
Dairy products are a part of everyday life such as milk, cheese, butter, curd, and more. But when it comes to taxation, do all dairy items attract GST? The answer depends on the product and how it is processed or…
GST on Freight Charges: Transportation of Goods
Freight charges are a vital part of transporting goods across the country. Whether you’re a business owner or a logistics provider, understanding gst on freight i s essential for proper billing and tax compliance. In this blog, we’ll simplify how…
GST on Loans: Processing and Service Tax Explained
Loans are an essential part of financial planning — whether it’s a personal loan, home loan, or business loan. But when it comes to taxation, many people are unsure about the gst on loan . Is GST charged on interest?…
New GST on Online Gaming: Skill vs Chance-Based Classification
Online gaming in India has evolved rapidly—from casual mobile games to high-stake fantasy sports, esports tournaments, and casino apps. But with this growth comes complexity in taxation. Understanding the gst on online gaming helps developers, platform owners, and gamers navigate…
New GST on Rent: When and Where It Applies
Renting property is common across residential and commercial sectors in India. But when does GST apply to rent? Is there GST on house rent or only for commercial use? In this blog, we’ll break down the rent hsn code and…
New GST on Skincare Products: Rate, Branding & Retail Pricing
Skincare products are an essential part of daily personal care for many people. From moisturizers and face washes to sunscreens and anti-aging creams, these products are widely used and heavily marketed. But have you ever wondered how much tax you’re…
New GST on Commercial Rent: Applicability and Compliance
Renting out commercial spaces like offices, shops, and warehouses is a common business activity in India. But did you know that such rental income is taxable under GST? This blog explains everything you need to know about the gst on…
New GST on Kitchen Utensils: What’s Taxed and What’s Not?
Kitchen utensils are used in every household, hotel, and food service business. Whether it’s a simple steel plate, a pressure cooker, or a non-stick frying pan, these items fall under different GST classifications. In this blog, we’ll explain the GST…
New GST on Packaging Materials: Tax Implication Across Industries
Packaging plays a vital role in almost every industry, from FMCG and pharmaceuticals to electronics and exports. Whether it’s cardboard boxes, plastic wraps, bottles, or tin containers, packaging materials are a key part of production and supply chains. But how…
GST on Cigarettes in India (2026): Updated Tax Structure, Excise Duty & Compliance Guide
The cigarette GST rate in India has undergone a significant restructuring under GST 2.0 reforms. With the shift to a 40% GST slab and the introduction of a per-stick Additional Excise Duty, the overall tax framework has become more streamlined…
New GST on Pesticides: Rates, Agri-Exemptions & Sector Impact
Pesticides are essential for protecting crops from pests, diseases, and insects, helping farmers secure better yields. But how are they taxed under GST? While fertilizers enjoy concessional rates or exemptions, GST on pesticides is comparatively higher. In this blog, we’ll…
New GST Rate for Bricks and Building Materials in India
Bricks are one of the oldest and most essential building materials used in construction. Whether you’re building a house, a factory, or a commercial property, understanding the GST rate for bricks and other related materials can help you plan your…
GST on Rice: Unpacked vs Branded Categories
Rice is a staple food in nearly every Indian household. Whether it’s plain white rice, basmati rice , or parboiled rice , this essential grain plays a major role in everyday consumption. But when it comes to GST, not all…
GST on Jaggery (Gur): Clarifying Rates & Exemptions
Jaggery, known as Gur in many parts of India, is a natural sweetener made from sugarcane or palm sap. It’s widely used in rural households and traditional recipes. While it’s considered a staple in many kitchens, the GST on jaggery…
GST on Real Estate in India: Applicability Explained
The Indian real estate sector has undergone major tax reforms with the introduction of the Goods and Services Tax (GST). Whether you’re buying a flat, constructing a building, or leasing commercial property, it’s crucial to understand how the gst on…
New GST on Courier Services: Rate by Delivery Type & B2B Implications
Courier services are essential for businesses, especially in the age of e-commerce, same-day delivery, and global trade. But when it comes to billing and compliance, understanding the GST on courier services is crucial. Whether you’re a logistics provider, an online…
GST on Milk in India: Tax Rates, Exemptions, and Input Credit
Milk is one of the most essential items in every Indian household. But how does taxation affect this everyday product under the Goods and Services Tax (GST) system? In this blog, we’ll break down the GST on milk, including what’s…
New GST for Hotel Rooms in India: Tax Rate Based on Tariff
Booking a hotel room in India? Whether it’s for a vacation, a business trip, or a weekend getaway, it’s important to know how much of your bill goes to taxes. This guide explains the hotel room hsn code and gst…
New GST for Laptops in India: Updated Tax Rates, HSN Codes & Business Benefits
In the digital age, laptops have become essential for everyone, from students and professionals to business owners. But when buying a laptop, it’s not just the hardware cost that counts; there’s also GST (Goods and Services Tax) to factor in.…
GST for Flat Purchase in India: Rates, Rules & Buyer Insights
Buying a flat or apartment is one of the biggest investments in a person’s life. Whether it’s for personal use or investment, understanding the Goods and Services Tax (GST) on flat purchases is essential. While GST has simplified real estate…
GST on Television (TV) in India: Understanding the Tax Slabs and Rates
Television is a common household item in India, whether it’s for watching news, cricket matches, or streaming online content. But when you buy a TV, did you know you’re paying a considerable amount as tax? This blog breaks down the…
New GST on Transportation Services in India: Rates, HSN Codes & Applicability
Transportation is the backbone of any economy, moving goods across states or commuting people within cities. With the implementation of the Goods and Services Tax (GST), various modes of transport now fall under unified tax rules. In this blog, we’ll…
New GST for Food Business and Restaurants: Tax Rate on Dine-In and Takeaway
Running a restaurant, café, cloud kitchen, or any kind of food business? Then knowing the correct GST rates and tax structure is crucial for pricing, billing, and compliance. Whether it’s dine-in, takeaway, or home delivery, the GST rates differ based…
Dustbin New GST Rate: Tax on Plastic and Steel Waste Bins
Dustbins are basic but essential hygiene tools—used everywhere, from homes and offices to schools, hospitals, and public places. Whether you’re purchasing a small kitchen bin or a commercial steel garbage can, you’re paying GST on it. But how much? Let’s…
New GST on E-Rickshaw and Spare Parts: Tax Benefits and Inclusions
As India pushes toward eco-friendly transportation, e-rickshaws have become a popular and affordable option for last-mile connectivity. But what GST benefits apply to these electric vehicles? And what about their parts and batteries? This blog explains the gst on e…
New GST on Healthcare Services in India
Healthcare is a fundamental need, and the government has ensured that essential medical services remain affordable. But what about GST? Is it charged on hospital bills or doctors’ fees? Let’s break down the gst on healthcare services and understand which…
New GST Rate for Composition Scheme: A Simple Tax Option for Small Businesses
Running a small business comes with plenty of challenges, and tax filing shouldn’t be one of them. That’s where the GST Composition Scheme comes in. It’s designed to help small businesses with simplified tax rates and reduced compliance. In this…
Vermicompost New GST Rate in India
As organic farming and eco-friendly practices gain popularity, vermicompost—a natural fertilizer made from worm digestion—has become a staple for farmers, gardeners, and environmentalists alike. But is GST applicable to this green product? This guide explains the vermicompost GST rate in…
New Flowers New GST Rate: Fresh, Cut, and Artificial
From weddings and festivals to home décor and religious offerings, flowers are an inseparable part of Indian life. But are all types of flowers treated equally under GST? This blog explains the flowers GST rate in India —covering fresh, cut,…
New GST Rate on Commercial Property Sales and Leasing
Whether you’re buying a shop, renting office space, or leasing a warehouse, understanding the GST implications is crucial. Unlike residential properties, commercial properties are fully taxable under GST. This guide explains the gst rate on commercial property , its impact…
Understanding New GST on Mobile Phones in India
Goods and Services Tax (GST) is a unified tax system in India that has streamlined the taxation of goods and services, including mobile phones and their accessories. This article provides a comprehensive overview of the mobile phone gst rate, the…
What Is Capital in Accounting? Types, Examples, Journal Entries and Importance
What Is Capital in Accounting? Definition and Core Concept Capital in accounting is the financial value of the resources invested in a business by its owner or shareholders. It represents the owner's residual claim on the business, or what would…
FIFO Method: Definition, Formula & Complete Guide for Indian Businesses
What is FIFO? FIFO stands for First-In, First-Out. It is an inventory valuation method that assumes the goods purchased or produced first are sold or consumed first. In accounting, FIFO mainly describes the flow of inventory cost. It does not…
What is Finished Goods Inventory?
Finished goods inventory refers to the final products that a company has completed manufacturing and are ready for sale to customers. Unlike raw materials or work-in-progress, these goods require no further processing and can be shipped or sold directly. Tracking…
Integrations Between Inventory Management and Supplier Management Solutions
In today’s competitive business environment, efficient supply chain operations are critical to success. Companies cannot afford stockouts, overstocks, or miscommunication with vendors. This is where integrating inventory management with supplier management solutions comes into play. By connecting these systems, businesses…
Comparative Guide to Inventory Management Apps & Platforms
Inventory is at the heart of every business operation. Whether you manage a small shop, a growing e-commerce platform, or a multi-warehouse manufacturing unit, your ability to manage stock directly impacts sales, customer satisfaction, and profitability. Manual stock tracking is…
TDS on Salary and Normal Slab vs New Regime Rates
Understanding TDS on salary is essential for every salaried employee to manage taxes and avoid last-minute surprises. Since the introduction of the old vs new tax regime, taxpayers now have the choice to pay tax under the traditional system with…
TDS on E-commerce Transactions, Virtual Digital Assets & Cryptocurrency in India
The Indian government has strengthened tax compliance for digital transactions by introducing Tax Deducted at Source (TDS) rules for e-commerce and cryptocurrency trades. Sections 194O and 194S of the Income Tax Act lay down these provisions to track online payments…
Steps on How to Prepare a Cash Flow Statement
A cash flow statement is one of the most important financial reports for any business. It shows how money moves in and out of your company over a specific period, helping you track liquidity and understand your business’s financial health.
Dual Aspect Concept: Every Transaction Affects Two Accounts (Foundation of Double-Entry)
The dual aspect concept is the cornerstone of modern accounting. It states that every business transaction affects at least two accounts in a company’s books, ensuring that the accounting equation- Assets = Liabilities + Equity, always stays balanced. This principle…
Objectivity Concept: Use of Objective Evidence in Accounting
The objectivity concept is a fundamental accounting principle that requires financial records to be based on unbiased, verifiable evidence. It ensures that transactions are supported by reliable documentation, such as invoices, receipts, and contracts, so financial statements reflect true and…
Glossary – Basic Terminology in Accounting
Accounting terms can feel confusing, but they are the building blocks of business records. This glossary explains common words in simple language so anyone on your team can follow. Use it when you raise invoices, record sales and costs, match…
Installation Charges HSN Code: Understanding HSN Classifications for Installation Services
Installation services are common in daily business life. Examples include fitting air conditioners, installing CCTV cameras, setting up machines and wiring new equipment. Whenever a supplier charges installation fees, the correct installation charges HSN code must be used so that…
Artificial Jewellery HSN Code for GST Filing
Artificial jewellery is widely used in India for daily wear, office wear and weddings. It gives the look of gold, silver or diamond jewellery at a much lower cost, so it is popular with students, working professionals and homemakers. To…
Bag HSN Code for GST Filing
Bags are used everywhere in daily life. People use cloth and jute bags for shopping, leather bags for travel and office use and plastic and paper bags for packing and delivery. To use the bag HSN code correctly and apply…
Bedsheet HSN Code: Understanding HSN Classifications for Bedsheets
Bedsheets are common household textile products used in homes, hotels, hospitals and guest houses. They are made from cotton, blended fabrics or synthetic materials and are supplied as single pieces or as part of bed linen sets. To use the…
Keyboard HSN Code for GST Filing
Keyboards are common computer input devices. They are used with desktops, laptops, point of sale systems and many office setups. To use the keyboard HSN code correctly and apply the right GST rate , traders, resellers and service providers need…
Oil Seal HSN Code for GST Filing
Oil seals are important spare parts used in engines, gearboxes, pumps and industrial machines to stop oil leakage and protect moving parts. They are common in the automotive sector as well as in factories, farms and workshops. To use the…
Wheat HSN Code and GST Classification
Wheat is one of the most important food grains in India. It is supplied as whole grain, as wheat flour such as atta , maida or suji and as seed for sowing by farmers. To use the wheat HSN code…
Construction HSN Code for GST Filing
Construction work uses many items like cement , steel, bricks, tiles and different types of equipment. Traders, contractors, builders and project owners must bill these items correctly for smooth GST compliance. Knowing the correct construction HSN code for building materials…
Diesel HSN Code for GST Filing
Diesel is an important fuel for transport, construction, agriculture and power backup. Businesses buy large quantities of diesel for trucks, generators, construction equipment and industrial use. Even though diesel is presently kept outside the main GST tax net, understanding the…
Ghee HSN Code for GST Filing
Ghee is an important dairy product in Indian households, sweet shops and food businesses. Understanding the correct ghee HSN code and GST rate helps manufacturers, traders and retailers raise compliant invoices and avoid confusion during GST assessment.
MS Angle HSN Code for GST Filing
MS angles are widely used in construction , fabrication, tower work, sheds and machinery support structures. Traders, stockists and fabricators buy and sell different sizes and thicknesses of mild steel angles every day. To apply GST correctly on these supplies,…
Salt HSN Code for GST Filing
Salt is a daily use item that is an important part of every Indian kitchen and many industrial processes. Understanding the salt HSN code and GST treatment helps traders, grocery stores and manufacturers bill correctly. This guide covers rock salt,…
Switch HSN Code for GST Filing
Switches are used in almost every type of installation. Shops, contractors and distributors deal in electric switches , network switches , pressure switches , float switches and many other control devices. To apply GST correctly, it is important to understand…
What is the HSN Code for Hand Gloves?
Hand gloves are used in many activities such as medical treatment, food handling, household work and industrial safety. Because gloves are made of different materials and used in different jobs, they are classified under different HSN codes. Choosing the correct…
What is the HSN Code for Namkeen?
Namkeen refers to a wide variety of Indian savoury snacks such as bhujia, mixture, chiwda and similar products. These items are usually prepared from besan, pulses, rice, wheat or other cereals and then fried and seasoned with salt and spices.…
What is the HSN Code for SS Pipes?
SS pipes are stainless steel pipes and tubes used in plumbing, process industries, structural work and many other applications. In GST classification they are treated as steel tubes and pipes or as seamless stainless steel tubes depending on their method…
Switches HSN Code: Everything You Need to Know
Switches control the flow of power and data in every building and network. Under GST, electrical switches, smart switches and network switches must be billed with the right HSN code so that GST rate and return reporting match the law.…
Cartage HSN Code: Understanding the Classification for Freight and Transportation Charges
Cartage refers to the short distance movement of goods within a city or industrial area, usually by tempo, truck or local transporter. Under GST, cartage, freight and cargo handling are treated as services, and you must use the correct service…
Dal HSN Code: Classification for Lentils and Indian Dal
Dal or lentils are a core part of the Indian diet. Traders, millers, wholesalers and retailers deal in many types of dal like chana, masoor, moong, urad and arhar. Under GST, dal is usually treated as an agricultural produce with…
Discount HSN Code: Understanding the Classification of Discounts
Discounts such as sales discounts, seasonal discounts and promotional schemes are very common in business. Under GST, a discount itself is not a separate good or service. Because of this, there is no independent HSN code only for discounts.
Fastener HSN Code: Classification for Metal and Industrial Fasteners
Fasteners are essential components in construction, automotive, machinery, and furniture industries. Common types include nuts, bolts, screws, washers and rivets. Under GST, metal fasteners must be mapped to correct HSN codes so that purchase and sale entries are consistent. Traders…
Fertilizer HSN Code: Understanding the Classification of Fertilizers
Fertilizers supply essential nutrients to crops and plants. Under GST, fertilizers are divided into organic fertilizers and mineral or chemical fertilizers. Correct fertilizer HSN code usage helps you apply the correct concessional GST rates and keep your pricing compliant.
Footwear HSN Code: Classification for Women, Men and Sports Footwear
Footwear covers sandals, shoes, slippers and many other products used by men, women and children. Different kinds of footwear use different materials like leather, rubber, plastic and textiles. Under GST, all these items are grouped under the footwear chapter, but…
Electric Wire HSN Code: Classification for Insulated & Copper Electric Wires
Electric wires are used in almost every building, shop and factory for carrying electricity safely. Under GST, these products must be reported with the correct HSN code and GST rate so that invoices, returns and e way bills stay accurate.…
How to Manage Inventory Using Accounting Software
Managing stock is not only about knowing what is available in your store or warehouse. Inventory affects sales, cash flow, purchase planning, and even GST reporting. When inventory is tracked manually, businesses often face issues like wrong stock counts, missed…
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