Latest Articles By Jagdish Prasad

Input Tax Credit (ITC) on capital goods is a big area for mistakes under GST. Machines, computers, vehicles and office equipment often run into high GST amounts, so one wrong claim or missed reversal can trigger notices. This guide explains when you can claim ITC, when you must reverse it, and how to handle mixed use… Read more

The key differences between regular and composite tax schemes under GST include the tax rates, compliance requirements, eligibility criteria, and input tax credit availability. Choosing the appropriate scheme is essential for businesses, as it can impact their tax liability and compliance burden.

Pillar cocks are common bathroom and kitchen fittings used on wash basins, sinks and countertops. They control the flow of water and are usually made from brass with chrome or other types of plating. For traders, plumbers, sanitary ware dealers and hardware shops, knowing the correct HSN code and GST rate for pillar cocks is important… Read more

Businesses often pay loading and unloading charges when goods are moved in or out of trucks, godowns and warehouses. Under GST, these charges are treated as services and are classified under specific service codes. Using the correct code helps you claim input tax credit smoothly and avoid disputes during assessment.

Jute bags are widely used in India for packing food grains, sugar, agricultural produce and also as eco friendly shopping bags. Correct HSN classification is important because GST treatment may differ for traditional gunny bags, packing sacks and value added shopping bags. Since jute is a natural fibre and supports sustainable packaging, the GST rate on… Read more

Jeera or cumin seeds are one of the most widely used spices in Indian kitchens. They are sold as whole seeds, ground powder and in many blended spice mixes. From a GST point of view, jeera is treated as an agricultural and food product, so its HSN classification and GST rate are important for traders and… Read more

Cattle feed is an essential input for dairy and livestock farmers. Under GST, many types of animal feed enjoy a nil or lower tax rate to support the agriculture sector. Using the correct HSN code for cattle feed helps traders and farmers claim the proper rate and keep GST returns error free.

Tent houses are an integral part of Indian weddings, cultural programs, religious events, and outdoor parties. They provide everything from canopies and chairs to decorative lighting and stages. But how are these services taxed under the GST ? This blog explains the tent house GST rate , what services are included, and how GST compliance works… Read more

Seeds are the starting point of every crop. Farmers, traders and input dealers buy and sell seeds every day for cereals, pulses, oilseeds, flowers and vegetables. Under GST, all these seed supplies must be reported with the correct HSN code so that tax is calculated properly and records stay clean. Most agricultural seeds are either fully… Read more

Dining out or ordering food is a common part of modern life, but did you know that different types of restaurant services attract different GST rates? Whether you’re eating at a restaurant, taking food away, or ordering online via Zomato or Swiggy, the GST on restaurant meals can vary. In this blog, we break down the… Read more

Whether you’re buying a printer for your home, a multifunction device for your office, or a 3D printer for your tech lab, understanding how GST applies can help you make smarter purchase decisions. In this blog, we break down the GST for printers and printing equipment , including HSN codes , applicable slabs, and eligibility for… Read more

Pencils are one of the most basic yet essential tools used in schools, offices, and homes. Whether you’re a parent buying for your child or a business supplying stationery, knowing the gst on pencil helps in budgeting and tax planning. Let’s understand how pencils are taxed under the Goods and Services Tax (GST) in India.

Sanitary napkins and related hygiene products are essential for menstrual care and women’s health. When GST was first introduced, these items were taxed like other consumer products. However, public outcry and campaigns led to a significant change. So what is the current GST on sanitary napkins in India? Let’s break it down.

Luxury goods—from designer bags to high-end cars—come with a premium price tag, and so does their tax. Under the Goods and Services Tax system, luxury products attract higher tax rates to balance affordability with indulgence. Let’s explore the gst for luxury items , their classification, and how it impacts buyers and businesses.

Fruits are a basic necessity in every household, and they’re also big business in India’s food trade. But not all fruits are taxed the same. The gst on fruits in india depends on whether they are fresh, imported, or processed. Let’s explore the full tax treatment in this guide.

Fish is an essential part of the Indian diet—affordable, nutritious, and widely consumed across the country. But how does GST apply to fish and seafood products? Whether you’re buying from a local fish market or importing frozen fillets, knowing the fish gst rate in India helps both sellers and buyers stay tax compliant.

Electricity powers our homes, businesses, and industries. But when it comes to taxes, many people are confused about whether electricity is taxed under GST. In this blog, we’ll break down what the law says about the gst on electricity , how it applies, and where it doesn’t.

From legal advice to software support, consultancy services are a major part of India’s service sector. Under the Goods and Services Tax regime, most consultancy services are taxable. In this guide, we break down the gst on consultancy services , including rates and classifications by profession.

Whether you’re building a house, a commercial space, or an infrastructure project, materials like cement, bricks, steel, and tiles make up a major portion of the budget. Understanding the applicable gst for construction materials helps builders, contractors, and buyers estimate project costs and manage taxes better.

Whether you’re assembling a new PC or upgrading your office setup, buying computer hardware accessories—like monitors, CPUs, keyboards, and more—comes with a GST charge. In this blog, we break down the gst rate for computer and IT hardware accessories in India, so you know what to expect on your invoice and how to stay tax-compliant if… Read more

Cold drinks are a favorite refreshment for millions across India—especially during summer. But behind every bottle of soda or fruit-based cooler is a high tax tag. In this guide, we break down the cold drinks gst rate , its impact on pricing, and how it affects both consumers and sellers.

Chalk is a simple yet essential tool used in classrooms, art projects, and workshops across India. Whether it’s white chalk for blackboards or colored chalk for drawing, it plays a big role in both learning and creativity. But how much tax does it attract? Here’s everything you need to know about the chalk GST rate in… Read more

Carpets and rugs are more than just floor coverings—they’re a blend of comfort, décor, and design. Whether you’re buying hand-woven rugs or machine-made carpets, GST is an essential part of the billing. In this blog, we’ll simplify the gst on carpets , rates by material and style, and what buyers and sellers should know.

Batteries are used in a wide range of applications — from cars and bikes to inverters and UPS systems. If you’re in the business of buying, selling, or using batteries, it’s important to understand how the Goods and Services Tax ( GST ) applies to them. In this blog, we’ll explain the gst on battery and… Read more

Alcohol is one of the few major commodities in India that does not fall under the Goods and Services Tax (GST) system. Unlike most goods and services, the gst on alcohol in india is non-existent. But why is alcohol excluded? What taxes apply instead? And how does this affect pricing, compliance, and revenue? In this blog,… Read more

Makhana, also known as fox nut or lotus seed, is widely used in India as a healthy snack and as an ingredient in sweets and curries. Traders sell makhana in many forms such as raw dried seeds, roasted flavoured snacks and value added mixes. Each form can have a different HSN code and GST rate. For… Read more

Milk is one of the most important food products in every household. It is used directly as a drink and also as an input for curd, paneer, sweets and many other products. For GST, milk and milk products are given special treatment so that basic nutrition remains affordable for common people. Knowing the correct milk HSN… Read more

Exhaust fans are important for keeping homes, shops, offices and factories safe and comfortable. They remove hot air, smoke, steam and bad smell from a room and improve ventilation. For GST filing, it is important to use the correct exhaust fan HSN code so that tax is charged and reported in a proper way for both… Read more

Engine oil is a key consumable for vehicles and machines. Under GST, engine oil must be classified correctly to charge the right tax and claim input credit.

The GST has incorporated transition provisions to facilitate the migration of existing taxpayers to the new tax system transparently and precisely. One of the major concerns for businesses during this transition is the availability and eligibility to claim input tax credits as the indirect tax regime changes to GST. The GST Law Model has implemented specific… Read more

The effective adherence to GST transition rules and provisions is a critical aspect of concern for businesses transitioning to GST regime. The smoothness of the migration process greatly relies on the proper implementation and compliance with these transitional provisions. Let’s take a look at some of the factors relating to Transitioning to GST.

Snacks include namkeen, chips, extruded snacks and many ready to eat savoury items that are popular across India. Correct snacks HSN code mapping is important because rates can differ based on ingredients, method of manufacture and branding.

Lower garments include trousers, track pants, leggings, shorts and similar clothing worn on the lower part of the body. Under GST these products fall under the apparel chapters. The HSN code depends on whether the garment is knitted or woven, whether it is for men or women and the material used such as cotton, synthetic fibre… Read more

Lighting products such as LED lamps, ceiling fittings and decorative lights are used in homes, offices, shops and outdoor areas. Under GST, they are classified through specific HSN codes under the lighting and electrical equipment chapter. Choosing the correct light HSN code helps you apply the right GST rate and keep stock masters clean.

Advertising services now cover print adverts, outdoor campaigns and a large volume of digital marketing activity. Under GST these services are treated as supplies of service and are classified using service codes that work like HSN codes for goods. This guide explains how advertisement services are grouped under service codes, how GST rate applies to online… Read more

Tyres are essential parts used in cars, trucks, two wheelers, tractors and commercial vehicles. Dealers, transporters, tyre shops and service centres need to classify tyres correctly under the HSN system so that GST is charged accurately. The tyre HSN code helps identify whether the product is a new tyre, tube, flap, retreaded tyre or scrap tyre… Read more

Socks are an essential clothing item for daily wear, sports and winter use. Traders, retailers and manufacturers deal in cotton socks, woolen socks and blended fibre socks in many sizes and price ranges. To handle GST smoothly you should know the correct socks HSN code, understand how cotton and woolen socks are classified, and apply the… Read more

Rate difference entries arise when there is a change in the value of supply due to price revision, discount adjustment or change in GST rate. Understanding how rate difference is treated for HSN code and GST helps businesses pass correct credit or debit notes and avoid confusion in returns.

Plastic products and raw materials are used in almost every industry from packaging and household goods to engineering components. Knowing the correct plastic HSN code and GST rate is essential for manufacturers, traders and retailers to issue correct invoices and claim input tax credit smoothly.

Electrical equipment and wiring are used in homes, offices and factories for power distribution and control. Knowing the correct electrical HSN code and GST rate helps dealers, contractors and manufacturers bill correctly and pass on accurate input tax credit.

Days Inventory Outstanding (DIO) is a key metric in inventory management that shows the average number of days a business takes to sell its entire inventory during a specific period. It helps measure how efficiently a company turns stock into sales and is an important part of working capital analysis . Simply put, DIO tells you… Read more

Teflon tape is a common plumbing item used to seal threaded joints in water lines, gas lines and other pipe fittings. Many hardware shops and sanitary stores sell it in small rolls to plumbers and households. To use the Teflon tape HSN code correctly and charge GST without mistakes, traders and plumbing material dealers need to… Read more

Glass is used in many ways such as windows, doors, furniture, bottles, safety screens and mobile screen guards. It is an important material for homes, offices, factories and shops. To charge GST correctly and avoid mistakes, businesses must understand how glass products are classified under HSN and what GST rates normally apply to different types of… Read more

Fabrics are used in clothing, home textiles and many industrial products. They can be made from cotton, silk, wool, linen or man made fibres and blends. To use the fabric HSN code correctly, traders and manufacturers must understand how fabrics are grouped under HSN and how this affects GST rates and documentation.

Printers are widely used in homes, offices, shops and service centres to print bills, reports, documents and photos. They can be inkjet printers, laser printers, dot matrix printers or all in one machines that also scan and copy. To charge GST correctly and keep records clear, businesses must use the correct printer HSN code on invoices… Read more

Refrigerators are now common in homes, shops, hotels and restaurants. They keep food, drinks and medicines fresh by maintaining a low temperature all through the day. To charge GST correctly and keep records clear, businesses must use the correct refrigerator HSN code on invoices and apply the right GST rate on every model they sell.

Washing machines are now common in homes, hostels, hotels and laundries. They help save time and effort by cleaning clothes automatically with fixed programs for wash, rinse and spin. To charge GST correctly and keep records clear, businesses must use the correct washing machine HSN code on invoices and apply the right GST rate for fully… Read more

MS plates are widely used in construction, fabrication, machinery, bridges and industrial structures. They are usually supplied as flat steel plates of different thickness and sizes. To charge GST correctly and claim input tax credit smoothly, businesses must use the correct MS plate HSN code on every invoice. In this guide you will learn how MS… Read more

Steel is used in construction, machinery, transport, furniture and many other industries. It is supplied in many forms such as plates, coils, pipes, sections and scrap. To charge GST correctly and claim input tax credit smoothly, businesses must use the correct steel HSN code on every invoice. In this guide you will learn how steel is… Read more

Job work services are widely used in manufacturing and processing where one person sends goods to another person for finishing or further processing. Under GST, these services must be billed with the correct job work HSN code so that tax, input credit and returns stay accurate. This guide explains what the job work HSN code is,… Read more

Rent is a common source of income for many businesses and property owners in India. Under GST, rent and rental services are treated as services and must be reported with the correct service HSN or SAC code so that tax is calculated and filed in the right way. In this guide you will learn the main… Read more

Paint is used in homes, factories, shops and many other places for protection and decoration. Under GST, paint and related items must be billed with the correct HSN code so that tax calculation and reporting stay correct. In this guide you will learn the main paint HSN code, how it covers enamel and oil paints, how… Read more

Air conditioners are common in homes, offices, shops and vehicles. Under GST, every air conditioner must be billed with the correct HSN code so that the GST rate, input tax credit and reporting are correct. This guide explains the main air conditioner HSN code, how it applies to different types of units such as split and… Read more

Cable ties are small but very useful products. They are used by electricians, installers and even households to bundle wires, close bags and fix many small items. To use the cable tie HSN code correctly and apply the right GST rate, traders and service providers need to understand how plastic and PVC cable ties are classified… Read more

Tax Deducted at Source (TDS) is designed to ensure timely collection of income tax. But not all income is taxable, and in many cases, taxpayers with exempt income or a lower overall liability may not need TDS deduction at all. Understanding when TDS applies, how to claim exemptions, and the steps to avoid excess deduction is… Read more

Part B of Form 16 is the section that lists every salary component, allowance, exemption, and deduction that helps you plan and reduce your income tax. Understanding each element is essential for smart tax planning and for choosing between the old and new tax regimes.

Autonomous Mobile Robots (AMRs) are self-navigating robots designed to move goods, track inventory, and assist with warehouse operations without direct human control. Using sensors, AI, and advanced mapping technology, AMRs adapt to their surroundings, making them a game-changer in modern inventory management.

Before starting the manufacturing process for any product, a critical document must be prepared containing all possible information needed to create the required finished product successfully. This document is the Bill of Materials (aka the BOM). It must provide a comprehensive list of all the components and raw materials that the final product requires and must… Read more

AI and automation are driving a transformation of the perpetual inventory system. Robotics and autonomous vehicles are improving operational efficiency, and machine learning is taking predictive analytics to the next level in terms of predicting future trends. Data analysis in real time also helps to provide better insights into inventory management. In this blog, you will… Read more

Safety stock refers to a company’s additional inventory as a buffer to minimise the risk of supply shortages or stockouts. These shortages can occur due to various factors, such as forecasting errors, unpredictable lead times for raw materials, or changes in supply and demand. Determining the appropriate amount of safety stock to maintain can be challenging.… Read more

Inventory is one of industrial or retail companies’ most significant and tangible investments. Smart inventory management techniques can distinguish between thriving and barely surviving businesses. They can also help increase revenues. Many business owners are unaware of the actual cost of carrying extra inventory, which, when all carrying costs are taken into account, can be as… Read more

GSTR-11 is a GST return form specifically meant for entities that have been issued a Unique Identification Number (UIN). Unlike regular GST returns filed by businesses, GSTR-11 is not used to report tax liabilities but to claim refunds on GST paid on purchases (inward supplies). It includes the details of purchases made by UIN holders, especially… Read more

Under India’s Goods and Services Tax (GST) system, certain organizations such as foreign embassies, diplomatic missions, United Nations bodies, and other notified entities are not regular taxpayers. However, they may incur GST charges while purchasing goods or services for official purposes. To facilitate refunds of such taxes paid, these entities must apply for a Unique Identification… Read more

The Credit Transfer Document (CTD) is important in the Goods and Services Tax (GST) system. It enables the transfer of credit from one taxpayer to another. Under GST, taxpayers can transfer credit from the closing balance of one tax period to the next. This helps in avoiding double taxation and streamlining the taxation process. The CTD… Read more

Discounts are a crucial part of many businesses, with trade and cash discounts often used to increase sales and recover payments quickly. Post-sale discounts may also be offered if certain goals are met. However, in the context of India’s GST system, discounts can have an impact on how the taxable value of goods or services is… Read more

To request a GST refund, the taxpayer must submit the necessary paperwork and declarations to the GST authorities. The electronic cash ledger’s excess cash balance, unintentionally paid taxes, and accumulated Input Tax Credits (ITC) that cannot be applied to tax payments because of zero-rated sales or an inverted tax structure are examples of places where GST… Read more

Employers often offer benefits beyond regular salary, such as housing, cars, or loans. These are known as perquisites , and they are considered part of taxable income. Form 12BA is used to report the value of these perquisites to the Income Tax Department. This guide explains what Form 12BA is, who must issue it, what it… Read more

Receiving an income tax notice can be stressful for businesses, especially when it concerns TDS assessments. However, such notices are not always punitive; they are often issued to seek clarification or verify compliance. Understanding the reasons behind these notices and knowing how to respond to an income tax notice ensures smooth resolution and avoids unnecessary penalties.… Read more

A taxpayer must pay tax at the time and according to the place of supply under the GST law. The location where services are supplied is also where they are consumed. Under the IGST Act, “Place of Supply” provisions are explained. Here we will explain the “Place of supply of goods under GST” in detail. However,… Read more

The Composition Scheme was introduced by the Central Government to ease the burden of indirect tax compliance on small businesses by making the process of compliance easier for them. Under the composition scheme, small taxpayers can pay tax as a prescribed percentage of their turnover, instead of at the normal rate. This prescribed rate of tax… Read more

Provisions for a taxpayer’s registration under the composition system are found in Section 10 of the GST Act. The composition scheme aims to ease low-revenue entities’ compliance requirements for taxpayers with an annual revenue of less than Rs 1.0 crore. A composition dealer may supply services up to 10% of sales or Rs.5 lakhs under the… Read more

The rise of the digital economy has transformed how businesses operate, how consumers purchase, and how governments regulate taxation. From e-commerce platforms to streaming services, the digital marketplace presents both opportunities and challenges for tax authorities. To address these complexities, India and many other countries have introduced specialized rules and levies for digital economy taxation.

Understanding the terms revenue, expenses, gains, and losses is essential for interpreting financial statements and evaluating a company’s performance. These concepts explain how money flows through a business and directly affect profitability and decision-making.

Effective liquidity management and cash flow forecasting are crucial for any organization to stay solvent, fund operations, and invest for growth. Together, these practices provide the visibility and control needed to meet short-term obligations, avoid liquidity risk, and make confident strategic decisions.

With the rapid rise of digital transactions, financial fraud detection has become more complex than ever. Traditional manual audits often fail to catch sophisticated fraud schemes in real time. This is where machine learning (ML) in finance steps in, bringing automation, precision, and predictive power to identify unusual financial activities and prevent costly fraud before it… Read more

Businesses today operate in a fast-paced environment where financial accuracy and speed are critical. The growing automation and AI revolution in accounting enables companies to track revenue and expenses in real time, providing instant insights that improve decision-making and efficiency.

Generally Accepted Accounting Principles (GAAP) are the standard guidelines, rules, and procedures that companies in the United States use to prepare and present their financial statements. GAAP ensures consistency, reliability, and comparability of financial information for investors, regulators, and other stakeholders.

Effective forecasting is the backbone of a successful manufacturing operation. It ensures that production matches market demand, resources are used efficiently, and costs remain under control. Accurate forecasting in manufacturing also reduces waste, improves cash flow, and provides a competitive edge.

Effective budgeting and forecasting are the backbone of successful financial management. As businesses grow and markets change rapidly, relying solely on manual spreadsheets can slow decision-making and lead to costly errors. Modern budgeting and forecasting tools, especially advanced cloud FP&A (Financial Planning & Analysis) solutions, are transforming how organizations plan, analyze, and act.

The accrual concept is a fundamental accounting principle that records revenues and expenses when they are earned or incurred, not when cash actually changes hands. This method gives a more accurate picture of a company’s financial position and performance.

In recent budgets, the government introduced Section 194R to bring more clarity and accountability around “freebies” or non-cash benefits that businesses often give. These perks, though non-monetary, have real value and can escape taxation. Section 194R mandates TDS on such benefits in some cases. Let’s break down how it works, who it affects, and how to… Read more

A Tax Deduction Account Number (TAN) is a unique 10-digit alphanumeric code issued by the Income Tax Department of India. It is mandatory for all individuals and entities responsible for deducting or collecting tax at source (TDS/TCS). Here’s a complete, step-by-step guide to understanding TAN, its importance, and how to apply and register it online.

Interest income is a common source of earnings for many individuals and businesses, but it also attracts tax obligations under Section 194A of the Income Tax Act . The government requires deductors to withhold tax at the source before paying interest to the recipient. Understanding TDS on interest payments , its calculation, exemptions, and reporting requirements… Read more

The Income Tax Bill 2025 introduces a comprehensive modernization of India’s direct tax system, aiming to simplify compliance and improve clarity for taxpayers. One of the most impactful updates within this reform is the restructuring of Tax Deducted at Source (TDS) provisions. This article explains how the new Bill changes the framework of TDS, key applicability… Read more

Today, businesses are shifting to smarter, faster ways to manage their finances. Cloud-based tools have made this easier than ever, helping teams stay connected and up to date. They save time, improve accuracy, and offer more flexibility. However, like any new technology, they also have a few challenges that must be managed carefully. So, without any… Read more