Jagdish Prasad
Chartered Accountant
Jagdish Prasad
Chartered Accountant
Jagdish Prasad is a Chartered Accountant with over 5 years of experience. He helps people and businesses with GST, income tax, and HSN codes. Jagdish makes sure his clients follow all tax rules and save money the right way. He also enjoys writing simple articles to help others understand taxes and stay updated with the latest rules.
Latest Articles By Jagdish Prasad
How to Apply for TAN Number, Register TAN Online, and Stay Compliant in India
What Is TAN? Tax Deduction and Collection Account Number, or TAN, is a 10-digit alphanumeric identifier issued by the Income Tax Department. It is required for persons who are responsible for deducting tax at source or collecting tax at source…
What is the Bill of Materials (BOM)?
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…
Benefits Of Registering Under the GST Composition Scheme
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.…
Future Trends: How the Perpetual Inventory System is Evolving with AI and Automation
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…
GST Refund Process: Complete Guide to Eligibility, Forms, Calculation & Claim (2026)
What is a GST refund? A GST refund means the taxpayer is entitled to get back tax, interest or any other amount paid under GST, subject to the conditions in the GST law. Refunds usually arise when tax has been…
Cloud Accounting: Meaning, Benefits and Challenges
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…
Difference Between Regular and Composition GST Schemes: The Complete 2026 Guide
What Is GST Scheme Registration? An Overview When a business becomes liable for registration under GST, or chooses to register voluntarily, it enters the GST system under a legal framework that determines how it will charge tax, file returns, and…
Input Tax Credit on Capital Goods Under GST: Rules, Reversal and Examples
What is the Input Tax Credit on Capital Goods? Input Tax Credit, or ITC, allows a GST-registered business to reduce its output GST liability by using the GST paid on business purchases. When the purchase is a long-term business asset…
Valuation of Supply Under GST When You Give Discounts
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…
How To Determine Value Of Supply When Consideration Is Not Wholly In Money?
Discover how to determine the value of supply when consideration isn't wholly in money. Learn accurate methods to calculate with Busy’s expert guide.
Composition Levy Under CGST Rules (Chapter 2)
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…
What is GST Form SPL-02? Usage and Filing Requirements
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…
General Rules of Place of Supply of Services
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…
A Complete Guide to GSTR-1 Filing: Format, Tables, Due Dates & Latest Updates
What is GSTR-1? GSTR-1 is the return used to furnish details of outward supplies under GST. In practical terms, it is the statement where a registered taxpayer reports sales invoices, credit notes, debit notes, exports, supplies to SEZ, and other…
GST ITC Transition Provision
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…
What is Credit Transfer Document (CTD) in GST?
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…
What is Safety Stock?
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…
How to Manage and Reduce Inventory Costs?
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…
What is GSTR-11? Return Filing Guide for UIN Holders
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…
Transitioning To GST
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…
Autonomous Mobile Robots in Inventory Management
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…
What is Days Inventory Outstanding (DIO)?
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…
New GST for Construction Materials: A Detailed Guide
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 building materials HSN code and GST rate helps builders, contractors,…
GST on Consultancy Services in India
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 professional services ,…
New GST for Luxury Items: High-End Goods and Applicable Rates
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…
GST on Pencils in India: Educational and Non-Educational Use Explained
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.…
New GST Rate on Cold Drinks and Aerated Beverages
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 drink hsn code and gst…
New GST on Batteries: Auto, Inverter, and More
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 on Electricity: Is It Covered Under GST
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 ,…
New GST on Restaurant Meals: Dine-in, Takeaway & Delivery Compared
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…
GST on Alcohol in India: Why It’s Excluded from GST
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?…
New GST Rate for Computer and IT Hardware Accessories
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 computer HSN code and GST rate for…
New GST for Printers and Printing Equipment: Tax Rates and HSN Codes
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…
Chalk New GST Rate: Tax Details for Educational and Art Supplies
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…
New GST on Napkins and Sanitary Products: Tax Structure Explained
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…
New GST on Fruits: Exemptions and Taxable Categories
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.…
Tent House New GST Rate: Rentals and Services
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…
Fish New GST Rate: Fresh, Frozen, and Processed
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…
New GST on Carpets and Rugs: Know the Current Tax Rate
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…
TDS on Exempt Income or Lower Tax Liability
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.…
Part B of Salary: Allowances, Exemptions (Sec 10) & Deductions (80C, 80D, 80E)
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…
Forecasting in Manufacturing: A How-To Guide
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…
Budgeting and Forecasting Tools: From Spreadsheets to Cloud FP&A Platforms
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…
Taxation in the Digital Economy: E-commerce, Digital Services, and Automation
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,…
Liquidity Management and Cash Flow Forecasting Techniques
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…
Accrual Concept: Recognizing Revenue and Expenses When They Occur
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.
Growing Emphasis on Real-Time Revenue and Expense Tracking with Automation and AI
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.
Revenue, Expenses, Gains, and Losses in Accounting
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.
Generally Accepted Accounting Principles (GAAP) Overview
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…
TDS on Interest Payments: Calculation and Reporting Methods
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…
Understanding Tax Deduction at Source (TDS) Under the Income Tax Bill, 2025
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…
Income Tax Notice: Key Triggers in TDS Assessments and How Businesses Can Prepare
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…
Form 12BA: Complete Guide to Salary Perquisites, Applicability, and Tax Implications
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…
Section 194R: TDS on Business Perks, Freebies, and Benefits
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…
How to Implement Machine Learning for Fraud Detection in Financial Reporting
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…
Air Conditioner HSN Code: Understanding HSN Classifications for Air Conditioners
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…
Understanding HSN Classifications for Fabrics
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…
Glass HSN Code: Understanding HSN Classifications for Glass Products
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…
Job Work HSN Code: Understanding HSN Classifications for Job Work Services
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,…
MS Plate HSN Code: Understanding HSN Classifications for MS Plates
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…
Paint HSN Code: Understanding HSN Classifications for Paint Products
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…
Printer HSN Code: Understanding HSN Classifications for Printers
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…
Refrigerator HSN Code: Understanding HSN Classifications for Refrigerators
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…
Rent HSN Code: Understanding HSN Classifications for Rental Services
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…
Steel HSN Code: Understanding HSN Classifications for Steel Products
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…
Washing Machine HSN Code: Understanding HSN Classifications for Washing Machines
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…
Cable Tie HSN Code for Accurate GST Classification
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…
Teflon Tape HSN Code: Understanding HSN Classifications for Teflon Tapes
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…
Electrical HSN Code for GST Filing
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.
Plastic HSN Code for GST Filing
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…
Rate Difference HSN Code for GST Filing
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…
Socks HSN Code for GST Filing
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…
Tyre HSN Code for GST Filing
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…
Advertisement HSN Code: Understanding Taxation for Advertising and Digital Marketing
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…
Light HSN Code: GST Classification for LED, Ceiling and Decorative Lights
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…
What is the HSN Code for Lower Garments?
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,…
Snacks HSN Code: Complete Guide
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.
Engine Oil HSN Code: Understanding the Classification for Synthetic and Motor Oils
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.
Exhaust Fan HSN Code: Classification for Bathroom, Ventilation, and Industrial Fans
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…
Milk HSN Code: Understanding the Classification for Different Milk Types
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…
Makhana HSN Code: Classification for Fox Nut and Lotus Seeds
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…
Seeds HSN Code: Classification for Agricultural, Flower & Vegetable Seeds
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…
Cattle Feed HSN Code: Classification for Livestock and Dairy Feed
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…
Jeera HSN Code - Classification for Whole, Cumin and Jeera Powder
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…
Jute Bag HSN Code - Classification for Jute and Shopping Bags
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…
Loading Charges HSN Code: Classification for Loading and Unloading Services
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…
Pillar Cock HSN Code: Classification for Brass Pillar Cocks
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…
GST Amnesty Scheme 2026: Complete Guide
The GST Amnesty Scheme is a relief option that helps eligible taxpayers settle certain old GST demand cases by paying the tax amount and getting relief from interest and penalties, subject to conditions. Many taxpayers still search for “GST amnesty…
GST Reforms in India: Key Changes, New Rates, and Slabs in 2025
In 2025, GST reforms in India focused on one big goal: make GST simpler. That meant fewer slabs, clearer rules, and rate changes for many everyday items and major industries. The biggest headline was the slab reshuffle notified in September…
New GST Rates: How the 18% to 12% and 5% Changes Will Affect Your Purchases
If you have been hearing that “new GST rates” reduced many items from 18% to 12% and also moved several products to 5%, it is important to pause and understand what is actually happening. In 2025, the GST system moved…
Offline Accounting Software for SMEs
Many Indian SMEs still prefer offline accounting software because it works smoothly even when the internet is slow or not available. If your business needs fast billing, reliable accounting records, and better control over GST data without depending on connectivity,…
Why Businesses Must Shift from Excel to Software
Many businesses start with Excel because it feels simple and familiar. You can make a sheet, add rows, and track sales or expenses quickly. But as transactions grow, Excel starts creating delays, mistakes, and confusion. That is where accounting software…
GSTR-3B Filing Using Accounting Software
GSTR-3B is a summary GST return where you report your tax liability and pay GST for a tax period. It includes outward supplies, inward supplies under reverse charge, ITC details, and tax payment. In simple words, this return helps you…
ERP vs Accounting Software: Key Differences Explained
ERP vs accounting software is a common question for business owners who want better control over billing, accounts, and day to day operations. Many SMEs start with accounting tools to manage invoices, expenses, GST reports, and financial statements, but later…
GSTR-1 Due Date February 2026: Mandatory Changes You Can't Ignore
GSTR-1 is used to report outward supplies (sales) made by a registered taxpayer. It includes details of B2B and B2C invoices, credit and debit notes, exports, and HSN-wise summaries. Missing or delaying GSTR-1 filing can impact your buyers, delay reconciliations,…
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