--- title: "Madan Murari | Expert Author at BUSY" description: "Hi there! I’m a Chartered Accountant with over 20 years of experience in financial accounting and a passion for writing. I enjoy simplifying complex topics like GST and income tax, believing that learning should be a lifelong journey. I'm here to share insights and make financial matters easier for everyone!" canonical: "https://busy.in/author/madan-murari/" --- # Madan Murari Chartered Accountant Hi there! I’m a Chartered Accountant with over 20 years of experience in financial accounting and a passion for writing. I enjoy simplifying complex topics like GST and income tax, believing that learning should be a lifelong journey. I'm here to share insights and make financial matters easier for everyone! - MRN: 509164 - City: Patna - Articles: 124 ## Latest Articles By Madan Murari ### [Wooden Furniture HSN Code: Classification for Wooden Chairs, Tables and Sofas](https://busy.in/hsn/wooden-furniture-hsn-code/) HSN · Sep 1, 2026 Wooden furniture is used in homes, offices, hotels and restaurants. Common items include wooden chairs, tables, beds, and sofas. Under GST, wooden furniture needs to be classified under the correct HSN code so that GST rate and input tax credit… ### [Scissor HSN Code: Classification for Tailor and Hand Scissors](https://busy.in/hsn/scissor-hsn-code/) HSN · Sep 1, 2026 Scissors are widely used in tailoring, garment cutting, office work, crafts and home use. Under GST, these products are classified using the Harmonised System of Nomenclature so that taxation on different types of scissors stays consistent and easy to track… ### [Safety Helmet HSN Code - Classification for Construction and Industrial Helmets](https://busy.in/hsn/safety-helmet-hsn-code/) HSN · Sep 1, 2026 Safety helmets and hard hats are compulsory safety gear at construction sites, factories and many engineering workplaces. For GST, these products must be billed with the correct HSN code so that tax rate, input tax credit and returns stay accurate.… ### [Rice HSN Code: Understanding HSN Classifications for Rice Products](https://busy.in/hsn/rice-hsn-code/) HSN · Sep 1, 2026 Rice is one of the most important food grains in India. It is sold in many forms such as paddy, brown rice, basmati rice and broken rice. For farmers, traders, millers and retailers, using the correct rice HSN code is… ### [RAM HSN Code: Classification for Laptop, Computer and DDR4 RAM](https://busy.in/hsn/ram-hsn-code/) HSN · Aug 31, 2026 RAM, or Random Access Memory, is a key computer part used in laptops, desktops and servers. It directly affects the speed and performance of a system. For IT dealers, computer shops, distributors and system integrators, using the correct HSN code… ### [PVC Tape HSN Code: Classification for PVC Insulation and Electrical Tapes](https://busy.in/hsn/pvc-tape-hsn-code/) HSN · Aug 31, 2026 PVC tape is widely used in electrical work, electronics, and small repair jobs. Electricians use it for insulation, joint covering, and wire marking. Packaging and general repair jobs also use PVC based sealing tapes. Under GST, these different PVC tapes… ### [Plastic Chair HSN Code: Classification for Dining, Office and Outdoor Chairs](https://busy.in/hsn/plastic-chair-hsn-code/) HSN · Aug 31, 2026 Plastic chairs are widely used in homes, offices, events, restaurants and outdoor spaces. They are light, durable and low cost. Under GST, plastic chairs are treated as plastic furniture and are covered under specific HSN codes. Correct classification is important… ### [Photo Frame HSN Code: All About Taxation](https://busy.in/hsn/photo-frame-hsn-code/) HSN · Aug 31, 2026 Photo frames are popular decorative items used in homes, offices and shops to display pictures and certificates. Knowing the correct photo frame HSN code helps traders, gift shops and e commerce sellers charge the right GST and keep paperwork clean. ### [Pencil HSN Code: Classification for Coloured, Graphite, and Mechanical Pencils](https://busy.in/hsn/pencil-hsn-code/) HSN · Aug 31, 2026 Pencils are basic stationery items used in schools, offices and by artists. They are available in many forms such as graphite pencils, coloured pencils and mechanical or propelling pencils. For GST compliance, each of these needs to be classified under… ### [MS Sheet HSN Code: Understanding the Classification for Mild Steel Sheets and Plates](https://busy.in/hsn/ms-sheet-hsn-code/) HSN · Aug 31, 2026 Mild steel sheets and plates are basic items in construction, fabrication, and engineering. Under GST, they fall under iron and steel chapters and need the correct MS sheet HSN code. ### [Jewellery HSN Code: Understanding Classification](https://busy.in/hsn/jewellery-hsn-code/) HSN · Aug 31, 2026 Jewellery includes ornaments made from gold, silver, platinum, diamonds and imitation materials. Jewellers and traders must use the correct jewellery HSN code so that GST and customs duties are applied properly. This guide explains the main HSN codes used for… ### [Installation HSN Code: Classification for Installation Services](https://busy.in/hsn/installation-hsn-code/) HSN · Aug 31, 2026 Installation services are common in many industries, such as installing machines, air conditioners, CCTV systems, furniture and more. Under GST, these are treated as services and classified using Service Accounting Codes instead of normal goods HSN codes. ### [Hammer HSN Code: Classification for Carpentry, Claw & Sledge Hammers](https://busy.in/hsn/hammer-hsn-code/) HSN · Aug 31, 2026 Hammers are basic hand tools used in carpentry, construction, fabrication and many industrial jobs. Under GST, these tools must be reported with the correct HSN code so that tax calculation and returns stay accurate. In most cases, carpentry hammers, claw… ### [New GST on Tobacco Products in India: Cigarettes, Chewing Tobacco & More](https://busy.in/gst-rates/tobacco/) GST Rates · Aug 27, 2026 Tobacco is one of the most heavily taxed products in India. Under the Goods and Services Tax (GST) regime, tobacco products like cigarettes, chewing tobacco, and gutkha are subject to both GST and an additional compensation cess. This dual-tax approach… ### [Courier HSN Code: Classification for Courier and Shipping Services](https://busy.in/hsn/courier-hsn-code/) HSN · Aug 27, 2026 Courier services play a key role in e commerce and business supply chains. They handle door to door delivery of documents, parcels and small consignments within India and across borders. Under GST, courier activity is treated as a service and… ### [Copper Scrap HSN Code: Classification for Copper Scrap and Metal](https://busy.in/hsn/copper-scrap-hsn-code/) HSN · Aug 27, 2026 Copper scrap is widely generated from old wires, cables, industrial parts and machinery. It is collected, processed and reused by metal recyclers and manufacturers. Under GST, copper scrap must be classified under the correct HSN code, as scrap metal is… ### [Chana HSN Code: Classification for Yellow, Split, and Chickpeas](https://busy.in/hsn/chana-hsn-code/) HSN · Aug 27, 2026 Chana is one of the most commonly traded pulses in India. It is sold in many forms such as whole yellow chana, split chana and chickpeas used in different food products. Under GST, all these forms need to be classified… ### [GST on Popcorn in India: Tax for Packaged and Loose Forms](https://busy.in/gst-rates/popcorn/) GST Rates · Aug 27, 2026 Popcorn isn’t just a movie-time snack anymore—it’s a booming retail product sold in malls, cinemas, grocery stores, and online. Whether you sell or consume it, understanding the popcorn gst rate is important for accurate pricing and compliance under GST in… ### [New GST on Paper Products: Printing, Writing, and Packaging](https://busy.in/gst-rates/paper/) GST Rates · Aug 27, 2026 Paper is used in education, offices, packaging, printing, and even hygiene products. But under the Goods and Services Tax ( GST ) system, not all paper items are taxed equally. In this guide, we explain how paper hsn code and… ### [GST on Paints: What You Should Know](https://busy.in/gst-rates/paints/) GST Rates · Aug 27, 2026 If you’re building a new home, renovating, or running a paint business, it’s important to understand how the Goods and Services Tax (GST) affects the cost of paints. This blog breaks down everything you need to know about gst on… ### [Agarbatti HSN Code: Classification for Scented and Herbal Incense Sticks](https://busy.in/hsn/agarbatti-hsn-code/) HSN · Aug 26, 2026 Agarbatti and incense sticks are used daily in homes, shops and places of worship across India. For GST compliance, traders and manufacturers must use the correct HSN code on invoices and returns. This guide explains the main HSN code for… ### [Freight HSN Code: Understanding HSN Classifications for Freight Charges](https://busy.in/hsn/freight-hsn-code/) HSN · Aug 26, 2026 Freight is the amount you pay to move goods from one place to another. Under GST, freight charges are treated as a service and must be shown with the correct HSN or service code on the invoice. When you know… ### [Iron GST Rate in India: Categories and Applications](https://busy.in/gst-rates/iron/) GST Rates · Aug 26, 2026 Iron is one of the most widely used materials in industries like construction, manufacturing, and infrastructure. Whether it’s raw iron, rods, or scrap, knowing the correct iron gst rate helps in proper billing, tax compliance, and cost planning. Let’s break… ### [GST on Insurance Premiums: Life, Health, and More](https://busy.in/gst-rates/insurance-premium/) GST Rates · Aug 26, 2026 Insurance offers peace of mind during life’s uncertainties—but it also comes with taxes that often go unnoticed. Under the Goods and Services Tax (GST) regime in India, different insurance products—like life, health, and general insurance—attract varying tax rates. In this… ### [New GST on Footwear in India: Price-Based Slabs](https://busy.in/gst-rates/footwear/) GST Rates · Aug 26, 2026 Footwear is a daily necessity for some and a fashion statement for others. But whether you’re buying budget flip-flops or branded sneakers, GST affects the final price. This guide explains the gst on footwear , how pricing impacts tax rates,… ### [Crockery New GST Rate: Tax on Ceramic, Glass and Melamine Tableware](https://busy.in/gst-rates/crockery/) GST Rates · Aug 26, 2026 Whether it’s a ceramic dinner plate, a glass bowl, or a melamine serving tray, crockery is a must-have in every Indian kitchen. But do you know how these items are taxed under the Goods and Services Tax (GST) ? Let’s… ### [New GST for Bakery Products: Tax on Cakes, Bread, and Confectionery](https://busy.in/gst-rates/bakery-products/) GST Rates · Aug 24, 2026 If you’re running a bakery, managing a confectionery business, or simply buying bread, cakes, and cookies, it’s important to know how these products are taxed under GST . Unlike packaged food with uniform rates, bakery items attract different GST slabs… ### [Government Deductors: Special Rules & Deadlines](https://busy.in/tds/government-deductors-special-rules-deadlines/) TDS · Aug 21, 2026 Government departments and public sector bodies handle huge volumes of payments every month. To ensure tax compliance, these entities must deduct Tax Deducted at Source (TDS) on eligible payments. The rules for government deductors are slightly different from those for… ### [Simplified TDS Rules for Gaming & Digital Transactions](https://busy.in/tds/simplified-tds-rules-for-gaming-digital-transactions/) TDS · Aug 21, 2026 This guide explains the latest TDS (Tax Deducted at Source) rules in India that apply to online gaming winnings and digital transactions. With the growth of gaming platforms, e-commerce, and digital payments, the government has introduced clear rules to track… ### [TDS on Property Transactions: Form 141, Section 393, and 26QB Guide](https://busy.in/tds/tds-on-property-transactions-stepwise-guide-with-form-26qb-16b/) TDS · Aug 21, 2026 What is TDS on Property Transactions? TDS on property transactions is the tax that the buyer deducts before paying the seller for an immovable property. The buyer deposits this tax with the government, and the seller later claims it as… ### [How to File TDS Return Online in 2026](https://busy.in/tds/how-to-file-tds-returns-online/) TDS · Aug 21, 2026 What Is a TDS Return? A TDS return is a statement filed by a deductor to report tax deducted at source and deposited with the government. It contains details such as deductor information, deductee PAN, amount paid or credited, tax… ### [Overview of TDS Return Forms: 24Q, 26Q, 27Q, 27EQ and New 2026 Forms](https://busy.in/tds/overview-of-tds-return-forms-24q-26q-27q-27eq/) TDS · Aug 21, 2026 Learn about TDS & TCS return forms – 24Q for salary, 26Q for non-salary, 27Q for non-residents, and 27EQ for TCS. Filing process, due dates & FAQs. ### [Section 206C of Income Tax Act](https://busy.in/tds/section-206c-of-income-tax/) TDS · Aug 21, 2026 The Section 206C of Income Tax Act deals with Tax Collected at Source (TCS) . Under this provision, sellers are required to collect tax from buyers at the time of sale of certain specified goods or while receiving payments under… ### [Common Mistakes to Avoid in Revenue and Expense Accounting](https://busy.in/glossary/common-mistakes-to-avoid-in-revenue-and-expense-accounting/) Glossary · Aug 21, 2026 Accurate revenue and expense accounting is critical for strong financial health. Yet many businesses make avoidable mistakes that distort reports, create tax problems, and hurt decision-making. Knowing the most common accounting errors can help you stay compliant and profitable. ### [Financial Compliance: Overview, Importance, Regulators](https://busy.in/glossary/financial-compliance-overview-importance-regulators/) Glossary · Aug 19, 2026 In an increasingly regulated financial world, financial compliance ensures that companies adhere to the legal and ethical standards set by governing bodies. It prevents fraud, promotes transparency, and builds investor confidence. Whether it’s a bank, insurance firm, or fintech startup,… ### [Full Disclosure Concept: Providing Complete Information in Financial Statements](https://busy.in/glossary/full-disclosure-concept-providing-complete-information-in-financial-statements/) Glossary · Aug 19, 2026 The full disclosure concept is a fundamental accounting principle that requires companies to provide all information necessary for users to make informed decisions. By presenting complete and transparent details in financial statements and accompanying notes, businesses build trust and ensure… ### [Going Concern Concept: Assumption of Continuity](https://busy.in/glossary/going-concern-concept-assumption-of-continuity/) Glossary · Aug 19, 2026 The going concern concept is a fundamental accounting principle that assumes a business will continue operating in the foreseeable future. It means the company is expected to remain in business long enough to realize its assets and fulfill its obligations… ### [Importance of Accounting in Business & Finance](https://busy.in/glossary/importance-of-accounting-in-business-finance/) Glossary · Aug 19, 2026 Accounting is the backbone of every successful business. It provides a structured way to record, analyze, and communicate financial information, helping companies stay organized, compliant, and profitable. From tracking daily transactions to guiding long-term strategies, accounting is essential for businesses… ### [Importance of Revenue and Expense Tracking in Business Accounting](https://busy.in/glossary/importance-of-revenue-and-expense-tracking-in-business-accounting/) Glossary · Aug 19, 2026 Accurate business accounting begins with proper revenue and expense tracking. Without it, companies risk cash flow problems, missed tax deadlines, and poor decision-making. Whether you’re a small startup or a growing enterprise, understanding where every rupee comes from and goes… ### [Overview of IFRS, US GAAP, and Ind AS (Indian Accounting Standards)](https://busy.in/glossary/overview-of-ifrs-us-gaap-and-ind-as-indian-accounting-standards/) Glossary · Aug 19, 2026 Accounting standards create a common language for financial reporting across different countries. The three most recognized frameworks are IFRS, US GAAP, and Ind AS. Understanding these standards helps businesses, especially those with global operations, maintain transparency, ensure compliance, and attract… ### [Real-Time & Digital Banking: Future of Financial Services](https://busy.in/glossary/real-time-digital-banking-future-of-financial-services/) Glossary · Aug 19, 2026 The rapid adoption of digital banking and real-time payment systems is transforming the way consumers and businesses manage money. From instant transactions to AI-powered services, modern banking is moving beyond physical branches to offer convenience, speed, and security like never… ### [What are Prepaid Expenses?](https://busy.in/glossary/what-are-prepaid-expenses/) Glossary · Aug 19, 2026 Prepaid expenses are payments made in advance for goods or services a company will receive in the future. Instead of recording the full amount as an expense immediately, the payment is treated as an asset and gradually expensed over time… ### [What is Payroll Processing?](https://busy.in/glossary/what-is-payroll-processing/) Glossary · Aug 19, 2026 Payroll processing is one of the most crucial functions in any organization. It involves calculating employee salaries, managing tax deductions, ensuring compliance with government regulations, and maintaining accurate payment records. Effective payroll management not only ensures timely salary disbursement but… ### [New GST on Wifi Services in India: Applicable Rates and Billing Details](https://busy.in/gst-rates/wi-fi/) GST Rates · Aug 19, 2026 In today’s digital world, wifi services are no longer a luxury—they’re a necessity. From home plans to business broadband, every internet bill includes GST, but not everyone knows how much they’re paying. This blog breaks down the gst on wifi… ### [Sports Item New GST Rate: Equipment and Accessories](https://busy.in/gst-rates/sports/) GST Rates · Aug 19, 2026 Whether it’s cricket bats, footballs, gym gear, or badminton rackets, sports equipment plays a crucial role in health, recreation, and professional training. But do all sports items attract the same GST rate? This blog breaks down the sports goods hsn… ### [New GST on Tailoring Service in India](https://busy.in/gst-rates/tailoring-services/) GST Rates · Aug 19, 2026 Tailoring is a vital part of India’s clothing and fashion industry—from local darzis to designer boutiques. But is GST applicable when you get your clothes stitched? And if you run a tailoring business, should you charge GST? Let’s simplify the… ### [GST on Raincoats: Applicable Slabs and Classification](https://busy.in/gst-rates/raincoat/) GST Rates · Aug 14, 2026 Raincoats are a seasonal necessity, especially in monsoon-heavy regions of India. Whether made of plastic, PVC, or polyester, rainwear is widely sold across the country during the rainy season. If you’re a retailer, manufacturer, or buyer, understanding the raincoat gst… ### [GST on Petrol in India: Is It Included or Exempt?](https://busy.in/gst-rates/petrol-diesel/) GST Rates · Aug 14, 2026 Petrol is one of the most essential commodities in India—fueling not just vehicles, but also affecting the cost of transportation, food, and other daily essentials. While the Goods and Services Tax (GST) has replaced most indirect taxes in India, a… ### [Invoice Numbering Mistakes Under GST: Causes, Corrections and Prevention](https://busy.in/gst/invoice-numbering-mistakes-under-gst-causes-corrections-and-prevention/) GST · Aug 14, 2026 An incorrect number can create differences between the accounting records, IRP data, GST returns and the invoice shared with the customer. A small GST billing mistake may therefore require more than changing one field in the billing software. This guide… ### [New GST for Marriage Hall Booking and Services](https://busy.in/gst-rates/marriage-hall/) GST Rates · Aug 7, 2026 Planning a wedding involves many costs—from catering to decorations, and one of the biggest expenses is the marriage hall. But did you know that GST is charged on wedding venue bookings too? This blog explains the gst for marriage hall… ### [New GST on Advocates and Legal Services](https://busy.in/gst-rates/lawyers/) GST Rates · Aug 7, 2026 Legal services are essential for individuals and businesses alike. But are they taxable under GST ? The answer depends on who is providing the service and who is receiving it. This guide breaks down the gst on advocates , its… ### [New GST on Garments and Apparel in India](https://busy.in/gst-rates/garments/) GST Rates · Aug 5, 2026 If you’re buying or selling clothes in India, knowing how GST on clothes works is super important. From everyday wear to designer outfits, garments are taxed based on their price. Let’s simplify how it all works. Get a Free Trial… ### [New GST on Flight Tickets in India: Rates, HSN Codes & Fare Breakdown](https://busy.in/gst-rates/flight-tickets/) GST Rates · Aug 5, 2026 Whether you’re flying for business or leisure, your airline ticket includes more than just the base fare. One major component is Goods and Services Tax (GST), which varies based on travel class and flight type. In this blog, we’ll break… ### [GST on Fertilizers in India: Comprehensive Guide](https://busy.in/gst-rates/fertilizer/) GST Rates · Aug 5, 2026 Understanding the Goods and Services Tax ( GST ) on fertilizers is crucial for farmers, manufacturers, and retailers in India. The GST rates vary based on the type of fertilizer and its packaging. This guide provides an overview of the… ### [Corporate Accounting: Key Concepts, Regulations, and Financial Reporting](https://busy.in/accounting/corporate-accounting-key-concepts-regulations-and-financial-reporting/) Accounting · Aug 5, 2026 Corporate accounting plays a critical role in maintaining financial transparency, regulatory compliance, and informed decision-making in business organizations. It encompasses the process of recording, classifying, summarizing, and analyzing financial transactions specific to corporations. Adhering to legal and regulatory standards, corporate… ### [Depreciation in Accounting: Methods and Types](https://busy.in/accounting/depreciation-in-accounting-meaning-types-and-real-world-examples/) Accounting · Aug 5, 2026 What Is Depreciation? Depreciation is the systematic, non-cash allocation of a tangible fixed asset's cost over its estimated useful life. It represents the portion of an asset's cost consumed in generating revenue during a given accounting period, matching the cost… ### [Receivables Management: Best Practices to Speed Up Cash Flow](https://busy.in/accounting/receivables-management-best-practices-to-speed-up-cash-flow/) Accounting · Aug 5, 2026 We all know that businesses require cash to survive, but what happens when customers delay payments? It can slow down your business operations, hamper your growth, and create financial stress. Thus, having a solid receivables management process is so important.… ### [Accrual Concept in Accounting: Meaning, Examples, Journal Entries and India Compliance Guide](https://busy.in/accounting/understanding-accrual-concept-in-accounting-meaning-importance-and-examples/) Accounting · Aug 5, 2026 What is the Accrual Concept in Accounting? The accrual concept in accounting, also called the accrual basis of accounting or the mercantile system of accounting, records income when it is earned and expenses when they are incurred. It does not… ### [What is Cloud Accounting Software and How Does It Work?](https://busy.in/accounting/what-is-cloud-accounting-software-and-how-does-it-work/) Accounting · Aug 5, 2026 Cloud Accounting Software has revolutionized how businesses manage their financial operations. In today’s digital era, traditional accounting methods—relying heavily on desktop installations, spreadsheets, and manual bookkeeping—are being increasingly replaced with modern cloud-based solutions. These platforms provide secure, real-time access to… ### [GST-Ready Accounting Software Features](https://busy.in/accounting/gst-ready-accounting-software-features/) Accounting · Aug 5, 2026 GST compliance is not only about filing returns. It starts from the first invoice you create and continues through purchase entries, tax ledgers, and reports. When GST work is done manually, errors happen easily, and correction takes time. That is… ### [How To Claim ITC Under The New GST Return Filing System?](https://busy.in/gst/how-to-claim-itc-under-the-new-gst-return-filing-system/) GST · Aug 4, 2026 GST returns are statements companies must submit to the government to record their taxable sales and purchases. On the other hand, the Input Tax Credit (ITC) is a credit that a business can claim on the GST paid on inputs… ### [Concept of Place of Supply under Gst Explained Rules](https://busy.in/gst/concept-of-place-of-supply-under-gst-explained-rules/) GST · Aug 4, 2026 GST is a destination-based tax, meaning that the goods/services are taxed at the point of consumption rather than the point of origin. So that state would have the authority to collect GST where they are consumed. As a result, the… ### [Transition of The Old Input Credits under VAT to GST – Tran 2](https://busy.in/gst/tran-2-forms/) GST · Aug 4, 2026 Form Tran 2 can be filed by a dealer/trader registered under GST but not under the old regime. A dealer who doesn’t have VAT or excise invoices for stocks they hold can use TRAN 2 to claim credit tax. A… ### [Common Challenges in GST Reconciliation and How to Overcome Them](https://busy.in/gst/common-challenges-in-gst-reconciliation-and-how-to-overcome-them/) GST · Aug 4, 2026 GST reconciliation compares GST data a taxpayer submits in their GST returns with the information available on the government’s portal. The business’s accounting records match sales and purchase data from various GST return forms such as GSTR1, GSTR2B , and… ### [Monthly Tax and ITC Summary Report](https://busy.in/gst/what-is-the-monthly-tax-and-itc-summary-report/) GST · Aug 4, 2026 The Monthly Tax and ITC Summary Report may be used to analyse and maintain track of the output taxes paid and the input tax credit used within any given period. When completing yearly returns, the taxpayer must provide a detailed… ### [How Input Tax Credit Benefits Different Sectors: A Sector-wise Analysis](https://busy.in/gst/how-input-tax-credit-benefits-different-sectors-a-sector-wise-analysis/) GST · Aug 4, 2026 Input tax credit is a crucial mechanism that allows businesses to claim a credit for the taxes paid on their inputs (goods and services). To better understand this, it’s essential to explore what input tax credit is in GST .Businesses… ### [ITC 01 Form – Claim ITC on New GST Registration](https://busy.in/gst/itc-01-form-claim-itc-on-new-gst-registration/) GST · Aug 4, 2026 Regular businesses would have inputs, capital goods, and finished products stocked at their location on the day they registered for GST. Before acquiring GST registration, the buyer cannot claim the GST paid on such purchases as an Input Tax Credit… ### [Optimising Credits In The Amended Rules For Input Tax Credit Utilisation](https://busy.in/gst/optimising-credits-in-the-amended-rules-for-input-tax-credit-utilisation-2/) GST · Jul 31, 2026 To optimise the utilisation of input tax credit under the new rules, it is essential to claim all input tax credits as soon as possible. Late claims may be ineligible for credit. Businesses can apply for a refund of any… ### [The Role of ITC in Reducing Tax Burden for MSMEs](https://busy.in/gst/the-role-of-itc-in-reducing-tax-burden-for-msmes/) GST · Jul 31, 2026 The Input Tax Credit (ITC) enables MSMEs to minimize their taxation by claiming credit for taxes paid on purchases. It helps them balance their tax liabilities, increase their cashflows, bring down costs, comply with GST norms, and make their operations… ### [How to Claim ITC in India](https://busy.in/gst/how-to-claim-itc-in-india/) GST · Jul 31, 2026 In order to claim ITC, a business owner must pay the supplier for the received supplies, including tax, within 180 days from the invoice’s issuance. If the purchaser fails to do so, the credit amount they could have availed will… ### [ITC Reporting In GSTR-9: GSTR-2A Reconciliation, Challenges, And Clarifications](https://busy.in/gst/itc-reporting-in-gstr-9-gstr-2a-reconciliation-challenges-clarifications/) GST · Jul 31, 2026 Under GST, taxpayers must file annual returns in the form of GSTR-9, which provides a summary of all the transactions undertaken during the financial year. One of the main aspects of GSTR-9 is to reconcile the ITC claimed in GSTR-3B… ### [What is O2A form under GST](https://busy.in/gst/what-is-itc-02a-form-under-gst/) GST · Jul 31, 2026 GST ITC-02A form is used by registered taxpayers who own businesses at multiple locations within a state or union territory to transfer their input tax credit (ITC) from the registered entity to a new one. This article provides a comprehensive… ### [Section 43A – Procedure For Furnishing Returns & Availing Input Tax Credit](https://busy.in/gst/section-43a-input-tax-credit-gst-returns/) GST · Jul 31, 2026 The GST filing system has undergone multiple changes since its implementation. This change is meant to implement a new and efficient return filing structure under the CGST Rules, as recommended by the GST Council at its 27th meeting. Section 43A… ### [Who Can Claim ITC in India](https://busy.in/gst/who-can-claim-itc-in-india/) GST · Jul 31, 2026 Input Tax Credit is one of the significant features of GST. It is applied to every transaction conducted under GST. Understanding how to claim an input tax credit, when to claim one, what cannot be claimed, etc., is crucial for… ### [Valuation of Supply Rules under GST](https://busy.in/gst/value-of-supply-under-gst/) GST · Jul 31, 2026 GST is an indirect tax levied on the supply of goods and services in India. It was introduced to replace many indirect taxes that both the central and state governments previously levied. Under GST, the valuation of goods and services… ### [Vendor Reconciliation – Meaning, Format, Process](https://busy.in/gst/all-about-vendor-reconciliation/) GST · Jul 31, 2026 Across businesses, vendor payments represent a major cash outflow. Accountants usually manage vendor reconciliation to run the business conveniently. Even though it could be laborious and time-consuming, this work provides a firm with important advantages and is occasionally disregarded. Vendor… ### [Cancelling GST Registration: Complete Guide (Forms, Process & Revocation)](https://busy.in/gst/a-comprehensive-guide-on-cancelling-gst-registration/) GST · Jul 31, 2026 What Is GST Registration Cancellation? GST registration cancellation is the formal deactivation of a taxpayer’s GST registration. Once cancelled, the taxpayer: cannot issue tax invoices showing GST in that GSTIN cannot collect GST in that registration cannot continue filing regular… ### [ITC 01 Form – Claim ITC on New GST Registration](https://busy.in/gst/itc-01-form-claim-itc-on-new-gst-registration-2/) GST · Jul 31, 2026 Form GST-01 is used to claim Input tax credit by taxpayers that have newly registered under GST. Newly registered persons need to declare any existing stock of inputs, capital goods and/or finished goods at their place of business as on… ### [Matching, Reversal and Reclaim of ITC](https://busy.in/gst/matching-reversal-and-reclaim-of-itc/) GST · Jul 31, 2026 Input tax credit (ITC) is the credit a registered taxpayer can claim for the tax paid on the purchases made for business purposes. Matching, reversal, and reclaiming of input tax credit refer to the process of reconciling the ITC claimed… ### [Reversal of Input Tax Credit In GSTR-2](https://busy.in/gst/reversal-of-input-tax-credit-in-gstr-2/) GST · Jul 30, 2026 The tax that a person already paid at the time of the purchase of goods or services and which is eligible as a deduction from the tax due is referred to as an input tax credit. The reversal of input… ### [How To File ITC-02 on The GST Portal?](https://busy.in/gst/itc-02-filing-on-the-gst-portal-a-guide/) GST · Jul 30, 2026 As GST taxpayers, it is important to stay compliant with the various rules and regulations set by the government. One such compliance requirement is filing ITC-02 forms on the GST portal. ITC is claimed by filing several forms on the… ### [What Is an Inverted Duty Structure Under GST?](https://busy.in/gst/what-is-an-inverted-duty-structure-under-gst/) GST · Jul 27, 2026 How an Inverted Duty Structure Arises An inverted duty structure exists when the GST rate on input goods is higher than the GST rate on the resulting output supplies. For example, assume a manufacturer purchases eligible input goods taxed at… ### [What is the Input Tax Credit under GST in India?](https://busy.in/gst/gst-input-tax-credit/) GST · Jul 22, 2026 Input Tax Credit is one of the most significant features of GST. It applies to every transaction conducted under GST. Understanding how to claim an input tax credit, when to claim one, what cannot be claimed, etc., is crucial for… ### [Optimising Credits In Amended Rules or Input Tax Credit Utilisation](https://busy.in/gst/optimising-credits-in-the-amended-rules-for-input-tax-credit-utilisation/) GST · Jul 22, 2026 The most effective way to optimise input tax credit utilisation under the amended rules is to ensure that all input tax credits are claimed as soon as possible, as late claims may not be eligible for credit. Additionally, businesses should… ### [Value Of Supply Of Goods Or Services Between Related Person Under GST](https://busy.in/gst/value-of-supply-of-goods-or-services-between-related-person-under-gst/) GST · Jul 22, 2026 Under the Goods and Services Tax (GST) regime, transactions between related parties are subject to a special set of rules. One such rule is the determination of the value of the supply of goods or services between related persons, which… ### [What is GST Reconciliation?](https://busy.in/gst/reconciliation-under-gst/) GST · Jul 22, 2026 Every data point in the records of a business is closely tracked by the GST authorities. Any discrepancy can lead to unnecessary scrutiny, audits, or even suspension of GST registration by the authorities, which can be highly cumbersome for a… ### [Adjustment of Input Tax Credit under GST](https://busy.in/gst/adjustment-of-input-tax-credit-under-gst/) GST · Jul 22, 2026 Learn how to adjust Input Tax Credit under GST for compliance. Maximize benefits and simplify tax processes with Busy. Click to explore step-by-step guidance! ### [How to Claim Maximum ITC: Time Limits and Tips](https://busy.in/gst/how-to-claim-maximum-itc-time-limits-and-tips/) GST · Jul 15, 2026 As a business owner, it’s important to stay up-to-date on tax laws and credits that can help you save money and reduce your tax burden. One tax credit that may be available to you is the Input Tax Credit (ITC).… ### [Comparison of GSTR 3B vs GSTR 2A : Importance & Report](https://busy.in/gst/comparison-of-gstr-3b-vs-gstr-2a-importance-report/) GST · Jul 15, 2026 Compare GSTR 3B vs GSTR 2A and understand their importance in tax filing. Learn how Busy simplifies GST compliance with accurate reports and insights. ### [Rules For Input Service Distributor Under GST Laws](https://busy.in/gst/rules-for-input-service-distributor-under-gst-laws/) GST · Jul 15, 2026 One of the provisions of GST is the concept of an Input Service Distributor (ISD). ISD is a mechanism that allows taxpayers with multiple branches to distribute the input tax credit on the input services received by the head office… ### [What Are Special Cases Where ITC is Not Applicable?](https://busy.in/gst/what-are-special-cases-where-itc-is-not-applicable/) GST · Jul 15, 2026 Input Tax Credit is a key differentiator of GST from previous tax regimes. For taxes paid on purchasing business-related supplies, taxpayers can claim Input Tax Credit to lower their tax obligations on their sales. However, GST law mentions several cases… ### [Transition of The Old Input Credits under VAT to GST – TRAN 1](https://busy.in/gst/tran-1-forms/) GST · Jul 14, 2026 Making sure their registered firms under GST do not miss out on the tax advantages and input credits of the previous system is a top priority. These taxes may have been paid when purchasing inputs, raw materials, semi-finished items, and… ### [Frequently Asked Questions Regarding the Composition Scheme](https://busy.in/gst/frequently-asked-questions-regarding-the-composition-scheme/) GST · Jul 14, 2026 The Composition Scheme is a simplified tax system designed for small businesses in India. Its primary aim is to ease the compliance burden on small taxpayers and encourage more businesses to become tax compliant. However, small business owners may question… ### [How to Opt-Out of the Composition Scheme?](https://busy.in/gst/how-to-opt-out-of-the-composition-scheme/) GST · Jul 14, 2026 To withdraw or opt out of the GST Composition Scheme, a taxpayer must file an application in the prescribed format of Form GST CMP-04. The application must also include details of stocks in finished and semi-finished goods, which must be… ### [GST Compliance Rating](https://busy.in/gst/gst-compliance-rating-an-introduction/) GST · Jul 14, 2026 This rating can be useful for businesses to showcase their compliance level to potential customers, lenders, and investors. Additionally, it can also help tax authorities to identify businesses that are not compliant and take necessary action. Overall, GST Compliance Rating… ### [A Complete Guide to TRAN 1 and TRAN 2 Forms](https://busy.in/gst/a-complete-guide-to-tran-1-and-tran-2-forms/) GST · Jul 14, 2026 The Goods and Services Tax (GST) regime in India introduced various forms for GST compliance, including the TRAN 1 and TRAN 2 forms. To make the transition to the new GST tax system easier for businesses, the Central Board of… ### [Input Tax Credit on Job Work Under GST](https://busy.in/gst/all-about-input-tax-credit-on-job-work/) GST · Jul 14, 2026 Input Tax Credit (ITC) on job work in GST is an essential aspect of the Goods and Services Tax (GST) system that allows businesses to claim tax credit for inputs used in the manufacturing of goods or providing services. In… ### [What is Reversal of Input Tax Credit](https://busy.in/gst/reversal-of-input-tax-credit/) GST · Jul 14, 2026 The tax that a person already paid at the time of the purchase of goods or services and which is eligible as a deduction from the tax due is referred to as an input tax credit. The reversal of input… ### [Types of GST in India: CGST, SGST, IGST & UTGST Explained](https://busy.in/gst/the-different-types-of-gst-in-india-cgst-sgst-igst-and-utgst/) GST · Jul 14, 2026 What Is GST? A Brief Overview Goods and Services Tax, or GST, is India’s unified indirect tax system that came into force on 1 July 2017. It replaced several central and state levies such as VAT, service tax, central excise… ### [How to File Form PMT-09 on the GST Portal: A Stepwise Guide](https://busy.in/gst/how-to-file-form-pmt-09-on-the-gst-portal-a-stepwise-guide/) GST · Jul 14, 2026 Form PMT-09 is a handy tool under GST that lets you shift wrongly paid amounts within your electronic cash ledger . This guide walks you through what GST PMT 09 is, when to file it, and a detailed step-by-step process… ### [Zero Rated GST Items: Updated List for 2026](https://busy.in/gst/zero-rated-gst-items-2026/) GST · Jul 14, 2026 If you are searching for zero rated GST items, it is important to know one thing first. In India, zero rated is mainly decided by the type of supply, not by a product wise item list. That is why the… ### [Availing ITC As Per Section 16 (2) (Aa)](https://busy.in/gst/availing-itc-as-per-section-16-2-aa/) GST · Jul 14, 2026 In India, the Input Tax Credit (ITC) is a crucial element of the Goods and Services Tax (GST) system. As per Section 16 (2) of CGST Act, 2017, Businesses must submit claims for Input Tax Credit (ITC) that only shows… ### [Input Tax Credit Under GST: Complete Guide for Indian Businesses](https://busy.in/gst/complete-guide-to-input-tax-credit-under-gst-in-india/) GST · Jul 14, 2026 As a business owner and taxpayer, you need to understand Input Tax Credit to be able to maximise your tax benefits and reduce unnecessary tax liabilities. Input Tax Credit allows businesses to claim a credit for taxes they have paid… ### [Complete Guide to GST Composition Scheme (Updated 2026)](https://busy.in/gst/complete-guide-to-gst-composition-scheme/) GST · Jul 13, 2026 What Is Aggregate Turnover? Definition and How to Calculate It Aggregate turnover is a key concept in the GST composition scheme . Under Section 2(6) of the CGST Act, aggregate turnover includes: taxable supplies exempt supplies exports of goods or… ### [Claiming ITC on Transfer of Business](https://busy.in/gst/how-to-claim-itc-on-transfer-of-business/) GST · Jul 13, 2026 A registered taxpayer may transfer the input tax credit accessible and excess in his electronic credit ledger to another business in case of a business transfer by way of sale, merger, or demerger by filing a declaration in GST Form… ### [Cancelling GST Registration for a Sole Proprietor after Death](https://busy.in/gst/cancelling-gst-registration-for-a-sole-proprietor-after-death/) GST · Jul 10, 2026 As a business owner in India, it is crucial to understand the legal and regulatory requirements for Goods and Services Tax (GST) registration. GST registration is mandatory for businesses with an annual turnover above a certain threshold, and failure to… ### [Input Tax Credit on Common Credit Under GST](https://busy.in/gst/input-tax-credit-on-common-credit/) GST · Jul 10, 2026 What Is Common Credit Under GST? Common credit is the Input Tax Credit that relates to goods or services used for mixed purposes. This usually happens in two situations. First, the same input, service or expense supports both taxable and… ### [Amendments in GSTR-1 and Error Messages](https://busy.in/gst/amendments-of-details-in-gstr-1-and-error-messages/) GST · Jul 10, 2026 It’s usual to make mistakes while submitting your GST return. However, since the ability to make modifications and adjustments in the GST forms is restricted, it is essential to have a solid understanding of the errors that may be rectified,… ### [TDS Return Due Dates: Filing, Payment & Penalty Guide](https://busy.in/gst/tds-return-and-payment-important-due-dates-you-should-know/) GST · Jul 10, 2026 If you deduct TDS from salary, rent, contractor payments, or professional fees, you must file the applicable TDS return or challan-cum-statement and deposit the deducted tax on time. Missing either deadline can attract a late filing fee of Rs 200… ### [All About Rule 86B Under GST: Restriction on ITC Utilisation In Electronic Credit Ledger](https://busy.in/gst/everything-you-need-to-know-about-gst-rule-86b-limitations-on-itc-utilisation-in-electronic-credit-ledger/) GST · Jul 10, 2026 Rule 86B puts a cap on how much of your GST liability you can pay through Input Tax Credit in the electronic credit ledger. In simple words, once you cross a certain turnover in a month, you must pay at… ### [What is GSTR 1?](https://busy.in/gst/guide-to-gstr-1/) GST · Jul 10, 2026 All taxpayers who have registered under GST are required to file their GST returns as per GST Law. By filing these returns, taxpayers and the government get clarity on the amount of GST to be paid. To file these returns… ### [What Expenses Can Be Claimed as Input Tax Credit ITC?](https://busy.in/gst/what-expenses-can-be-claimed-as-itc/) GST · Jul 10, 2026 For small business owners, understanding the ins and outs of ITC can save significant money. Thus, using GST software can help you claim in accordance with GST requirements by simplifying the process and ensuring you maximise your ITC. This article… ### [What Is a Voucher in Accounting? Types, Journal Entries & Format](https://busy.in/accounting/what-is-a-voucher-benefits-types-and-components/) Accounting · Jul 8, 2026 A voucher in accounting is a written document that records and authorises a financial transaction. Before a transaction is posted in the books, whether it relates to rent paid, customer money received, or stock moved between godowns, it should be… ### [Difference Between Manual Accounting and Computerized Accounting](https://busy.in/accounting/difference-between-manual-accounting-and-computerized-accounting/) Accounting · Jul 8, 2026 What is Manual Accounting? Manual accounting is a paper-based accounting system in which financial transactions are recorded by hand in physical books of account. Every time there’s a sale, purchase, payment, receipt, or expense, you write it out yourself in… ### [Cost Accounting vs. Management Accounting: Key Differences, Techniques & Complete Guide](https://busy.in/accounting/clear-difference-between-cost-and-management-accounting/) Accounting · Jul 8, 2026 What Is Cost Accounting? Cost accounting is the branch of accounting that identifies, measures, records, classifies, allocates, and analyses the costs of producing goods or rendering services. It does not stop at total business expenditure. Instead, it drills down into… ### [Fundamental Accounting Assumptions: Types and Parameters](https://busy.in/accounting/fundamental-accounting-assumptions-types-and-parameters/) Accounting · Jul 8, 2026 In finance, every business report is built on a set of basic beliefs, even if they are not directly mentioned. These beliefs are called fundamental accounting assumptions, and they help create a consistent and reliable foundation for preparing financial statements.… ### [New GST on Banking Services: Account, Loan, and Transaction Fees](https://busy.in/gst-rates/banking-services/) GST Rates · Jul 3, 2026 From savings accounts to home loans and credit cards, banking is a daily part of our lives. But behind every transaction, there’s often a small tax charged—yes, we’re talking about GST. In this blog, we’ll simplify how the gst on… ### [Everything You Must Know About MRO Inventory Management](https://busy.in/inventory-guide/everything-you-must-know-about-mro-inventory-management/) Inventory Guide · Jun 17, 2026 MRO inventory consists of consumables, equipment, and supplies utilised in MRO tasks. In other words, you use cleaning supplies, tools, maintenance equipment, and other miscellaneous items daily to keep your business working. Under inventory, thinking about the products you sell… ### [Real-Time Inventory Tracking and Centralized Multi-Channel Control](https://busy.in/inventory-guide/real-time-inventory-tracking-and-centralized-multi-channel-control/) Inventory Guide · Jun 17, 2026 In today’s digital-first economy, businesses sell across multiple channels—physical stores, online marketplaces, eCommerce websites, and even B2B platforms. With so many moving parts, keeping track of stock levels in real time is no longer a luxury, it’s a necessity. Real… ### [E-commerce Inventory Management and Payment Reconciliation](https://busy.in/inventory-guide/e-commerce-inventory-management-and-payment-reconciliation/) Inventory Guide · Jun 3, 2026 Ecommerce Inventory Management is the backbone of a successful online business. From tracking stock across warehouses to reconciling payments from Amazon, Flipkart, and Shopify, managing it all efficiently is crucial. Without the right systems like inventory management software ecommerce sellers… ### [Guide to Stock Auditing and Stock-Taking Best Practices](https://busy.in/inventory-guide/guide-to-stock-auditing-and-stock-taking-best-practices/) Inventory Guide · Jun 3, 2026 Effective stock auditing and stock-taking are crucial for maintaining accurate inventory records and ensuring smooth business operations. By regularly reviewing stock levels, businesses can detect discrepancies, reduce losses, and improve forecasting. Adopting best practices in inventory auditing not only strengthens… ### [Impact of Inventory Management on Customer Satisfaction and Retention](https://busy.in/inventory-guide/impact-of-inventory-management-on-customer-satisfaction-and-retention/) Inventory Guide · Jun 3, 2026 Effective inventory management is essential for delivering a smooth customer experience and building long-term loyalty. By keeping products in stock, fulfilling orders quickly, and minimising errors, businesses can meet customer expectations consistently. When stock levels are accurate and processes are… ### [How Inventory Analytics Solves Sector-Specific Challenges](https://busy.in/inventory-guide/how-inventory-analytics-solves-sector-specific-challenges/) Inventory Guide · Jun 3, 2026 Managing inventory effectively is one of the most challenging tasks for any business. Different industries from retail to healthcare face unique challenges that can impact stock levels, customer satisfaction, and profitability. This is where inventory analysis methods and modern analytics… ### [Issuance of TDS Certificates – Form 16 & Form 16A](https://busy.in/tds/issuance-of-tds-certificates-form-16-form-16a/) TDS · Jun 3, 2026 TDS (Tax Deducted at Source) certificates are vital proof that tax has been deducted and deposited with the government on behalf of a taxpayer. In India, these certificates primarily include Form 16 and Form 16A, which help individuals and businesses…