Latest Articles By Nishant

Minimum Turnover for GST Registration in India The Goods and Services Tax (GST) system has brought uniformity in indirect taxation across India. One of the most common questions small businesses ask is: What is the minimum turnover required to register for GST? This blog explains the current GST turnover limit, when GST registration becomes mandatory,

Forward Charge Mechanism Under GST: Explained with Examples The forward charge mechanism is the default method of tax collection under India’s Goods and Services Tax (GST). This guide explains how it works, who pays tax, and how it differs from the reverse charge mechanism, with practical examples. BOOK A FREE DEMO What is the Forward

GST on Sports Academy and Coaching Services From cricket academies to tennis coaching, badminton centers to football clubs, sports academies across India are booming. But if you run or attend one, you need to understand the GST implications. Does GST apply to all sports training? What’s the rate? Are there exemptions? Let’s break down the

GST for Gym and Fitness Centers: Tax Rules on Membership and Services Whether you’re signing up for a gym membership, hiring a personal trainer, or buying gym equipment, understanding how GST applies can help you manage your fitness costs better. In this guide, we explain the GST for gym and fitness centers, so business owners

GST on Dental Services and Treatments: What’s Exempt and What’s Not Dental care is a vital part of overall health—covering everything from a simple check-up to full-mouth implants. But do you know how the Goods and Services Tax (GST) applies to dental treatments? Are dentists required to charge GST? This guide breaks down the gst

GST on Postpaid Mobile Bill: Know the Tax Percentage on Your Plan If you’re using a postpaid mobile connection, you’ve probably noticed a separate tax amount added to your monthly bill. That’s GST (Goods and Services Tax). But how much is it? What does it apply to? And can it be claimed as a business

GST on Advocate Services in India The legal sector plays a vital role in justice, business contracts, and dispute resolution. But are legal professionals like advocates and lawyers required to charge GST? The answer depends on who they’re serving and what kind of legal services they provide. In this guide, we’ll explain the GST on

Packing Material GST Rate: Paper, Plastic, and Others From food delivery boxes to bubble wrap and wooden crates, packing materials are essential across industries. Whether you’re a manufacturer, e-commerce seller, or wholesaler, knowing the GST rates on packaging items helps manage costs and stay compliant. This blog covers the packing material GST rate, including tax

Types of Reserves in Accounting: Revenue, Capital, and Secret Reserves Explained Reserves are amounts appropriated from profits to meet future liabilities, unforeseen expenses, or specific purposes. They are not expenses but allocations of profit, appearing on the liabilities side of the balance sheet under “Reserves and Surplus.” Reserves enhance a company’s financial stability and can

GST on Cryptocurrency Transactions in India Cryptocurrencies like Bitcoin, Ethereum, and other virtual assets have gained massive popularity in India over the past few years. But with this rise comes a growing concern around taxation and regulation. While income tax on crypto gains is already in place, what about GST? In this guide, we break

GST for Interior Work: Residential and Commercial Scope Whether you’re revamping your home or furnishing a new office, interior design is an essential service. From furniture to lighting to false ceilings, interior projects combine materials and expert design. But what about GST? This blog explains the gst for interior work, how it’s calculated, and what

Auditing Accounting: Objectives, Procedures, and Types In business finance, auditing and accounting play a critical role in maintaining trust, accuracy, and accountability. Auditing refers to the process of examining financial records, systems, and transactions to assess whether a company’s financial statements are fair and reliable. This ensures that businesses remain compliant with legal standards and

GST on Maintenance Charges in Housing Societies If you live in a gated society or apartment complex, you probably pay monthly maintenance fees. But have you noticed GST on the invoice? That’s because gst on maintenance charges applies under certain conditions. This blog explains when GST is charged, who must pay it, and how much.

Common Accounting Errors: Types, Examples, and How to Correct Them Even experienced professionals can make mistakes in financial records. These are called accounting errors—and if not spotted in time, they can affect reports, taxes, or business decisions. Let’s explore the types of accounting errors, real-life examples, and how to correct them effectively. BOOK A FREE

What Is Current Ratio? Formula, Ideal Range, and What It Tells You The current ratio is a widely used financial metric that evaluates a company’s ability to pay off its short-term obligations using its short-term assets. In simple terms, it answers the question: can the business meet its upcoming dues with the resources it already

GST on Train Tickets: AC, Non-AC, and Class-wise Tax If you’re traveling by train in India, especially in AC classes or premium categories, GST is part of your ticket cost. Indian Railways, like airlines, applies GST on certain types of tickets. In this blog, we’ll explain how gst on train tickets works, what classes are

GST on Water Bottles: Plastic vs Reusable Containers Water bottles are used by nearly everyone—students, office-goers, travelers, and homemakers. Whether you’re buying a single-use bottle or a durable stainless-steel one, it’s important to understand the gst on water bottle. This blog explains how water bottles are taxed under the GST system in India, based on

GST on Taxi Services: Applicability and Rate Breakdown If you’ve ever taken a cab or run a taxi business, you’ve probably wondered how GST affects the fare. This guide breaks down everything about GST on taxi services—when it applies, what the rates are, and how it affects both passengers and service providers. BOOK A FREE

GST on Tractors in India: Exemptions and Rates Tractors are the backbone of Indian agriculture. Whether you’re a farmer or in the agricultural equipment business, understanding GST on tractor purchases and related items helps in making better financial decisions. BOOK A FREE DEMO Is GST Applicable on Tractors? Here’s the good news: Tractors are exempt

GST on Tyres: What You Should Know Tyres are an essential part of any vehicle, and understanding the GST rates applied to them is important for both buyers and businesses. The gst on tyres varies depending on the type of tyre and its intended use. In this blog, we’ll cover everything you need to know

What Is Debtors Turnover Ratio and How to Interpret It Effectively? The debtors turnover ratio, also known as the accounts receivable turnover ratio, is a financial metric that measures how efficiently a company collects outstanding credit sales from its customers. It shows how many times, on average, a business converts its credit sales into cash

Taxation in Accounting: Basics, Types of Taxes, and Compliance Essentials Handling taxes is one of the crucial parts of running a business, whether you’re a small shop owner or a growing enterprise. Understanding taxation in accounting helps you stay compliant and avoid penalties. In this blog, we’ll explain what taxation is in accounting, the common

Types of Accounts in Accounting and How Amortization Affects Them Understanding the different types of accounts in accounting is essential for anyone learning about finance. These accounts form the base of all financial records. But accounting isn’t just about keeping track of money—it’s also about how costs are spread over time. That’s where amortization comes

Cost of Capital: Why It Matters and How to Calculate It Accurately In corporate finance, every investment decision carries a cost, whether it’s funded through equity, debt, or a mix of both. This cost is known as the cost of capital, and understanding it is critical for evaluating projects, financing options, and long-term strategy. It

What is the Accounting Cycle? A Comprehensive Guide The accounting cycle is the complete process that businesses follow to record, classify, summarize, and report financial transactions for a specific accounting period. This cycle ensures the accuracy of financial records, supports regulatory compliance, and helps prepare important financial statements, such as the income statement, balance sheet,

Working Capital Management: Techniques, Importance, and Ratios Effective working capital management is essential for maintaining a business’s short-term financial health, enabling companies to operate smoothly while meeting obligations as they come due. It refers to the process of managing current assets and current liabilities in a way that ensures operational liquidity. Businesses that master working

What is Forensic Accounting? Role and Techniques Forensic accounting integrates investigative skills with financial expertise to analyze, interpret, and present complex financial information for use in legal proceedings. Often referred to as the intersection of accounting and law, forensic accounting plays a vital role in uncovering fraud, resolving financial disputes, assessing damages, and supporting litigation.

Types of Debentures in Accounting Debentures are essential debt instruments used by companies to raise long-term capital without diluting ownership. In accounting, understanding the types of debentures is crucial for recording liabilities accurately and evaluating a company’s financial strategy. These instruments represent borrowed funds, where the company commits to repaying the principal with interest. Their

What is a GST Audit? A Guide for Businesses A GST audit consists of official evaluation procedures designed to check taxpayer financial records and returns with supporting documentation that validate tax payments, reported revenues, and input tax credit claims. The primary purpose behind GST audits is to verify complete business compliance with Goods and Services

Types of GST Notices and How to Respond to Them The Goods and Services Tax (GST) system mandates its taxpayers to fulfill specific legal and procedural requirements. Tax department members use formal documents to communicate with businesses whenever they detect issues or delays or notice discrepancies in tax matters. The GST notices cover three primary

What is GST Verification, and Why is It Important? Verifying GST numbers has become a standard business practice to ensure that the businesses you deal with are legally registered and authorized to collect taxes under the Goods and Services Tax regulations. From issuing an invoice and claiming an input tax credit to verifying a supplier,

GST on iPhones in India: What You Should Know Buying an iPhone in India means understanding how taxes affect the final price—especially the Goods and Services Tax (GST). This blog will walk you through everything you need to know about GST on iPhones, including rates, how it impacts pricing, and related tax benefits. BOOK A

GST on Medicines in India: Tax Rates, HSN Codes & What You Need to Know When it comes to health, access to affordable medicine is essential. While most life-saving drugs are either exempt or taxed at a lower GST rate, not all medicines are treated equally under the Goods and Services Tax (GST) regime. In

What is BookKeeping? Benefits, Principles and the Process BOOK A FREE DEMO What is Bookkeeping? Bookkeeping is the art of recording and organising all business transactions that have occurred during the business. It is a fundamental part of accounting and primarily focuses on recording daily financial transactions such as sales earned revenue, tax payment, earned

Top Features to Look for in Billing Software For Travel Agencies Choosing the right billing software for your travel agency can make all the difference in managing finances efficiently. From handling multiple payment methods to simplifying complex transactions, the best billing software streamlines operations, ensuring accuracy and saving time. Whether automated invoicing, seamless integration with

FORM GST DRC-01A: What It Is and How to Handle Tax Payable Notices Facing a tax payable notice can feel overwhelming, especially when you receive a FORM GST DRC-01A. This form is part of the GST compliance process, serving as a formal notice to businesses regarding unpaid taxes. But no need to worry — knowing

Inventory Management System Trends for Small and Medium-Sized Businesses (SMBs) Inventory management systems for small and medium-sized businesses (SMBs) are evolving with new technologies that promise to make them more efficient and competitive. Key trends include the adoption of cloud-based solutions for real-time access, AI-powered analytics to optimise stock levels, and automation tools that streamline the process

Reverse Charge Mechanism on Goods vs. Services: A Comparative Analysis With the Reverse Charge Mechanism (RCM), the responsibility of tax liability is moved from the supplier of goods or services to the receiver of goods or services. It would require ascertaining rates of goods and services of different categories, which would differ based on the

GST Composition Scheme Rules for E-commerce Sellers and Online Retailers BOOK A FREE DEMO What is the Composition Scheme under GST? The GST Composition Scheme is designed for small businesses with an annual turnover of taxable goods not exceeding ₹1.5 crore. Under this scheme, the seller is required to pay GST at a reduced rate—1%

Impact of GST Validation on Financial Audits: What Businesses Need to Know Financial audits play an important role in ensuring the reliability and accuracy of financial information. By independently verifying financial statements, auditors help identify errors, fraud, and non-compliance with accounting standards and regulations. This enhances transparency, accountability, and investor confidence. BOOK A FREE DEMO

Debit Notes vs Credit Notes: Key Differences and When to Use Them? Debit and credit notes are essential accounting documents businesses use to correct errors or adjust invoice transactions. They help maintain accurate financial records and ensure compliance with tax regulations. Let’s understand them better. BOOK A FREE DEMO Understanding the importance of Debit Notes

How to Do GST Registration for an E-Commerce Business? GST has benefited e-commerce businesses in India by simplifying taxation, reducing compliance burdens, and eliminating the cascading effect of taxes. This has led to improved competitiveness, lower costs, and increased transparency. GST has also boosted e-commerce growth by allowing businesses to expand and invest more. The

The Future of GST Software: Trends and Innovations to Watch The future of GST software is ready for significant advancements driven by technological innovations. Artificial intelligence, robotic process automation, and blockchain integration are transforming the landscape. Innovations will streamline processes, reduce errors, and enhance compliance in the coming years. These advancements are revolutionising financial management

The Difference Between GST and Income Tax: What You Need to Know GST (Goods and Services Tax) and income tax are two key components of the tax system, but they serve different purposes. GST is an indirect tax on the sale of goods and services based on product or service consumption. It replaces other indirect

The Role of GST Accounting Software in Streamlining Business Operations With the increasing demand for GST compliance, businesses need a reliable solution to manage their GST-related tasks. Given the growing importance of GST compliance, businesses need to explore and understand the capabilities of GST accounting software, such as automating invoice generation, accurate record-keeping, and more.

Common Issues Faced While Downloading GST Certificate and How to Resolve Them The GST certificate is crucial for any business registered under India’s Goods and Services Tax. It serves as proof of registration and is essential for various compliance purposes. However, many businesses encounter issues while trying to download their GST certificate.These challenges include login

GST State Code List & Jurisdiction In GST, the State Code is a two-digit number that shows which state or union territory a business belongs to. It is part of the GSTIN (Goods and Services Tax Identification Number) and helps decide if a sale is within the state or between states. GST Jurisdiction tells you

Just in Time Inventory Management The Just-In-Time (JIT) inventory management strategy is one in which a business maintains only the bare minimum quantity of merchandise necessary to fulfil the demands of the present market. Just-in-time inventory management aims to synchronise production with consumer demand to eliminate wastage, cut expenses, and increase productivity. The strategy calls

Impact of GST on Hotel Industry From Rs. 15.24 lakh crore (US$ 234.03 billion) in 2017 to Rs. 32.05 lakh crore (US$ 492.21 billion) in 2028, the Indian hospitality and tourism sector is predicted to grow. The impact of Goods and Services Tax GST in the hotel industry in India has been significant since its

The Impact of GST on Gold and Gold Jewellery The introduction of Goods and Services Tax (GST) in India in 2017 has had a significant impact on the gold and gold jewellery industry. Prior to GST, gold was subject to multiple taxes, including excise duty, value-added tax (VAT), and customs duty. However, with the implementation

What are GST Composition Scheme Rules? The composition scheme was introduced in order to simplify compliance with GST laws for small taxpayers, with an annual turnover of less than ₹1.5 crores (earlier it was ₹1 crore). The GST composition scheme rules outline procedural compliance with respect to the intimation for the composition scheme, the date

GST Registration Certificate – Everything You Need to Know A GST Registration Certificate (Form GST REG-06) is provided to all businesses and individuals registered under the Goods and Services Tax (GST) Act. The GST Certificate is one of the most important documents your business must obtain while registering for GST. In this article, we will

Summons Under GST- Rights and Duties of a Taxpayer BOOK A FREE DEMO What is a summons under GST? A summons is an order issued by a court or a government administrative body requiring any individual to appear in person in court or at the relevant office. Section 70 of the CGST Act 2017 empowers

A Guide to Debit Notes under GST Debit notes, also known as debit memos, are commonly used in business-to-business (B2B) transactions. It assists the buyer in keeping track of his debt obligations to the supplier for goods or services received. It also helps suppliers in correcting undervalued invoices. BOOK A FREE DEMO What is a

What Is Time of Supply In GST? There are 3 key concepts that help taxpayers understand the date when tax is due to be paid, the type of tax to be paid, and the tax amount to be paid. Together, these concepts are known as Time, Place and Value of Supply. Time of supply in

Advisory Regarding Revamped HSN Code Functionality BOOK A FREE DEMO The Customs Tariff Act, 1975 provided the taxpayer with the ability to search the technical description of any specific HSN code of goods or services which might be used in trade against the HSN description through the provision of the Search HSN facility. Also Know

Treatment of Advance Received in GST Time of supply regulations under GST is critical for businesses to determine when the tax on the transaction is due to be paid to the government. For services, the time of supply is usually the earliest of the following dates: The date on which the invoice is issued; OR

GST Fundamentals in India – GST Explained GST stands for ‘Goods and Services Tax’. It consolidates all indirect taxes into a comprehensive single tax at the Central and State levels. And hence, it has played an essential role in simplifying India’s otherwise complex tax structure. It has also been pivotal in solving the previous indirect