Latest Articles By Nishant

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, and when businesses can register voluntarily.

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 which tax office is responsible for your… Read more

Understanding the TDS threshold limit is essential for both individuals and businesses to ensure proper tax compliance and avoid unnecessary deductions. These limits determine when tax must be deducted at source for different types of payments such as salary, rent, or interest. Below is a detailed annual and monthly guide to help you understand the TDS… Read more

Taxpayers often receive a communication from the Income Tax Department after filing their Income Tax Return (ITR). This communication is known as an Intimation under Section 143(1) . Many people panic on receiving such notices, but in most cases, these intimations are routine and generated by the system to reconcile the information declared in the ITR… Read more

Tissue paper products like facial tissues, napkins and paper towels are used daily in homes, offices and hotels. For GST compliance every business has to pick the correct HSN code for these paper products so that invoices, returns and reports stay accurate. Choosing one common code for all related items also helps in easy bookkeeping and… Read more

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 — including HSN codes, GST rates, and answers… Read more

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.

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.

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 taxed, and what to know about cancellations and refunds.

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 on sports academy and coaching services… Read more

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 expense? This blog breaks down the gst on postpaid mobile bill , helping… Read more

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 slabs for paper, plastic, and wooden materials.

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 this article, we break down the GST rates on medicines, explain the applicable HSN codes, and… Read more

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.

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.

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 homeowners and businesses need to know.

Honey is one of the most popular natural food products in India, widely consumed for its taste, health benefits, and use in traditional medicine. But if you’re a beekeeper, trader, or manufacturer, it’s important to understand the GST on honey . Whether you’re buying or selling honey, packaged or loose, GST impacts how the product is… Read more

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 and health-conscious individuals can stay compliant and informed.

Edible oil is a kitchen staple found in every Indian household. From mustard and sunflower oil to palm and refined oils, they are widely consumed across the country. But how does the GST on edible oil affect the final price you pay at the store? In this blog, we’ll explore the applicable GST rates, HSN codes… Read more

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 on dental services , highlighting which treatments are exempt and when GST… Read more

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 down the gst on cryptocurrency , whether… Read more

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 advocate services in India , and how… Read more

Jaggery is a traditional sweetener produced from sugarcane juice or palm sap. Under GST, jaggery and jaggery powder are classified along with sugar and sugar-based products. The GST rate can change depending on whether the product is loose and unbranded or sold in branded pre-packed units.

Many businesses take help from service providers for GST registration, return filing, and portal related support. These are usually treated as online or IT based services. The correct GST portal HSN code is important for such service providers.

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 Input Tax Credit (ITC) mechanism lets businesses claim credit for… Read more

Caps and headwear such as baseball caps, sports caps, and fashion caps are common products for retail brands. Under GST, they are classified under the headgear chapter. Using the correct caps HSN code ensures correct GST rate and smooth filing.

Pressure gauges and pressure testing instruments are widely used in factories, pipelines and service centres. Under GST, these instruments must be billed with the correct HSN code so that GST rate, input tax credit and export benefits are applied correctly. This guide explains how digital and industrial pressure gauges are classified, how GST rate is linked… Read more

Safety shoes are mandatory in many factories, warehouses and construction sites to protect workers from injury. Using the correct safety shoes HSN code and GST rate ensures that businesses can claim input tax credit on these essential protective items without any dispute.

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.

House Rent Allowance is a crucial part of your salary structure, especially if you live in a rented house. HRA is an allowance paid by employers to employees to help cover their house rent expenses. The amount is generally determined based on the employee’s salary and the city of residence. A portion of HRA can be… Read more

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 for meticulous planning, accurate projections, and… Read more

Electrical items are used in every home, shop, office and factory. They include switches, wires, cables, panels, motors and many other products that carry or control electricity. To use the electrical items HSN code correctly and apply the right GST rate, traders, contractors and manufacturers need to know how common electrical goods are grouped under HSN… Read more

The statement of comprehensive income is an important financial report that goes beyond the regular income statement. While the traditional income statement shows revenues, expenses, and net profit, the comprehensive income statement also includes items that are not part of regular operations but still affect a company’s equity. This makes it a more complete picture of… Read more

Managing GST, accounting, and inventory separately can lead to costly errors and missed deadlines for SMBs. By integrating these functions, businesses can simplify compliance, ensure accurate reporting, and streamline day-to-day operations. This approach not only reduces manual work and penalties but also improves financial visibility and decision-making.

Retail has changed drastically in the past decade. Customers expect seamless shopping whether they buy online, through a mobile app, or in-store. For retailers operating across multiple outlets and digital platforms, data is generated from many touchpoints. Without strong reporting systems, this data becomes fragmented and hard to use. That’s where dynamic reporting comes in—it allows… Read more

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 discuss all you need to know about this crucial… Read more

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 tax system’s demerits; for the same,… Read more

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.

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 implementation in 2017. Prior to GST, hotels… Read more

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, confirming the validity of a GSTIN number through verification checks… Read more

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 Tax legislation. Under the GST framework, audits serve as a… Read more

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 of levy, conditions, restrictions and validity on… Read more

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 functions, which include return documentation, input tax credit verification, and audit… Read more

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 The date when the payment and/or advance… Read more

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 booking systems, or real-time reporting, the right features help your agency grow,… Read more

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 GST helps taxpayers understand the due date… Read more

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.

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 of GST , all these taxes were replaced with a… Read more

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 for businesses. Let’s dive deeper into the future of GST software.

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 the process and what to do with the notice may save you time and… Read more

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.

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 errors, site unavailability, or incorrect certificate details. While these issues can be… Read more

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.

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.

Understanding gross profit, net profit, and retained earnings is essential for evaluating a company’s financial health. These terms reveal how much money a business earns, spends, and keeps for growth. Let’s explore each concept, its formulas, and how they affect overall financial performance.

The matching concept (also known as the matching principle) is a core accounting rule that ensures expenses are recorded in the same period as the revenues they help generate. By linking costs to the income they generate, this principle provides a true representation of a company’s profitability.

The financial reporting landscape is evolving rapidly. For the years 2025–26, regulators worldwide are introducing new requirements to enhance transparency, sustainability, and digital compliance. Businesses must stay alert to these updates to remain compliant and competitive.

Every company in India, whether private or public, must pay Corporate Income Tax on its profits. Understanding how corporate tax works, including its forms, rates, and exemptions, helps businesses plan their finances efficiently and stay compliant with Indian tax laws. This guide explains essential concepts like ITR-6, Minimum Alternate Tax (MAT), Alternate Minimum Tax (AMT), and… Read more

A cash flow statement is a financial report that shows how money moves in and out of a business during a specific period. It tracks where the cash is coming from, where it’s going, and how much remains at the end of the period. It’s one of the three main financial statements, along with the income… Read more

In business and accounting, the term assets is one of the most important concepts. Assets represent everything a company or individual owns that has value. From cash and property to patents and software, assets are critical in determining the financial health of an organization. Understanding the meaning and types of assets is essential for accurate accounting… Read more

A TDS calculator is a convenient online tool that helps individuals and businesses estimate their Tax Deducted at Source (TDS) quickly and accurately. Instead of relying on complex manual calculations, a TDS calculator provides instant results and ensures compliance with tax regulations.

The accounting period concept is a fundamental principle that requires financial results to be reported over specific, consistent timeframes. By dividing business activities into set periods, such as months, quarters, or years, companies can evaluate performance, meet tax obligations, and provide timely information to stakeholders.

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 capital in management accounting can better plan expenditures,… Read more

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, and cash flow statement. Understanding the accounting cycle is… Read more

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. With the growing complexity of business transactions and… Read more

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 during a specific accounting period. This ratio is essential for assessing… Read more

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 holds? This ratio gives a snapshot of a company’s liquidity and is particularly… Read more

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 be used for expansion, debt repayment, or absorbing losses.

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 classification depends on various factors, including… Read more

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 in.

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 taxes businesses have to deal with, and how to… Read more

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 acts as a benchmark that companies must meet or exceed to generate value… Read more

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.

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 that their financial practices are free from… Read more