Nishant
Chartered Accountant
Nishant
Chartered Accountant
I am a Chartered Accountant with more than five years of experience in the accounting field. My areas of expertise include GST, income tax, and audits. I am passionate about sharing knowledge through blogs and articles, as I believe that learning is a lifelong journey. My goal is to provide valuable insights and simplify financial matters for individuals and business owners alike.
Latest Articles By Nishant
Auditing in Accounting: Meaning, Objectives, Process, Types, and Compliance in India
What is Auditing in Accounting? Auditing is the systematic examination of financial statements, books of account, vouchers, invoices, bank records, ledgers, supporting documents, and internal controls. In simple terms, auditing checks whether a business's financial information is reliable, properly recorded,…
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…
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…
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…
What is BookKeeping? Benefits, Principles and the Process
Get started with bookkeeping by understanding principles, benefits, and best practices through BUSY.
Current Ratio: Formula, Ideal Range, Industry Benchmarks & How to Improve It (2026 Guide)
What Is the Current Ratio? The current ratio is a financial metric that measures a company's ability to pay its short-term obligations, meaning liabilities due within one year, using its short-term assets. It is one of the most widely used…
Working Capital Management: Techniques, Ratios, and the Complete India Guide
What Is Working Capital Management? Working capital management (WCM) is the set of decisions and processes a business uses to manage its short-term assets and liabilities so it always has enough cash to run day-to-day operations, pay obligations on time,…
What is Forensic Accounting? Role, Techniques & India Guide
What is Forensic Accounting? Forensic accounting is the application of accounting knowledge, audit procedures , data analysis, and investigation techniques to examine financial records for a specific purpose. That purpose may be fraud detection, litigation support, insurance claim review, asset…
A Guide on Types of Reserves in Accounting
Reserves are amounts set aside out of profits to strengthen the financial position of the business, meet future needs, or comply with specific legal requirements. They are not created for a definite known liability. Instead, they represent an appropriation of…
Types of Debentures in Accounting: Meaning, Features, and Examples
What Is a Debenture? A debenture is a debt instrument issued by a company to borrow money from investors. The company agrees to repay the principal amount according to the terms of issue and usually pays interest or another agreed…
Debtors Turnover Ratio: Meaning, Formula, Examples, and How to Improve It
What Is Debtors Turnover Ratio? Debtors turnover ratio is a financial efficiency ratio that measures how quickly a business collects money from customers who buy on credit. It is also called accounts receivable turnover ratio or trade receivables turnover ratio.…
What Is the Accounting Cycle? Steps, Examples, and Complete Guide
What Is the Accounting Cycle? The accounting cycle is the step-by-step process a business follows to record, classify, summarize, and report financial transactions for a specific accounting period. It starts when a financial transaction takes place and ends when the…
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…
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…
New 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…
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…
Advisory Regarding Revamped HSN Code Functionality
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…
Threshold Limits for TDS Deduction Under the Income Tax Act
Know TDS threshold limits under Income Tax Act. Annual & monthly deduction limits explained with rules, applicability & FAQs for better tax compliance.
GST Registration Certificate - Everything You Need to Know
What Is a GST Registration Certificate? A GST Registration Certificate is a document issued by the Government via the GST portal, confirming that a business or individual is registered under the Goods and Services Tax framework. It is issued in…
GST on Gold and Gold Jewellery in India
Learn GST on gold, GST on making charges, GST calculation on gold, impact of GST on gold, GST exemptions, e-way bill rules, and ITC for GST on gold business.
GST Fundamentals in India: What is GST? Explained
Integrating a tax system across a nation of 1.4 billion people, spanning 28 states with vastly different economic landscapes, is a monumental task. Since 2017, India has met this challenge through the Goods and Services Tax (GST) , a unified…
GST State Code List 2026: Complete Guide with GSTIN Format, Jurisdiction & Verification
What Is a GST State Code? A GST state code is a standardised 2-digit numeric code assigned to every Indian state and Union Territory under the GST framework. These codes form the first two digits of the 15-character GSTIN and…
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:…
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…
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…
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.
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.
GST Composition Scheme Rules for E-commerce Sellers and Online Retailers
Understand the GST Composition Scheme rules for online sellers and simplify tax filing with BUSY’s automated compliance.
GST Supplier Verification for ITC Protection: GSTR-2B, Section 16, and Vendor Due Diligence Guide
What Is GST Verification? GST verification is the process of checking whether a GST-registered supplier is real, active, traceable, and suitable for compliant business transactions. This guide is for finance managers, accounts teams, GST practitioners, and business owners who are…
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…
What Is a GST Audit? A Complete Guide for Businesses
What Is a GST Audit? A GST audit is a statutory verification process under GST law. It allows the tax authorities to examine whether a taxpayer's GST reporting is consistent with its books, records, invoices, returns, and legal obligations. In…
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…
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…
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.
A Complete Guide to Debit Notes Under GST: Format, Rules & GSTR-1 Reporting
What is a Debit Note Under GST? A debit note under GST is a document issued by a registered supplier to the recipient when the taxable value or the GST charged in the original tax invoice is found to be…
Summons Under GST- Rights and Duties of a Taxpayer
Learn your rights and duties as a taxpayer when issued a GST summons. Stay informed and compliant with Busy’s comprehensive guide. Click to explore now!
Minimum Turnover for GST Registration in India in 2026
What Is the GST Registration Turnover Limit? The GST registration turnover limit is the minimum aggregate turnover after which a business becomes liable to register under GST. Under Section 22 of the CGST Act, every supplier whose aggregate turnover in…
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…
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…
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…
Statement of Comprehensive Income
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…
Assets: Definition and Types
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…
Income Tax Intimation Under Section 143(1) – What It Means and What to Do
What Is Section 143(1) of the Income-tax Act? A Section 143(1) intimation is an automated communication issued by the Income Tax Department's Centralised Processing Centre (CPC) after it processes your income tax return (ITR). It is not a scrutiny notice…
GST, Accounting, and Inventory: Compliance Made Easy for SMBs
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…
What is a Cash Flow Statement?
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…
House Rent Allowance (HRA) Exemption: Complete Guide for FY 2025-26 / AY 2026-27
What Is HRA and Who Can Claim It? House Rent Allowance, or HRA, is a salary component paid by an employer to help an employee meet rental housing costs. A part of this allowance can be exempt from tax under…
New 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…
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…
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.
New 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…
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…
GST on Honey: Rate, Applicability & Industry Outlook
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…
New GST on Edible Oil: Tax Rates & Supply Chain Effect
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…
New 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…
New 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…
New 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 gst rates, how…
New 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…
New 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…
New 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…
New 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…
New 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…
New 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…
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…
Dynamic Reporting: The Key to Success in Multi-Location and Omnichannel Retail
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…
What is a TDS calculator and why use it?
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…
Accounting Period Concept: Reporting within Defined Timeframes
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…
Key Regulatory Changes Impacting Financial Reporting in 2025–26
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.
Net Profit, Gross Profit, and Retained Earnings Explained
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…
Matching Concept: Matching Revenues with Corresponding Expenses
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…
Corporate Income Tax: Key Concepts, Filing Requirements, and Benefits for Businesses
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.…
Electrical Items HSN Code for GST Classification
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…
Safety Shoes HSN Code for GST Filing
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…
Pressure Gauge HSN Code: Understanding the Classification for Digital and Industrial Gauges
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.…
Caps HSN Code: Classification for Baseball, Sports, and Fashion Caps
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.
GST Portal HSN Code: Understanding the Classification for GST Registration and Filing
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.
Jaggery HSN Code: Classification of Jaggery and Its Products
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…
Tissue Paper HSN Code: Classification for Facial Tissues & Tissue Napkins
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…
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