Nitin Bansal
Chartered Accountant
Nitin Bansal
Chartered Accountant
I am a Fellow Chartered Accountant (FCA) and LLB graduate with 10 years of experience in corporate auditing, taxation, and financial consulting. My expertise includes corporate audits, income tax planning, HSN code classification, and GST rate advisory. Through my blogs and articles, I aim to simplify corporate taxation, auditing, and GST compliance, making financial matters more accessible for professionals and business owners.
Latest Articles By Nitin Bansal
When Can Authorities Search Goods In Transit?
The goods in transit should be attended to with relevant documents, without which they will be detained and confiscated.
What is GSTR-8? Meaning, Filing Process, and Requirements
GSTR-8 is a return form that must be filed by every e-commerce operator who collects TCS under GST. The form contains details of outward supplies made through the operator’s platform and the amount of TCS collected. The information submitted in…
Valuation of Supply Rule Under GST In Case of Pure Agent
Under the GST system in India, the valuation of supply is an essential aspect that assesses the amount of tax payable by businesses. The concept of a pure agent is an important consideration in the valuation of supply under GST,…
Understanding Time, Place, And Value Of Supply
Understanding Time, Place, and Value of Supply is essential for businesses registered under the Goods and Services Tax (GST) regime in India. These concepts determine the time when a transaction is considered to have taken place, the place where it…
Errors while Filing GST Returns and How to Avoid them
GST is a significant tax system introduced in India to simplify the indirect tax system. However, filing GST returns can be daunting for taxpayers, requiring them to comply with various rules and regulations. Any mistake made while filing GST returns…
Financial Ratios: Key Metrics to Evaluate Performance
Financial ratios are a great way to measure how well a business is doing. They turn balance sheet and income statement figures into clear performance indicators. Let’s explore what these ratios are, why they’re helpful, and how to use them,…
Basic Accounting Terminology and Principles Explained
Understanding basic accounting terminology and principles is essential for anyone who manages money, runs a business, or wants to make informed financial decisions. Accounting is the language of business—it records, summarizes, and communicates financial information so that owners, investors, and…
Form 121, Form 15G and Form 15H: Complete Guide for Saving TDS on Interest Income
What Changed from Form 15G and Form 15H to Form 121 Earlier, taxpayers used Form 15G or Form 15H to request non-deduction of TDS on eligible income . Form 15G was mainly used by resident individuals below 60 years of…
What is Blocked Credit in GST? Section 17(5) Explained
What is Blocked Credit Under GST? Blocked credit under GST means input tax credit that a registered taxpayer cannot claim because the law specifically restricts it. Normally, ITC is available when goods or services are used for business, and the…
What is the Difference Between GST and VAT?
Tax collection is the primary source of revenue for most governments. It enables them to spend on the development of the economy and thus improve the living conditions of the taxpayers. In 2017 the administration implemented the Goods and Services…
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…
Impact of the GST Composition Scheme on Startups and MSMEs
The Goods and Services Tax (GST) Composition Scheme is a special tax payment option designed to ease the burden on small businesses in India. Its purpose is to reduce complexity and lower compliance costs. Let’s learn more about it in…
Complete Guide To GST Composite Scheme
With the introduction of the GST act in 2017, all businesses must comply with all the provisions of these acts. BUSY Accounting Software helps you create invoices that work on an intuitive dashboard that allows you to create GST-compliant invoices…
Due Diligence Under GST
Before entering into any type of agreement, contract or transaction, you must exercise extreme caution. Doing your due diligence means that you should thoroughly investigate and evaluate any potential business opportunity. Investors typically practise due diligence before investing in any…
GSTR-6: Complete Guide for Input Service Distributors - Filing, Format, Rules, and Latest Updates
What Is GSTR-6? GSTR-6 is a monthly return filed by an Input Service Distributor (ISD) under the Goods and Services Tax framework. It reports the Input Tax Credit received on input services and the distribution of that credit to branch…
How to File GSTR-1 from BUSY
Learn how to file GSTR-1 step-by-step with BUSY. Simplify GST compliance effortlessly. Click now to master the process and stay tax-ready!
What is GSTR-10 Understanding Final Return Under GST
GSTR-10 is a Final Return that needs to be filed by a taxpayer whose GST registration has been cancelled or surrendered. The primary purpose of this form is to provide the government with a consolidated record of input stocks and…
Impairment of Assets
Every business owns assets, whether physical or intangible, that help generate income. However, there are times when the value of these assets falls significantly due to changes in the market, technology, or usage. This decrease in value is referred to…
Liabilities: What Are They?
In business and accounting, liabilities are just as important as assets. While assets represent what a company owns, liabilities represent what it owes. Understanding liabilities meaning helps individuals and businesses manage their finances better, ensure compliance, and make informed decisions.
Current vs. Non-Current Assets
Knowing the difference between current vs non-current assets is key to understanding your business’s balance sheet. Let’s break down what belongs in each category, why it matters, and how to spot them correctly, without the accounting jargon.
What is ABC Inventory Management and Analysis?
Every business carries stock, but not all items are equally important. This is where ABC inventory analysis comes in. It helps you sort inventory into three groups, A, B, and C, so you can focus more on what matters most.…
What Is a Statement of Changes in Equity?
The Statement of Changes in Equity is a financial report that shows how a company’s equity (ownership value) changes over time. It highlights how profits, investments, dividends, and other items impact owner or shareholder equity. It helps connect the beginning…
What is a General Ledger and How to Maintain It
A general ledger is a company’s main financial record. It groups all transactions by account, like cash, sales, rent, or loans, and shows how money moves in and out. Think of it as the backbone of your financial picture.
New GST on Sand in India: Natural Resources and Taxation
Sand is a critical raw material used in construction, plastering, and infrastructure development. With the implementation of the Goods and Services Tax (GST), sand suppliers, construction businesses, and buyers must understand how gst on sand is applied across different categories…
GST on Pens in India: Product Type and Tax Slab
Pens are essential tools used by students, professionals, and artists alike. Whether you’re buying a simple ballpoint pen or a luxury fountain pen, understanding how gst on pen works can help you make more informed purchases and ensure compliance in…
GST on Watches: Applicable Tax Rates and Categories Explained
Watches are more than just timekeepers—they’re a fashion statement, a productivity tool, and sometimes even a health tracker. Whether you’re buying a luxury watch, a Titan model, or a smartwatch, understanding GST on watches helps you know exactly what you’re…
New GST on Cab Services: Aggregators vs Local Operators
With the rise of app-based platforms and local travel agencies, cab services have become more accessible than ever. But whether you’re booking a ride through Uber or hiring a cab for an outstation trip, GST is likely part of your…
New GST on Digital Marketing Services: Tax Rates & Input Credit Explained
With businesses rapidly shifting to online platforms, digital marketing services have become essential for brand visibility and growth. Whether it’s social media advertising, SEO, influencer marketing, or email campaigns, these services fall under the GST regime in India. In this…
New GST for FMCG Products: Tax Overview for Fast-Moving Consumer Goods
FMCG—Fast-Moving Consumer Goods—include essential items like toothpaste, soap, snacks, soft drinks, packaged foods, and detergents. These products are bought frequently and in large quantities across households in India. But what does GST mean for the FMCG industry? In this blog,…
New GST on Cement in India: Tax Rate and Its Impact on Construction Costs
Cement is a key ingredient in construction, whether you’re building a home, a commercial complex, or infrastructure. With the implementation of the Goods and Services Tax (GST), the tax structure for cement has been streamlined, but it remains one of…
New 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 the water bottles hsn…
New GST Rate for IT Services in India: Software Development, Support & More
The Information Technology (IT) sector is the backbone of modern India, covering everything from software development to cloud hosting and tech support. But how does GST (Goods and Services Tax) apply to these services? In this blog, we’ll explain the…
New GST on Meat in India: Fresh, Frozen, and Processed
Meat is a staple in many Indian households—be it chicken, mutton, or seafood. But is meat taxable under GST? The answer depends on how the meat is processed and packaged. In this blog, we’ll explore the gst on meat in…
Agarbatti New GST Rate: Tax on Incense Sticks and Fragrance Products
Agarbatti, or incense sticks, hold a special place in Indian homes, temples, and ceremonies. They’re not just religious items but also used for meditation, aromatherapy, and gifting. But how are these fragrant products taxed under GST (Goods and Services Tax)…
GST for Computer Parts: Components and Accessories
Whether you’re building a custom PC, replacing a laptop battery, or upgrading your office setup, you’ll come across multiple computer components. But how are these items taxed under GST ? Let’s break down the computer hsn code and gst rate…
Outdoor Catering Services New GST Rate in India
From weddings and corporate events to birthday parties and festivals, outdoor catering plays a major role in Indian celebrations. But do these services attract GST? If so, how much? This blog simplifies the outdoor catering services GST rate , when…
Diaper New GST Rate: Baby and Adult Care Products
Diapers are no longer just baby products—they’re also crucial for senior care and medical needs. Whether you’re a parent, caregiver, or seller, knowing how much GST you pay on diapers is important for budgeting and compliance. In this guide, we’ll…
How TDS Calculators Simplify Tax Deduction for Individuals and Businesses
Accurate TDS (Tax Deducted at Source) calculation is essential to stay compliant with Indian income tax laws and avoid penalties. A TDS calculator is an online or software-based tool that helps both individuals and businesses quickly compute the correct TDS…
How to Ensure TDS Calculator Results Match Official Computations
Accurate TDS (Tax Deducted at Source) calculation is critical to avoid tax disputes, penalties, and mismatched credits in Form 26AS. While TDS calculators are convenient, their results must align with official computations prescribed by the Income Tax Department. Here’s a…
Capital Gains Tax and Real Estate Taxation
Selling property in India can bring significant profits, but it also attracts capital gains tax. Understanding how capital gains tax on property works, along with other aspects of real estate taxation, helps homeowners and investors plan transactions smartly and legally…
Forecasting Payroll Expenses and Labor Cost Management
Payroll is one of the largest and most recurring expenses for any business. Accurately forecasting payroll expenses and managing labor costs are critical to maintaining profitability, ensuring timely payments, and staying compliant with tax and labor regulations. By using payroll…
Difference Between Payroll Processing and Employee Compensation Planning
Businesses often treat payroll processing and employee compensation planning as the same function, but they serve very different purposes. Understanding the distinction helps organizations pay employees accurately while also motivating and retaining talent.
Technology-Driven Accounting Tools: Cloud Accounting & Embedded Finance
Modern businesses increasingly rely on technology to streamline their finances. Two of the most significant innovations, cloud accounting and embedded finance , are reshaping how companies record transactions, access data, and even deliver financial services to customers. Together, they create…
TDS on Reimbursement of Expenses: Applicability, Rules & Examples
Reimbursements are a common part of business transactions covering travel, logistics, professional services, or employee expenses. But whether TDS on reimbursement of expenses applies often confuses taxpayers. The key lies in understanding the nature of reimbursement , whether it’s a…
Impact of Non-Compliance on TDS Certificate Issuance: 2025 Update
Issuing TDS certificates is a key compliance obligation for deductors. These certificates validate that tax has been deducted and provide proof to deductees (recipients). Non-compliance can lead to serious penalties and complicate tax filings. With the 2025 updates to TDS…
Battery HSN Code: Understanding HSN Classifications for Battery Products
Batteries are used in cars, inverters, laptops, toys and many other products. Under GST, these battery products must be billed with the correct HSN code so that the GST rate and input tax credit are applied in the right way.…
Books HSN Code: Understanding HSN Classifications for Books and Printed Materials
Books are used in schools, colleges, offices and homes for study, reference and leisure reading. They include textbooks , story books, reference guides and many other printed materials. To handle GST correctly, businesses must understand how books and other printed…
Hardware HSN Code: Understanding HSN Classifications for Hardware Products
Hardware products like screws, nails, hinges, locks, handles and brackets are used in homes, shops, factories and construction sites. They are small in size but they play a big role in building, repairs and installations. To charge GST correctly and…
Cotton HSN Code: Everything You Need to Know
Cotton products cover raw cotton, yarn, fabrics and ready garments like shirts and bedsheets. Each stage of cotton processing uses a different HSN code, which also affects the GST rate. This guide explains how cotton is classified from fibre to…
Mouse HSN Code: A Complete Guide
Computer mouse devices are used with desktops, laptops and gaming systems in almost every office and home. They are treated as computer input devices under GST. Using the correct mouse HSN code helps importers, distributors and retailers charge GST properly…
Chilli Powder HSN Code: Classification for Red and Ground Chilli Powders
Chilli powder is a common kitchen spice used in homes, restaurants and food factories. Under GST it is treated as a product of the spices chapter and classified based on whether the chilli is whole, crushed or ground. Using the…
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