Latest Articles By Rithesh Bajoriya

UIN Under GST: Understanding the Unique Identification Number and Its Importance Under the Goods and Services Tax (GST) system in India, the Unique Identification Number (UIN) plays a special role. Unlike a standard GSTIN (GST Identification Number), which is assigned to registered taxpayers, the UIN is issued to specific persons or entities who are not

Single Entry Bookkeeping System: Meaning, Format, and Limitations The single-entry bookkeeping system is a basic and informal accounting method, primarily used by individuals, freelancers, and small businesses. It offers a straightforward way to record cash-based transactions but lacks the detailed insights and double-checks of a formal double-entry system. BOOK A FREE DEMO What is a

Revenue in Accounting: Recognition, Types, and Reporting Standards Revenue is a fundamental component of financial accounting, representing the total income a company earns from its primary business operations. This guide explores how revenue is recognized, categorized, and reported under international accounting standards. BOOK A FREE DEMO What is Revenue in Accounting? Revenue in accounting refers

GST for Hospital Bill and Medical Services: What’s Taxable and What’s Not When you receive a hospital bill, it’s common to wonder—is GST included? Are all services taxed, or only some of them? With healthcare being a critical sector, the government has given several exemptions under the GST (Goods and Services Tax) regime. However, certain

GST on Sunglasses and Eyewear Products: Applicable GST Slabs Sunglasses are not just fashion accessories—they’re also essential for eye protection against harmful UV rays. But when you buy sunglasses or spectacles in India, do you know how much GST is included in the price? Let’s break down the gst on sunglasses, along with how different

GST on Headphones and Audio Accessories: Latest Tax Slabs Whether you’re buying a wired earphone for your phone or a premium pair of wireless headphones, understanding the gst on headphones helps you know what you’re paying for. In India, audio gadgets are not just popular—they’re taxed under specific GST slabs based on their category and

Mixer Grinder GST Rate: Appliance Taxation Overview Mixer grinders are found in nearly every Indian kitchen—used daily for grinding spices, blending batters, and preparing fresh juices. But like all electronic appliances, these too are taxed under GST. In this guide, we’ll break down the mixer grinder GST rate, how it compares with other kitchen appliances,

How to Account for Joint Ventures: Methods, Examples, and Compliance Joint ventures (JVs) are strategic collaborations where two or more parties pool resources to achieve a specific business objective. Proper accounting for joint ventures is crucial to ensure transparency, compliance, and accurate financial reporting. Thus, this guide delves into joint ventures, accounting methods, journal entries,

Fire Extinguisher GST Rate in India Fire extinguishers are essential safety tools for homes, offices, factories, schools, and vehicles. While they save lives and protect property, they are also part of India’s tax system. In this blog, we break down the fire extinguisher gst rate, including how GST applies to both the purchase and refilling

GST on Delivery Charges: Logistics and Shipping Tax Rates From online shopping to food delivery and courier services, delivery charges are now a part of almost every purchase. But are these delivery charges taxable under GST? If yes, at what rate? In this guide, we break down the gst on delivery charges, how it applies

The Prudence Concept in Accounting: Definition, Importance, and Examples The prudence concept in accounting is one of the key foundational principles guiding how financial transactions should be recorded. Also known as the “conservatism principle,” it encourages accountants to exercise caution when making judgments under uncertainty, particularly when estimating income, expenses, and asset values. BOOK A

GST Accounting: Meaning, Concept, and Compliance Goods and Services Tax (GST) has transformed how businesses manage their finances in India. Since its implementation in 2017, it has replaced multiple indirect taxes and created a unified taxation system. For businesses and accountants, understanding GST accounting is essential to ensure tax compliance, proper input tax credit claims,

Capital Expenditure: Investing in Long-Term Growth When businesses grow, they need more than just day-to-day supplies; they need long-term investments. That’s where capital expenditure (CapEx) comes in. Capital expenditure refers to the money a company spends to buy, maintain, or improve assets like property, buildings, machinery, or equipment. These are investments made today that are

Cash Basis Accounting: Meaning, Pros & Cons Managing business finances begins with choosing the right accounting method. Cash basis accounting is a popular and straightforward approach for many small businesses, freelancers, and startups. It’s simple to use and clearly shows how much cash your business has at any given time. In this article, you’ll learn

Toys GST Rate in India: Categories and Age Groups Toys bring joy to children and contribute to early learning and development. But did you know that GST is applied differently across various types of toys? Whether you sell toys or are a parent shopping for them, knowing the toys gst rate helps you understand the

Accounting for Mergers and Acquisitions: Key Concepts and Journal Entries Mergers and acquisitions can significantly impact the direction of a business. They allow businesses to grow, expand into new markets, and increase their value. But behind the scenes, one of the most important tasks is accounting. Understanding how to manage the financial side of mergers

GST on Ghee: Branded vs Loose Categories Ghee is a staple in Indian households, used in cooking, religious rituals, and Ayurvedic medicine. But when it comes to pricing and taxation, many are unsure about the GST impact. Whether you’re a buyer or a dairy business, understanding the gst on ghee helps with pricing and compliance.

Accounting Automation: Benefits and Implementation Guide Handling business finances manually can be slow, tiring, and full of errors. But thanks to accounting automation, businesses can manage their books faster, more accurately, and with less effort. In this blog, we’ll explain what accounting automation is, how it works, and the key benefits of automated accounting systems.

What Is Goodwill in Accounting? Definition, Valuation, and Treatment Goodwill in accounting is an intangible asset that arises when one company buys another for more than the value of its net assets. It represents non-physical factors like brand strength, loyal customers, good reputation, or skilled employees that contribute to a company’s value. Goodwill is defined

GST on Movie Tickets: Multiplex vs Single-Screen Watching movies is one of the most popular forms of entertainment in India. Whether you’re heading to a local single-screen theatre or a fancy multiplex, a portion of your ticket cost goes toward tax. Let’s break down how gst on movie tickets is applied, and what it means

GST on Sweets in India: What Confectioners Need to Know India is a land of celebrations, and no festival or family gathering is complete without sweets. From rasgullas to laddoos, sweets are a major part of Indian culture and commerce. If you’re in the business of selling or buying sweets, understanding gst on sweets is

GST on Sanitary Pads in India: Current Tax Status Sanitary pads are a basic necessity for women. But for a long time, they were taxed just like luxury goods under GST. After much public debate and demand, the government revised its stance. In this blog, we explain the current gst on sanitary pads, how it

GST on Dairy Products: What’s Taxable Under GST Dairy products are a part of everyday life — milk, cheese, butter, curd, and more. But when it comes to taxation, do all dairy items attract GST? The answer depends on the product and how it is processed or packaged. In this blog, we’ll break down the

GST on Vehicles in India: Updated Tax Rates Planning to buy or sell a vehicle in India? It’s important to understand how the GST (Goods and Services Tax) applies. The gst on vehicles depends on several factors — such as the type of vehicle, fuel used, and its specifications. In this blog, we’ll explain the

Electronic Accounting: Benefits, Features, and Implementation Guide In today’s fast-paced business world, staying on top of your finances is crucial, and that means going beyond spreadsheets and paper files. Electronic accounting is changing how businesses manage money by making accounting faster, smarter, and more efficient. If you’re still unsure what is electronic accounting or how

Accounting for Non-profits: A Beginner’s Guide to Non-Profit Bookkeeping and Tools Running a nonprofit organisation is a rewarding experience, but it also contains responsibilities, especially when it comes to managing money. Even though nonprofits don’t aim to make profits, they still need to manage their finances effectively. That’s where accounting for non-profit organisations comes into

How to Create an Income Statement: Format, Components, and Sample Template An income statement, also called a profit and loss statement, is one of the most important financial reports used by businesses. It shows a company’s income, expenses, and net profit or loss over a specific time period, monthly, quarterly, or annually. Understanding how to

Comprehensive Guide to Contra Entry In accounting, accurate cash and bank transactions are essential for maintaining the financial integrity of an organization. A contra entry is a specific type of bookkeeping transaction used to record internal fund movements that affect both the cash and bank columns within the same accounting book. These entries are unique

What is the Difference Between Financial Accounting and Management Accounting? For businesses today, clear financial reporting and strategic internal analysis are critical for success. Financial information drives business decisions at every level. However, not all financial data serves the same purpose. Financial accounting focuses on presenting an organization’s financial health to external stakeholders like investors,

Understanding the Difference Between Cost and Financial Accounting In every business, maintaining accurate financial records is critical not only for legal compliance but also for informed decision-making. Two important branches of accounting, cost accounting and financial accounting, address different organizational needs. The objective of financial accounting is to display financial information to external parties while

Accounting Ratios: Definitions and Different Types In financial analysis, accounting ratios are indispensable tools that simplify complex financial data into actionable insights. These ratios provide a snapshot of a company’s financial performance and position by comparing key components from financial statements. Investors, lenders, and management teams rely on accounting ratios to assess profitability, liquidity, efficiency,

What is GSTR-7? GSTR-7 is a return that needs to be filed by businesses that are engaged in the deduction of TDS under the Goods and Services Tax (GST) regime. This process ensures payment and reporting towards TDS deducted from payments to the suppliers under the CGST Act. Under the GST law, TDS ensures traceability

What is GSTR-5? GSTR-5 is a mandatory return form filed by non-resident taxable persons (NRTPs) under the Goods and Services Tax (GST) regime in India. The form requires taxpayers to submit data about their outward and inward supplies alongside their tax obligations and input tax credits, which must be filed during the specified tax period.

GST on Diamonds in India: What You Should Know Before Buying Diamonds are a symbol of luxury, beauty, and wealth. Whether you’re buying them for investment or adornment, understanding the taxes involved is crucial—especially under the Goods and Services Tax (GST) system. In this blog, we explore the GST on diamonds, applicable HSN codes, tax

GST for Restaurants in India: Everything You Need to Know Eating out or ordering food online is a big part of life in modern India. But have you ever checked your restaurant bill and wondered what that extra tax is? That’s GST—Goods and Services Tax—added to your food bill. In this article, we’ll explain how

What is An Audit Report, And Why is it Important? An independent external auditor usually audits a company’s accounts. An audit report is a letter from the auditor that summarizes the audit process. It represents the auditor’s opinion on whether the company’s financial statements, such as the balance sheet, comply with generally accepted accounting principles

Business Accounting Software: Your Partner In Growing Your Enterprise Business accounting software helps you grow your enterprise. It streamlines financial management, tracks expenses, automated invoicing, and ensures accurate reporting. Simplifying complex accounting tasks helps you save time, reduce errors, and make informed decisions, allowing you to focus on expanding and scaling your business efficiently. In

Pharma Billing Software: Improving Accuracy in Prescription Management Pharma billing software enhances accuracy in prescription management by automating invoicing, tracking medication sales, and ensuring compliance with regulatory standards. It reduces errors in billing, minimizes discrepancies, and streamlines inventory management for pharmacies. The software can help increase efficiency and customer service through e-prescriptions, automatic updates of the

Capital Receipts vs. Revenue Receipts: Meaning, Key Differences, and Examples Imagine your business receiving money—how do you know if it’s a windfall or just part of regular income? Capital receipts vs. revenue receipts have distinct roles. Let’s break down their meanings, differences, and examples to make sense of it all! BOOK A FREE DEMO Understanding

Provisions in Accounting Made Simple: Meaning and Types Explained Provisions in accounting may sound complex, but they play a vital role in ensuring a business stays financially prepared. Think of them as a cushion for future expenses or liabilities that might arise unexpectedly. In this guide, we’ll break down the meaning of provisions and explore

The Role of Technology in Accurate E-Way Bill Distance Entry for GST Accurate distance entry for e-way bills is crucial for GST compliance, and technology is stepping up to ensure precision. From automated calculations to real-time updates, discover how tech solutions are revolutionizing e-way bill management and eliminating manual errors. BOOK A FREE DEMO What

Why Every Small Business Needs Billing Software in 2025? In 2025, small businesses face the challenge of maintaining efficiency while managing growth. Billing software emerges as a game-changer, offering automation, streamlined invoicing, and seamless integration with other tools. Learn why every small business needs billing software to stay competitive and profitable. BOOK A FREE DEMO

The Future of Retail Store Billing Software: Trends to Watch Out For Stay ahead in the fast-evolving retail landscape with the latest innovations in billing software. From AI-driven analytics to seamless integrations, discover the trends transforming how retailers manage transactions and enhance customer experiences. Continue reading this blog to learn about the future of retail

Why Does Your Business Need Proper GST Billing Software? GST billing software is essential for businesses to comply with tax laws. It makes generating invoices easy, assists in keeping records accurate, and ensures the systematic application of GST rates. The software also helps generate GST returns, reduce manual errors, and save time. It helps companies

The Future of Invoicing Software: Trends to Watch in 2025 In 2025, invoice processing automation will revolutionize accounts payable (AP) tasks. Key features such as automated data extraction, integrated 2/3-way matching, and instant workflow approvals empower businesses to automate invoicing. Data entry processes and ERP system updates can also be automated, radically speeding up operations

Grocery Store Billing Software in 2024-2025: Finding the Right Fit BOOK A FREE DEMO Why is Grocery Store Billing Software Essential? Grocery store billing software is a specialized software solution designed to manage and automate grocery stores’ billing and checkout process. It helps streamline various aspects of the retail operation, such as sales transactions, inventory

Why Every Retail Store Needs Cloud-Based Billing Software BOOK A FREE DEMO What is Cloud-Based Billing Software? Cloud-based billing software allows businesses to manage their billing processes over the Internet rather than relying on local servers or traditional software installations. Hosted on cloud servers, this software provides a range of billing and invoicing features that

Top Features to Look for in an Inventory Management System Businesses need an inventory management system to track and manage their stock levels efficiently. This system helps prevent stockouts, reduce costs associated with excess inventory, and ensure timely customer delivery. It also provides valuable insights into sales trends, and supplier performance, enabling businesses to make

What is GSTR 2B and why is it important? The Indian Taxation system has witnessed transformation after the introduction of the Goods and Services Tax (GST). The idea behind implementing GST was to streamline the tax structure, but it created a new set of challenges for businesses when claiming input tax credits (ITC). To streamline

Inventory Management – The Definitive Guide BOOK A FREE DEMO Inventory management can either be a hassle for businesses or lead to enormous savings. The lifeblood of a product-driven firm is inventory. It’s what keeps people buying from you and paying you money. Internal inventories are essential for service-based businesses relying on certain products to

What are some common errors in GSTR-3B and their solutions? Taxpayers come across a fair number of errors and glitches on the GST portal while filing their GST returns. Below are some of the common errors and their solutions: The information provided in the form earlier is not saved properly. Save each section of the

GST Composition Scheme for Service Providers Composition scheme helps to ease the burden of GST compliance for small taxpayers. Those who are eligible for the scheme must maintain fewer records and file GST returns on a quarterly basis instead of monthly. Earlier, composition scheme was only available to the suplliers of goods, however, in the

GST Rate For Restaurants Under GST Composition Scheme The GST Composition Scheme is a simplified tax scheme designed for small businesses with an annual turnover of up to ₹1.5 crore. Under this scheme, companies must pay a fixed percentage of their turnover as tax without needing to maintain detailed records or file regular returns. However,

Transitional Provisions For Special Cases Under GST GST was implemented on 1st July 2017. Most firms were concerned about the procedure and the rules that would apply when switching from the VAT/excise law to the new GST regime. We have discussed a few transitional GST provisions in this post that apply in specific circumstances. BOOK

What is the Process Of Appeals Under GST? Under the GST regime, taxpayers have the right to appeal against any decision made by the GST authorities. The process of appeals under GST allows taxpayers to challenge the decisions made by the GST authorities, including assessments, orders, and demands. The GST laws and regulations govern the

GST E-Invoicing API: Who Can Access It, What Are The Requirements, And The Best Practices The GST E-Invoicing API is a digital solution that facilitates the generation of invoices in a standardised electronic format for Goods and Services Tax (GST) transactions in India. The API enables businesses to generate and share invoices seamlessly with their

Generation of QR Code for an E-Invoice The introduction of e-Invoicing has brought about a major shift in the way businesses generate and maintain invoices. To further simplify the process, the government has introduced the concept of e-Invoices QR codes. QR codes are two-dimensional barcodes that can be scanned using a mobile device to provide

E-Invoicing in Retail Trade E-invoicing is a growing trend in the retail trade industry, where it is used to streamline invoicing and payment processes, reduce errors, and increase efficiency. With the increasing adoption of digital payments and e-commerce in retail, e-invoicing has become necessary for businesses to stay competitive and meet customer expectations. Implementing e-invoicing

E-Invoice Registration on IRP – Who Should Register, Steps for Registration BOOK A FREE DEMO To facilitate taxpayers in their GST Compliance efforts, the GST Network (GSTN) has set up dedicated portals to manage various compliance tasks, such as e-way bill management on the e-way bill portal, and likewise, the e-invoice portal for managing e-invoices.

Drawbacks of Registering Under The GST Composition Scheme BOOK A FREE DEMO The Indian government introduced the GST Composition Scheme as a simpler and more affordable way for small businesses to comply with GST regulations. The scheme allows eligible taxpayers to pay a fixed percentage of their turnover as a tax instead of the regular

Digital Signature for an E-invoice From 1st October 2022, E-Invoicing has been made applicable to businesses that have exceeded an annual turnover of ₹10 Crores in any financial year from FY 2017-18 to FY 21-22, regardless of whether their current revenue exceeds that amount or not. E-Invoicing is the process of electronic authentication of B2B

Common Questions Asked About E-Invoicing BOOK A FREE DEMO E-invoicing is an invoicing method that uses digital technology to generate, send, receive, and process invoices. As businesses transition to this digital invoicing method, questions about its implementation and use often arise. In this article, some of the most common questions about e-invoicing include what it

All About einvoice1-trial.nic.in – Trial Invoice Registration Portal The e-invoicing system is being implemented in stages. The National Informatics Center was the first designated invoice registration portal (IRP) for this (NIC). A trial version of einvoice1-trial.nic.in was made available to taxpayers so they could get accustomed to using it. However, the government withdrew this website

All About Reverse Charge Mechanism (RCM) Under GST Transferring the burden of GST payment to receipt is done to tax service imports, exempt some categories of providers and tax more unorganized sectors of the economy. The reverse charge under GST method only applies to specific kinds of commercial enterprises. BOOK A FREE DEMO When is

Invoice Registration Portal (IRP) under GST IRP full form in GST is Invoice Registration Portal (IRP), an online portal established under the GST system in India to facilitate the generation of e-invoices by taxpayers and their registration with the GSTN. The Invoice Registration Portal (IRP) offers a secure and standardised approach to generating and registering

All About Invoice Reference Number (IRN) E-Invoicing was introduced in India in order to bring standardisation to all e-invoices that are generated. Registered users need to upload all B2B invoices on the e-invoice portal, where they are authenticated and then stored for further use by other portals that are part of the GST Network (GSTN).

How to File GSTR-1? Different taxpayers are required to file different types of GST Returns. However, all registered taxpayers are required to file GSTR-1, either monthly or quarterly, depending on the size of their business and the filing frequency chosen by them. GSTR-1 contains details of all the outward supplies (i.e. sales) made by registered

TDS and TCS under GST BOOK A FREE DEMO The terms TDS and TCS are components of the Income Tax Act. They are acronyms for a tax deduction and collection at source, respectively. It is from 1 October 2018 that TCS and TDS have been in effect under GST. TDS is the tax deducted when

Refund Claims of Accumulated ITC If certain conditions are met, taxpayers can claim a refund of accumulated ITC or input tax credit. First, the applicant must file form RFD-01 along with the necessary supporting documents within the time limit specified in Section 54 of the CGST Act and Rule 89 of the CGST Rules. BOOK

Common Mistakes While Creating An E Invoice BOOK A FREE DEMO Mistakes While Creating E Invoices Businesses sometimes need to correct things while generating e invoices, which can be avoided if the data entered is reviewed correctly. Here are some common errors that occur during the generation of e invoices and measures to prevent them.

Some Common Myths About E-Invoicing BOOK A FREE DEMO E-invoicing has progressively gained significant popularity as an efficient and cost-effective way of managing financial transactions. It has become a preferred choice across companies of all sizes. However, with this rise in popularity, several myths and misconceptions about e-invoicing have also emerged. Let’s examine some of

What To Consider Before Selecting An E-Invoice Solution BOOK A FREE DEMO Implementing e-invoicing has become an essential aspect of businesses today, with its ability to streamline and automate invoice processing while minimising errors and costs. However, with a wide range of e-invoicing solutions available in the market, choosing the right one can be overwhelming.

How to Edit E-Invoice Data in GSTR-1? GSTR-1 is a form that businesses need to file regularly (either monthly or quarterly), which provides a summary of all the goods or services they sell to their customers. This form is important for the government to keep track of all transactions and collect taxes accurately. With the

How To Generate E-invoices In Bulk Invoicing is a crucial aspect of any business, and with the implementation of GST (Goods and Services Tax), it has become even more critical. Under the GST regime, an invoice is a document that provides the details of the goods or services provided by a registered supplier to their

How To Generate E-invoices In Bulk BOOK A FREE DEMO Generating electronic invoices, or E-invoices, in bulk can be a time-saving and efficient way for businesses to manage their billing processes. With the growing popularity of E-invoicing, it has become increasingly important for businesses to adopt automated methods to generate Invoice Registration Numbers (IRN) for

Composition Scheme under GST BOOK A FREE DEMO The composition scheme is a unique provision under the GST system that is designed to ease the GST procedures for taxpayers whose turnover is below Rs. 1.5 crores. Such taxpayers must pay GST at a fixed rate, which makes it highly beneficial for small businesses. Additionally, the

Issues and Concerns Surrounding the E-Invoice System The E-Invoicing system has been introduced to streamline the invoicing process for businesses and reduce instances of tax evasion. While it has been hailed as a step in the right direction, there are concerns regarding its implementation and impact. Some businesses are struggling to adapt to the new

Impact Of E-Invoicing On Business In India BOOK A FREE DEMO E-Invoicing has been implemented in a phased manner by the government to make the transition from the previous system as smooth as possible. All businesses that are under the purview of e-invoicing need to upload the invoices of their B2B transactions, along with some

How to Transition to E-Invoicing System? BOOK A FREE DEMO To comply with the e-invoicing system, businesses must verify and validate their invoices through the government’s website. Businesses of all sizes currently use accounting or ERP software, while some rely on manual methods to generate invoices. The supplier provides the invoice details through GSTR-1, while

What is the Continuous Supply of Goods and Services under GST? Continuous supply of goods and services refers to a supply of goods or services provided continuously or regularly over a specific period. It may involve a long-term contract or an agreement to supply goods or services regularly. BOOK A FREE DEMO The GST law

What are Mixed and Composite Supplies under GST? Supply under GST includes the transfer of goods or services, whether for payment or not, in the course of business. This covers a wide range of supply methods such as sale, transfer, exchange, barter, lease, rental, or disposal. BOOK A FREE DEMO What is Composite Supply under

What is the GSTIN? GSTIN stands for Goods and Services Tax Identification Number. It is a unique fifteen-digit identification number issued to every taxpayer under the GST system. Before implementing the GST system, each merchant registered under the state’s VAT statute received a specific TIN number. GSTIN now takes the place of TIN. Similarly, the

Register for GST – A Complete Guide Goods and service tax (GST) is a value-added tax that has replaced several indirect taxes in India. It is a comprehensive and destination-based tax levied when goods and services are supplied nationwide. Businesses must compulsorily register for GST if and when their turnover exceeds a specific threshold limit.