Latest Articles By Rithesh Bajoriya

The Income Tax Act prescribes different TDS rates on salary, rent, interest, professional fees, and other payments. For FY 2025-26, taxpayers and businesses need to be aware of updated rates, threshold limits, and due dates to stay compliant. This guide explains everything clearly, with section-wise tables and examples. What is TDS and Why is it Important?… Read more

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 different GST rates on vehicles, from regular petrol cars… Read more

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 final cost and compliance requirements.

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 essential for proper pricing and billing.

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 types of eyewear products are taxed under GST.

India is pushing hard toward sustainable energy, and solar power is leading the way. Whether you’re installing solar panels at home or setting up a commercial solar power plant, knowing the applicable GST is essential. This blog breaks down the gst on solar panel , as well as on related equipment like inverters and batteries, helping… Read more

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 GST applies to restaurants, whether dining in, ordering online, or even… Read more

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 for moviegoers and theatre owners.

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, and what buyers and sellers need… Read more

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 services and charges are taxable. Here’s a complete guide on gst for hospital… Read more

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 features. Let’s break down how GST applies to wired, wireless,… Read more

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.

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 of fire safety equipment.

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 to different industries, and what sellers and customers… Read more

Maize, also known as corn, is an important cereal crop in India. It is traded as whole grain, dried maize, broken grain and in many processed forms. Under GST, maize products are classified under specific HSN codes so that grains, seeds and processed maize are taxed correctly. For farmers, traders, millers and food manufacturers, correct HSN… Read more

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 taxpayers during the applicable… Read more

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 customer. It is an essential document for… Read more

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 of high-value transactions and… Read more

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. Non-resident taxpayers need to… Read more

Civil work covers construction, repair and maintenance of buildings, roads and other structures. Contractors, builders and project owners must use the correct civil work HSN or service code and GST rate so that contracts, invoices and returns stay compliant.

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 32nd GST Council Meeting it was decided… Read more

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 since many taxpayers were using it to create their… Read more

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 trading partners and the GST portal.

MS pipes are widely used in buildings, water supply lines, fabrication work and industrial projects across India. For every supplier, contractor and manufacturer, using the correct MS pipe HSN code is important so that GST is charged and reported correctly. This guide explains the main MS pipe HSN code, how the eight digit codes work in… Read more

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, the GST rate for restaurants under the GST composition… Read more

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 informed decisions and optimise their operations. Let’s dive into the features… Read more

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 Central Board of Indirect Taxes… Read more

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 buyers can access the posted invoices through GSTR-2A. However, e-invoicing will… Read more

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. Registering for GST can be confusing and overwhelming… Read more

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 large volumes of invoices. In this context, there are several software… Read more

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 implementation of e-Invoicing, the information that businesses provide… Read more

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 invoices, with the added benefit of real-time… Read more

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 a buyer of goods or services, such as the government,… Read more

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 other documents, to the Invoice Registration Portal for authentication. The intention here… Read more

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 system. There are also concerns about data security… Read more

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 appeals process and involve filing an appeal with the… Read more

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 pharmaceutical wholesale billing software prices , and real-time… Read more

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.

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. It is essential to consider several factors before selecting an e-invoicing software that… Read more

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 this process, the Indian government introduced GSTR-2B, which plays a… Read more

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 form again to proceed with payment.

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.

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 liable to pay GST but are eligible to receive a refund of… Read more

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.

Using an E-Way Bill Distance Calculator streamlines logistics by accurately calculating travel distances, ensuring compliance with transport regulations. It helps optimize routes, save time, and reduce costs while improving overall supply chain efficiency. Let’s understand this in depth in this blog.

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.

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 store billing software.

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 and ensuring a seamless, more efficient, and less error-prone process of… Read more

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 these myths and separate the facts from the fiction.

With the Reverse Charge Mechanism (RCM), the responsibility of tax liability is moved from the supplier of goods or services to the receiver of goods or services. It would require ascertaining rates of goods and services of different categories, which would differ based on the transaction and cater to tax rates, exemptions, and compliances concerning the… Read more

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.

Tax Deducted at Source (TDS) is one of the key ways the Indian government collects income tax in advance. The TDS rate in India is not fixed for all time; it is guided by three important pillars: the Income Tax Act, the Finance Act, and Double Taxation Avoidance Agreements (DTAA). Here’s a detailed look at how… Read more

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 information about the invoice. The QR code contains… Read more

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 in the retail trade industry… Read more

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 GST rates. While this scheme has several advantages, such as reduced compliance burden… Read more

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 invoices. All taxpayers (that fulfil the… Read more

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.

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 GST search tool makes checking whether a particular entity… Read more

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 is, how it works, its benefits, and how it differs… Read more

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!

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.

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. The E-Invoicing Portal continually sees surges in the user base numbers, owing to e-invoicing becoming applicable… Read more

Budgeting is a cornerstone of financial planning for every organization. Two widely used approaches, traditional budgeting and zero-based budgeting (ZBB), offer different methods to allocate resources and control costs. Understanding their differences, strengths, and weaknesses helps businesses choose the best strategy for their needs.

Modern businesses increasingly use variable pay and performance-based incentives to motivate employees and link compensation to results. Unlike fixed salaries, these rewards fluctuate based on individual or company performance, aligning employee effort with organizational goals.

Maintaining healthy cash flow is critical for every business, whether it’s a small startup or a large enterprise. Two key strategies for achieving this are short-term borrowing to quickly raise funds for immediate needs, and short-term investments to earn returns on surplus cash while preserving liquidity. Establishing clear short-term financing and investment policies ensures that companies… Read more

Understanding overhead, payroll, and present value (PV) is crucial for sound financial management. These concepts affect day-to-day expenses, employee compensation, and long-term investment decisions. Let’s break down each term, explore how they connect, and see why they matter for every business.

The money measurement concept in accounting states that a business should record only those transactions that can be expressed in monetary terms. It provides a consistent way to measure and report financial activities, ensuring that all entries in the books of accounts are recorded in the same unit of currency.

In every business, comparing actual performance with expected results is crucial for financial control. Variance analysis is the process that helps achieve this comparison. It highlights where performance deviates from the budget or standards, enabling timely action to improve profitability and efficiency. Let’s explore the meaning, types, calculation methods, and practical applications of variance analysis with… Read more

Running a small business or launching a startup requires more than a great idea—you also need a strong financial foundation. Accounting concepts provide the framework to record, track, and report financial data accurately. Applying these principles early helps you stay compliant, control costs, and make smarter business decisions

Raising capital is one of the biggest challenges for growing businesses. Equity funding, selling ownership stakes in exchange for investment, offers a powerful way to secure large amounts of money without taking on debt. This guide explores key equity funding options such as venture capital, angel investment, and public offerings (IPOs), helping founders choose the best… Read more

The business entity concept is a fundamental accounting principle that separates the financial activities of a business from those of its owner. It ensures that a company’s transactions, assets, and liabilities are recorded and reported independently, even when the business is owned by a single individual.

Life insurance policies provide both protection and investment returns. However, in some cases, the maturity or surrender proceeds of a policy attract Tax Deducted at Source (TDS) under Section 194DA of the Income Tax Act . This section ensures that taxpayers who receive non-exempt insurance proceeds pay the correct tax on their earnings. Here’s a complete… Read more

Tax Deducted at Source (TDS) ensures that tax is collected at the time of payment. Both individuals and organizations that make specific payments such as salaries, rent, or professional fees may be required to deduct TDS and deposit it with the government. Understanding who is liable helps avoid penalties and ensures compliance.

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, regulators, and tax authorities, following strict reporting standards. In contrast, management… Read more

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 as the difference between the purchase price of a business… Read more

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 (GAAP) and are free from material misstatement. The company’s annual report… Read more

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 cost accounting serves to produce internal cost optimization through… Read more

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.

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.

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 create and read an income statement is essential for evaluating a business’s… Read more

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, compliance standards, and real-world examples.

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 it can help your business, this simple guide… Read more

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 because they involve transfers within the… Read more

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 what cash basis accounting is with a simple… Read more

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 expected to bring value in the future.… Read more

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 this blog, we will discover how you can use well-featured… Read more

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, solvency, and market value, making them essential… Read more

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 the picture.

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 and acquisitions is crucial for transparency and compliance.

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.

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). As part of the authentication, a unique… Read more