Rithesh Bajoriya
Chartered Accountant
Rithesh Bajoriya
Chartered Accountant
As a Chartered Accountant with over 18 years of experience, I have honed my skills in the field and developed a genuine passion for writing. I specialize in crafting insightful content on topics such as GST, income tax, audits, and accounts payable. By focusing on delivering information that is both engaging and informative, my aim is to share valuable insights that resonate with readers.
Latest Articles By Rithesh Bajoriya
Accounting Automation: Benefits and Implementation Guide
Handling business finances manually can be slow, tiring, and error-prone. 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,…
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…
Accounting Ratios: Definitions, Types, and Formulas
What Are Accounting Ratios? Accounting ratios, also called financial ratios, are mathematical expressions derived from a company's financial statements - the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement - that express the quantitative relationship between two…
Capital Expenditure (CapEx): Meaning, Formula, Types, and Tax Treatment in India
Know what capital expenditure is, real examples of CapEx in action, how CapEx appears in financial statements, and capital expenditure vs operating expenditure.
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…
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…
Income Statement: Format, Components, Types, and How to Create One in India
What Is an Income Statement? An income statement is a financial report that shows how much a business earned, how much it spent, and the resulting profit or loss over a specific period. It covers a period such as a…
What Is an Audit Report and Why Is It Important? Complete Guide for 2026
What Is an Audit Report? An audit report is a formal written communication issued by an independent external auditor after completing an audit engagement. It communicates the auditor's opinion on whether the financial statements are prepared, in all material respects,…
Goodwill in Accounting: Definition, Types, Valuation Methods, and Treatment
What Is Goodwill in Accounting? Goodwill is an intangible asset that arises when one company acquires another for a price higher than the fair value of its identifiable net assets. The excess purchase price represents intangible value that cannot be…
Single Entry Bookkeeping System: Meaning, Format, Limitations & GST Compliance in India
What Is a Single Entry Bookkeeping System? A single entry bookkeeping system is an informal method of recording business transactions where only one side of each transaction is entered. Usually, the business records either cash received or cash paid. Unlike…
Cost Accounting vs Financial Accounting: Key Differences Explained
What is Financial Accounting? Financial accounting focuses on recording, summarising, and presenting a business’s financial transactions in a structured way for external users such as investors, lenders, regulators, tax authorities, and auditors. It follows recognised accounting standards such as Indian…
Contra Entry in Accounting: Meaning, Format, Examples and Uses
What is a Contra Entry? A contra entry is an internal accounting entry used to record the movement of money between a business’s own cash and bank accounts, or between two bank accounts owned by the same business. It does…
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,…
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…
Why Every Retail Store Needs Cloud-Based Billing Software
Learn how cloud billing software is essential for modern retail businesses aiming to improve speed, access, and GST compliance.
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…
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…
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.
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…
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…
Reverse Charge Mechanism on Goods vs. Services: A Comparative Analysis
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…
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…
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…
Grocery Store Billing Software in 2024-2025: Finding the Right Fit
Choose the best grocery store billing software for 2024–2025 with smart features and inventory tools from BUSY.
Drawbacks of Registering Under The GST Composition Scheme
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…
Common Questions Asked About E-Invoicing
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…
Common Mistakes While Creating An E Invoice
Here we have covered the solutions for common E invoice Errors by businesses. Obtain IRN easily for 100% accurate invoices with Busy Invoicing Software
Business Entity Concept: Key Principles & Examples
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…
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…
Reverse Charge Mechanism Under GST: Meaning, Applicability, Examples, Accounting Entries and Latest Updates
What is Reverse Charge Mechanism Under GST? Reverse Charge Mechanism under GST is a system where the liability to pay GST shifts from the supplier to the recipient of goods or services . In normal GST, the supplier collects GST…
Section-wise TDS Rate Table for FY 2025-26
What is TDS and Why Does It Matter? Tax Deducted at Source (TDS) is a mechanism under India's income-tax law under which the person making a payment deducts tax before releasing the amount to the recipient. The deducted tax is…
How TDS Rates Are Decided: Income Tax Act, Finance Act & DTAA
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…
Section 194DA: Complete Guide to TDS on Insurance Policy Maturity Payouts
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…
How to Generate E-Invoices Under GST
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…
GSTIN Number: Meaning, Format, State Codes, Search and Complete Guide
What Is GSTIN? GSTIN stands for Goods and Services Tax Identification Number. It is a unique 15-digit alphanumeric code issued to every business that successfully registers under India's GST system. Under Section 25 of the Central Goods and Services Tax…
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.
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.
GSTR-2B: What It Is, Why It Matters, and How to Use It
What Is GSTR-2B? GSTR-2B is an auto-drafted Input Tax Credit statement generated on the GST portal . It shows invoice-wise ITC details based on the information filed by suppliers and other reporting systems. It is not a GST return. Taxpayers…
How to Transition to E-Invoicing System?
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…
Impact Of E-Invoicing On Business In India
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…
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…
Composition Scheme under GST
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…
How To Generate E-invoices In Bulk
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…
What To Consider Before Selecting An E-Invoice Solution
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…
Some Common Myths About E-Invoicing
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…
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…
TDS and TCS under GST
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.…
Top Benefits of Using an E-Way Bill Distance Calculator for Your Business
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…
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…
Capital Receipts vs Revenue Receipts: Meaning, Key Differences, Tax Treatment, and Examples
What Are Capital Receipts and Revenue Receipts? Every business receives money from different sources. A shop may receive money from daily sales, a manufacturer may receive money by selling an old machine, and a company may receive funds through a…
Invoice Reference Number (IRN) Under GST - Complete 2026 Guide
What Is an Invoice Reference Number (IRN)? An Invoice Reference Number (IRN) is a unique 64-character hash generated by the Invoice Registration Portal for a valid GST e-invoice. The IRN serves as the unique identifier for an e-invoice. Once a…
Invoice Registration Portal (IRP) Under GST: Complete Guide 2026
What is IRP Under GST? IRP stands for Invoice Registration Portal. Under GST, notified taxpayers do not generate e-invoices directly from the GST portal. They first create the invoice in their own accounting, billing, or ERP software. Then, they report…
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…
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…
Accounting for Mergers and Acquisitions: Key Concepts and Journal Entries
Mergers and acquisitions can significantly impact a business's direction. 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…
How to Register for GST in India: Complete Step-by-Step Guide
Learn the GST registration process with Busy. Step-by-step guide, documents required, and how to register for GST quickly and easily. Click to get started!
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…
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…
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…
GSTR-5: Complete Guide for Non-Resident Taxpayers: Filing, Format & 2026 Due Dates
What Is GSTR-5? GSTR-5 is the monthly GST return prescribed for every person registered in India as a Non-Resident Taxable Person . It is meant to capture the full tax position of an NRTP during the period for which the…
GSTR-7: What It Is, Who Must File, Due Dates, Format & 2025 Updates
What is GSTR-7? GSTR-7 is a monthly return filed by a GST-registered TDS deductor. It is used to report tax deducted at source under GST from payments made or credited to suppliers. The return contains details of the deductee, amount…
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 organisation’s financial health…
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…
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.…
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…
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…
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…
E-Invoice Registration on IRP – Who Should Register, Steps for Registration
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.…
New 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…
New 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,…
New GST on Solar Panels and Renewable Equipment
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…
New 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 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…
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 added to your food bill. In this article,…
New 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)…
New 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…
New 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…
New 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…
New 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…
Mixer Grinder New 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…
Fire Extinguisher New 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 ,…
Who Must Pay TDS in India? Deductors, Individuals, Businesses & Government
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…
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…
Equity Funding: Venture Capital, Angel Investment, and Public Offerings
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…
Zero-Based vs Traditional Budgeting: Pros, Cons and Common Pitfalls
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…
Money Measurement Concept: Recording Only Monetary Transactions
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…
Short-Term Borrowing and Investment Policies
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…
Variable Pay and Performance-Based Incentives
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.
How to Apply Accounting Concepts for Small Businesses and Startups
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…
Overhead, Payroll, and Present Value Concepts
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…
How to Calculate and Analyse Variance Analysis
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…
MS Pipe HSN Code: Understanding HSN Classifications for MS Pipe Products
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.…
Civil Work HSN Code for GST Filing
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.
Maize HSN Code: Classification for Corn, Grain, and Dried Maize
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,…
Managing E-Invoicing Using Accounting Software
E-invoicing is a system where business invoices are generated in a standard digital format and reported through an official e-invoice framework. For GST businesses, e invoicing for gst helps bring consistency in invoice data and reduces manual errors in reporting.…
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