Latest Articles By Susheel Kumar

Everything You Need to Know about Retained Earnings Retained earnings might sound complicated, but the concept is easy: it’s the part of profits a company keeps instead of paying out to shareholders. Let’s understand what they are, why they matter, and how they work. BOOK A FREE DEMO What Are Retained Earnings? Retained earnings are

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. BOOK A FREE DEMO What Are Current and Non-Current Assets? Current assets are things

What Is Inventory Cycle Counting? Inventory cycle counting is a smart, ongoing check on your stock numbers. Instead of counting everything once a year, you count small groups of items on a schedule, daily, weekly, or monthly. This method keeps your records in sync with what’s really on the shelves. It’s an easier way to

TDS Under Section 194C for Contractors and Sub-contractors Tax compliance plays a crucial role when it comes to contracts and service agreements and one such tax rule is TDS under section 194C, which covers payments made to contractors and sub-contractors. In this blog, we will explore how TDS operates, which helps prevent penalties and ensures

TDS Penalty for Late Payment and Filing Paying and filing TDS on time is more than just a compliance requirement; it helps avoid penalties, interest charges, and legal trouble. If you delay TDS payments or filings, the Income Tax Department can levy strict charges. Understanding the TDS penalty for late payment, how interest is calculated,

How to Amend or Cancel a GST E-Invoice: Step-by-Step Guide GST e-invoicing ensures transparent reporting, but mistakes in invoices are sometimes unavoidable. This guide explains how to amend or cancel a GST e-invoice and what steps to follow if you’re outside the 24-hour cancellation window. BOOK A FREE DEMO What is a GST E-Invoice? A

Fund Accounting: Meaning, Principles, and Use in Nonprofits and Government Fund accounting is a specialized system used primarily by nonprofits and government entities to track financial resources based on specific restrictions or purposes. Unlike traditional accounting, which focuses on profits, fund accounting ensures accountability and transparency in resource management. BOOK A FREE DEMO What is

GST Rate for Travel Agency Services in India With more people exploring domestic and international travel, the role of travel agencies has expanded—from booking flights and hotels to offering complete tour packages. But what about the tax side? If you’re running or using the services of a travel agency, understanding the GST rate for travel

GST on Builder and Construction Services: What Buyers Should Know Buying a new home or investing in a property under construction? One major cost factor you can’t ignore is GST on builder and construction services. Whether it’s a residential flat, villa, or commercial unit, understanding how GSTapplies to builders and developers is key to planning

Camphor GST Rate in India: Tax on Religious and Household Use Camphor (or kapoor) is widely used across India for religious rituals, aromatherapy, and even as a household repellent. But is it taxed under GST? And does it matter whether it’s in tablet, crystal, or powder form? In this blog, we’ll explain the camphor GST

GST on LPG Cylinder: Domestic vs Commercial Tax Rates LPG (Liquefied Petroleum Gas) is a critical fuel in Indian households, restaurants, hotels, and industries. But did you know that GST rates differ for domestic and commercial LPG cylinders? Whether you’re using it for home cooking or running a food business, understanding the gst on LPG

Lottery GST Rate in India: State vs Private Lotteries are a popular form of gaming in India, operated both by state governments and private distributors. But how does GST apply to lottery sales and winnings? Whether you’re buying a scratch card or participating in an online draw, it’s important to understand the lottery GST rate

Event Management GST Rate: Services Covered Under GST Whether it’s a corporate seminar, a wedding, a product launch, or a music festival—event management companies are behind the scenes making everything run smoothly. But how are these services taxed under GST? This blog breaks down the event management gst rate, the types of services covered, and

GST Rate for Broadband Services in India Broadband internet is no longer a luxury—it’s a necessity for homes, schools, offices, and businesses. But have you ever checked the tax charged on your monthly broadband bill? Let’s explore the gst rate for broadband, how it applies to home and commercial use, and how service providers manage

GST on Marble in India: Slab and Classification Details Marble is widely used in homes, temples, commercial buildings, and monuments across India. Whether it’s for flooring, wall cladding, or sculptures, marble is a high-value construction material. With the Goods and Services Tax (GST) in place, understanding the gst on marble helps builders, retailers, and customers

What Is a Deposit Slip? Components, Sample, and When to Use It Managing money means more than spending and saving; it also involves tracking where your money goes. One simple but important tool for this is a deposit slip. Whether you’re depositing cash, cheques, or both, deposit slips play a key role in bank transactions.

GST Rate for Construction Services in India Construction services form the backbone of infrastructure and real estate development in India. Whether it’s a housing project, a commercial mall, or a government road, GST applies at every level. This guide explains the gst rate for construction services, how it varies based on project type, and its

GST for Scrap Material and Waste Products Scrap trading is a crucial part of the Indian economy. Whether it’s metal waste, old machinery, or paper scrap, recycling industries rely heavily on scrap dealers and suppliers. With GST in place, knowing the gst for scrap helps businesses price correctly and stay compliant with tax rules. BOOK

GST on EMIs: Loans and Financial Services Tax EMIs (Equated Monthly Instalments) make it easier to buy things like phones, furniture, cars, and even insurance. But did you know that GST also applies to some parts of your EMI? Whether you’re using a loan or a credit card, this guide explains how gst on emi

Accounts Payable Explained: Meaning, Process, and How to Manage It Better Accounts payable (AP) refers to the short-term liabilities a company owes to its suppliers or vendors for goods or services received on credit. These are recorded as current liabilities on a company’s balance sheet and represent amounts that must typically be paid within a

GST for Work Contract Services: Labour vs Material Split Work contracts are common in construction, renovation, and infrastructure projects. These contracts usually involve both the supply of materials and the provision of labour. Understanding the gst for work contract is essential for contractors, builders, and clients to estimate costs and stay tax-compliant. BOOK A FREE

GST on Stationery Items: Complete List and Rates Whether you’re running a school, managing an office, or stocking up for your stationery shop, it’s important to understand the gst on stationery items. From pens to files, each product has a specific GST rate depending on how it’s classified. This guide breaks down the latest stationery

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 gst on solar panel, as well as on

GST on Commercial Rent: Applicability and Compliance Renting out commercial spaces like offices, shops, and warehouses is a common business activity in India. But did you know that such rental income is taxable under GST? This blog explains everything you need to know about the gst on commercial rent, in a simple and clear manner.

What is a Financial Management System? A Simple Guide for Businesses Managing money wisely is crucial for every business’s success. Whether you’re a small startup or a growing company, knowing where your money is coming from and where it’s going is key. This is where a financial management system comes in. Let’s break down what

Bank Reconciliation Statement Explained: Purpose, Format, and Common Errors Bank Reconciliation Statement (BRS) is a financial document prepared to match the balances in a business’s cash book with those in its bank statement. Differences may arise due to timing, errors, or omissions, and reconciling helps maintain accurate and up-to-date financial records. BOOK A FREE DEMO

GST for Startup/Small Business Understanding and complying with GST is a vital step for any startup or small business in India. From registration and return filing to payments and compliance, mastering the GST framework can reduce legal risks and strengthen financial credibility. BOOK A FREE DEMO Who Needs GST Registration? A business operating in India

Marginal Cost in Accounting: Formula, Examples, and Business Use Marginal cost refers to the additional expense a business incurs when producing one more unit of a product. This concept plays a vital role in cost accounting, helping companies assess production efficiency, set pricing strategies, and evaluate the impact of scaling operations. BOOK A FREE DEMO

GST Guide: Everything You Need to Know The Goods and Services Tax (GST) is a unified tax structure launched to alter the process of business operation and tax payment in India. The GST tax has replaced multiple indirect taxes such as VAT, service tax, excise duty, etc. and simplified the taxation system of the country.

GST on Bikes and Two-Wheelers in India: Rates, HSN Codes & Buyer Insights Buying a bike or scooter is one of the most popular transport choices for Indian consumers, thanks to its affordability and convenience. But before you hit the road, it’s important to understand the taxes involved—especially the Goods and Services Tax (GST). This

GST on Transportation Services in India: Rates, HSN Codes & Applicability Transportation is the backbone of any economy—moving goods across states or commuting people within cities. With the implementation of the Goods and Services Tax (GST), various modes of transport now fall under unified tax rules. In this blog, we’ll explain the GST rates for

GST for Hotel Rooms in India: Tax Rate Based on Tariff Booking a hotel room in India? Whether it’s for a vacation, a business trip, or a weekend getaway, it’s important to know how much of your bill goes to taxes. This guide explains the GST (Goods and Services Tax) rates applicable to hotel stays

What is MIS? A MIS collects, processes, and organizes business data into valuable reports. It helps businesses to track financial transactions, inventory, sales, and customer interactions. With MIS, businesses can review financial performance, inventory levels, and customer trends, as MIS provides a structured way to analyze data and make informed business decisions. BOOK A FREE

Breaking Down The Costs: A Complete Guide To Accounting Software Prices Understanding accounting software costs is crucial for businesses to make informed decisions based on their budget and requirements. This guide helps identify the right software that offers the best value, ensuring efficiency, scalability, and seamless integration with existing business processes—key factors for streamlining financial

Monthly vs. Quarterly GSTR-1 Filing: Which is Right for Your Business? When it comes to GSTR-1 filing, businesses have to choose between monthly and quarterly returns according to their turnover. In a more relaxed approach, businesses with annual revenue of up to INR 1.5 crore have the option of filing GSTR-1 quarterly, as provided by the

How E-invoicing Can Increase Business Performance? By sending electronic invoices directly to customers’ Accounts Payable systems, businesses can reduce delays, speed up processing, and increase the likelihood of faster payments. An e-invoicing system helps streamline cash flow management more efficiently with less paperwork and fewer errors, allowing businesses to focus on growth. This blog will

AI Fraud Prevention in E-Invoicing BOOK A FREE DEMO The Growing Threat of Invoice Fraud in the Digital Age As digital payment systems continue to evolve, so do the tactics fraudsters employ. Invoice fraud has become a significant concern for businesses, as scams such as fake invoices, duplicate billing, fake invoice reference numbers, overcharging for

E-Invoice Format: How to Create Compliant and Professional Digital Invoices? BOOK A FREE DEMO What is an E-Invoice Format? An E-Invoice Format is a standardized digital template used to issue, share, and process electronic invoices between businesses. Unlike traditional paper or PDF invoices, e-invoices are designed for automation and seamless integration with accounting or enterprise

Step-by-Step Process for e-Invoice and IRN Generation E-invoicing streamlines the invoicing process, reducing errors and paperwork. It ensures real-time tracking of invoices, faster payment processing, and seamless integration with GST returns. Let’s discuss the step-wise process for the same. BOOK A FREE DEMO Prerequisites for e-Invoice and IRN Generation Let us understand the key prerequisites

E-Invoicing Turnover Limit vs. GST Threshold: What’s the Difference and Why It Matters? E-invoicing and GST are both government initiatives aimed at streamlining tax processes. E-invoicing mandates businesses above a specific turnover threshold to generate and report invoices electronically, while the GST threshold determines when businesses must register for GST. Understanding the difference between these

The Role of E-Invoicing in Streamlining International Trade and Transactions E-invoicing, or electronic invoicing, has revolutionized the way businesses conduct international trade. Accounting software like BUSY can streamline international trade and transactions by integrating with e-invoicing platforms and automating invoice reference creation. BOOK A FREE DEMO E-Invoicing and its Growing Importance in Global Transactions E-invoicing,

Manual Invoicing vs. Invoicing Software: Which Is Better? Invoicing is the primary way you request payments from your customers and keep track of sales. Efficient invoicing ensures a steady cash flow, while errors or delays can disrupt business operations. However, as businesses grow, managing invoicesmanually can become overwhelming, making it important to choose the right

Audit and Compliance: How to Ensure Your Bill of Supply is Accurate? A bill of supply is crucial for businesses supplying exempted goods or services, operating under the composition scheme, or engaging in zero-rated supplies. Proper preparation of this document under GST ensures compliance and helps avoid audit complications. In this article, we will outline

How AI and Machine Learning are Transforming Pharmacy Billing Software Pharmacy billing software is designed to manage and streamline pharmacies’ billing and reimbursement processes. It helps with invoicing, coding, and claims management, ensuring accurate and timely service payments. In this article, we talk more about how advanced technologies enhance your pharmacy billing software. Read along!

How to Choose the Best E-Invoicing Software for Your Business Are you overwhelmed by the hassle of managing invoices manually? Electronic invoicing software could be the solution you need. E-invoicing software can save time, reduce errors, and improve cash flow by automating the invoicing process. But with so many options available, how do you choose

How E-Invoicing Software is Transforming Financial Processes In this fast-paced era, businesses are constantly looking to enhance their financial operations and improve efficiency. The most recent advancement is the worldwide adoption of e-invoices. Due to their ease and efficiency, businesses are shifting towards e-invoice software. E-invoices software has transformed the way financial management works and

How to Choose the Right E-Invoicing Software for Your Business E-invoicing has become integral to businesses looking to digitalise their invoicing processes, enhance efficiency, and improve financial management. However, with various e-invoice software options, choosing the right solution can be daunting. In this blog, we will discuss the tips that will help you choose the

E-Invoicing Mandate for Businesses with Annual Turnover Over Rs.10 Crore A Goods and Services Tax (GST) rule known as the “e-invoicing system” or “electronic invoicing system” applies to some taxpayers. According to the most recent e-invoice notification (17/2022) dated 1 August 2022, starting on October 1, 2022, enterprises with an e-invoice turnover limit of more

Supply Between Principal To Agent And Vice Versa In the world of commerce, it is common for businesses to engage in transactions where goods or services are exchanged between a principal and an agent. Under the GST system, transactions between a principal and an agent have unique implications that businesses must ensure compliance with the

Filing GSTR-3B Quarterly for Small Taxpayers While large businesses file this return monthly, small taxpayers can file it quarterly. CBIC issued a notice which allows small taxpayers with a turnover of up to Rs. 5 crores in the previous financial year to file GSTR-3B quarterly. You can read more about the quarterly filing scheme. BOOK

Guide to Bill of Supply Under GST A bill of supply is a document issued by a supplier of goods or services instead of a tax invoice. It is a simpler version of the tax invoice and includes no tax components. The bill of supply in GST is issued by businesses that fall under the

Guide to a Credit note under GST A GST-registered supplier of goods or services must issue a tax invoice. However, suppose circumstances arise during the business that results in a taxable supply value reduction. The supplier must then issue a credit note, credit memo, credit memorandum, or credit invoice. BOOK A FREE DEMO What is

Rounding off Rules in GST Invoices In some instances, the amount to be paid by the taxpayer is in decimals; thus, the person has to decide what amount to be paid. Businesses have traditionally used a variety of methods, including rounding up and down, as well as standard rounding. However, in the GST era, companies

Invoice Matching under GST Under GST, every invoice about a purchase should be reconciled with the supplier’s sale invoice, which helps claim input credit tax on the GST common portal. There were constant efforts from the Government of India to meet the July 1, 2017, deadline for implementing GST in India. For the business, this

How to Revise GST Invoices? In conducting a business, mistakes are bound to happen. Changes may be made to an invoice. Revising these invoices with the necessary additions is called the ratification of invoices. With BUSY accounting software you can integrate and rectify invoices without any hassle. It can take several forms and result in

Transitioning to GST – The Complete Guide GST is a consumption based indirect tax that subsumes all the other indirect taxes that existed under the previous regime. The implementation of GST will bring changes in the way business transactions are recorded and how financial records are maintained. In order to facilitate a smooth transition to

Prosecution Under GST Goods and Services Tax (GST) is a tax system that has been implemented in India since July 2017. Under the GST regime, non-compliance with GST laws and regulations can lead to prosecution and imprisonment. Prosecution under GST refers to the legal action taken by the tax authorities against businesses for committing offences

Process For Inspection Under GST The GST officer may carry out the inspection and will issue a notice to the taxpayer specifying the inspection date, time, and place. During the inspection, the GST officer may examine various documents and records of the taxpayer, including invoices, ledgers, and other financial documents. Taxpayers need to understand the

Essential Information to be Included in a GST Invoice A GST invoice is an essential document that includes important information related to a transaction between two parties. The invoice assesses the amount of GST payable on a particular sale and serves as proof of supply. The GST invoice should include essential details such as the

E-Invoice Format, JSON File, Schema & Template Additionally, templates can be used to provide a standardised design for the invoice, helping to ensure consistency across all invoices generated by the business. These elements work together to streamline the invoicing process and improve business efficiency. The designated taxpayers ensure that the accounting/billing software used to create

Challenges with E-invoicing BOOK A FREE DEMO E-invoicing generates, transmits and receives invoices electronically instead of traditional paper-based methods. It generally involves using software or online platforms that allow businesses to generate and send invoices to their customers digitally. It helps businesses streamline invoicing processes, reduce errors, and improve efficiency in financial operations. When the

What is GST Nil Return? Nil GSTR-1 return must be filed by all registered taxpayers compulsorily when there are no sales or supplies during the month or quarter. This guide provides a detailed overview of the Nil return filing process, including the requirements and procedure for filing and the consequences of not filing a NILreturn.

What Does GSTR-3B Mean? GSTR-3B is a monthly summary return under GST where taxpayers declare details of their outward supplies, Input Tax Credit (ITC) claimed, and net tax liability. It must be filed by all regular GST-registered businesses, even if there is no business activity in a month. Latest Updates (as per the 45th GST

Complete Guide to GST Returns in India BOOK A FREE DEMO Through the GST portal managed by the GST Network (GSTN), firms registered under GST must submit GST Returns monthly, quarterly, and annually, depending on the type of business. In these GST Returns, companies must provide the specifics of the sales and purchase of products

Payments and Refunds under GST BOOK A FREE DEMO The GST payment rules require an individual or a business to fill GSTR-3B to report the ITC, along with GSTR-1 to enumerate sales. The refund can also be claimed by filing the necessary documents. Payments What payments are to be made under GST? The GST paid

Impact of GST on MRP of Goods and Services Most of India’s indirect taxes have been replaced with the Goods and Service Tax (GST). Before implementing the GST, businesses were obligated to pay tax at each stage of the supply chain. The cascading impact causes goods prices to increase. Though, the purchase of raw materials

Auto Population O E-Invoice Details Into The GSTR-1 BOOK A FREE DEMO In order to promote digitalisation and enhance tax compliance, the Indian Government has mandated e-invoicing for certain taxpayers. These taxpayers must use the Invoice Registration Portal (IRP) to register their businesses and generate electronic invoices using the e-invoice schema in FORM GST INV-01.

Tax Invoices in Special Cases Under GST BOOK A FREE DEMO A tax invoice is a legal document that includes information about the goods or services provided, the amount owed, and the applicable GST. It acts as proof of the transaction between the supplier and the recipient and is essential for claiming an input tax