Latest Articles By Susheel Kumar

India’s GST 2.0 has simplified slabs and revised rates across a wide range of goods and services. For business owners, the takeaway is simple: review your items, update tax masters and print formats, and start billing with the new GST rate without delay.

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 45 th GST Council Meeting): Late fees… Read more

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.

The materiality principle in accounting states that all financial information that could influence the decision of someone reading the financial statements must be included, while information that is too small or insignificant can be ignored. In simple terms, it means accountants focus on information that really matters to investors, creditors, or management, and avoid unnecessary details.

Modern businesses are moving beyond basic payroll software to systems powered by AI and machine learning. These technologies automate salary calculations, keep up with ever-changing tax laws, and detect payroll fraud in real time. By adding intelligence to payroll operations, companies can improve accuracy, cut costs, and protect sensitive data.

The Indian tax system is the financial backbone of the country, funding everything from infrastructure to social welfare programs. Understanding how taxation in India works is essential for individuals and businesses to stay compliant, plan finances effectively, and contribute to the nation’s growth.

Efficient cash flow management is vital for every business, ensuring that inflows and outflows are well-balanced to maintain liquidity. One critical yet often overlooked element influencing business cash flow is Tax Deducted at Source (TDS) . While TDS ensures timely tax collection for the government, it also affects how businesses plan, forecast, and manage their working… Read more

In today’s digital economy, businesses frequently purchase software for operations, productivity, and client services. However, what many overlook is that these transactions can attract TDS (Tax Deducted at Source) obligations under the Income Tax Act. Understanding the TDS on software purchase , especially after key judicial rulings, is essential for ensuring compliance and avoiding penalties. This… Read more

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 credit under India’s GST system. To be valid, a tax invoice must… Read more

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 than Rs. 10 crores in any previous financial year are required… Read more

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 right e-invoicing software.

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 offers smooth cash flow. Now, it’s time to… Read more

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. Each successfully uploaded invoice on the IRP is assigned a unique Invoice Reference… Read more

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 the right one for your business? Read along to learn how… Read more

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!

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 is still eligible for an input tax credit under GST… Read more

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 the essential steps to help you maintain accuracy and adherence to GST regulations… Read more

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 invoices manually can become overwhelming, making it important to choose the right method. This brings us to the comparison between… Read more

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.

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 limits is essential for businesses to ensure compliance with both regulations.

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.

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 explore how e-invoicing under GST can improve… Read more

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 and services. In this article, we will dive deep into understanding GST… Read more

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 government. However, businesses whose turnover is more than INR 1.5 crore… Read more

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. It also discusses the importance of… Read more

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 management. Before looking at the cost breakdowns, let’s understand what free and… Read more

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.

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 Invoice Registration Portal approves, a unique invoice reference… Read more

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 short period, such as 30, 60, or 90 days. In simple terms,… Read more

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 invoices complies with the established specifications. The information… Read more

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 name, address, and GSTIN of the supplier and recipient, the… Read more

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. As a business owner, accountant, or financial professional,… Read more

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.

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.

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.

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 a financial management system is, why it matters, and how it supports… Read more

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 process for inspection under GST to… Read more

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 such as tax evasion,… Read more

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 GST, the government has laid out steps and… Read more

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.

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 either a revised or supplementary invoice.… Read more

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 meant extensive re-organization of its… Read more

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 must understand the proper way to round… Read more

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.

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 composition scheme or businesses that supply exempted goods… Read more

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 .

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 law. These transactions between the principal and agent and… Read more

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.

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. In this blog, we’ll explain what a deposit slip is, break down… Read more

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.

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 spot mistakes and keep your inventory… Read more

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, and how you can avoid unnecessary costs can… Read more

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 smooth operations.

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.

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 rate across common items so you can… Read more

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 is applied and what you’re really paying each month.

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 agency services is a must. This blog covers applicable… Read more

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.

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 blog breaks down the GST rates on two-wheelers in India, including electric bikes,… Read more

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 your finances and avoiding hidden costs.

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 rate , including usage-based classification and how it’s taxed for religious… Read more

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 cylinder is key for accurate budgeting and tax compliance.

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 impact on pricing and compliance.

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 calculate costs and stay compliant.

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 compliance.

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 and how it varies between state-authorized and private lotteries.

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 how GST affects both clients and service providers.

Global supply chains have become increasingly complex and interconnected. While this brings efficiency, it also creates vulnerabilities. Events like the COVID-19 pandemic, geopolitical tensions, natural disasters, and port congestion have revealed how fragile supply chains can be. Businesses of all sizes have experienced production delays, raw material shortages, and rising costs. In such uncertain times, having… Read more

Section 206AA of the Income Tax Act plays a critical role in ensuring taxpayers provide their Permanent Account Number (PAN) for all transactions subject to TDS (Tax Deducted at Source). When PAN is missing, higher TDS rates, surcharge, and cess apply, impacting both the payer and the receiver of income. This guide explains the scope, requirements,… Read more