Your business doesn’t need to meet the mandatory turnover thresholds for being registered under GST. Ya, you read it right- Voluntary GST registration lets you register even if your business doesn’t meet the turnover requirements. SMEs, sole proprietors, and startups register voluntarily to leverage ITCs, enhanced credibility, as well as ensure streamlined interstate trade. Doesn’t… Continue reading Voluntary Registration Under GST: Everything You Need to Know!
What is Suo Moto Cancellation in GST? How to Handle Cancellation?
Have you ever logged into the GST portal before, and out of nowhere, without prior notice, your GST registration displays the term “Cancelled Suo-Moto”? No matter how balanced you are, panicking is normal. Since your business is your lifeline. Our goal is that not a single business owner/accountant/chartered accountant should panic, and that is the… Continue reading What is Suo Moto Cancellation in GST? How to Handle Cancellation?
GST Collection For October 2025 Reaches ₹1.95 Lakh Crore: 4.6% YoY Growth!
India’s GST Collection for October 2025 depicts an economic resilience by reaching ₹1.95 lakh crore. This marks a 4.6%YoY rise which reflects impressive compliance and improved consumption due to the festive season across all industries. Let’s quickly scroll through the blog and check the highlights, refunds, and state-wise breakdown. GST Collection for October 2025: Key Highlights … Continue reading GST Collection For October 2025 Reaches ₹1.95 Lakh Crore: 4.6% YoY Growth!
Inter-State Supply in GST: Key Differences Between Interstate and Intrastate GST
Have you ever wondered what happens to your goods when they cross state borders? Does GST vary when your business makes an order from Maharashtra to Gujarat or from Delhi to Tamil Nadu? That’s where interstate supply in GST comes in. As GST reforms keep on changing in India, it is important to note the… Continue reading Inter-State Supply in GST: Key Differences Between Interstate and Intrastate GST
Interest Expense: Definition, Formula, Types, and Impact!
If you have borrowed funds, which can be business loans, credit cards, or bonds. You need to pay interest on the money borrowed, and this is known as interest expense. It plays a crucial role in identifying a company’s profits, financial health/status, as well as tax obligations. Having a complete knowledge of the interest expense… Continue reading Interest Expense: Definition, Formula, Types, and Impact!
What is Fixed Cost in Business? Understand with Examples
Have you ever found yourself wondering why there are certain costs in your business that always remain constant every month, regardless of the changes in production? These are your fixed costs – the costs that are the foundation of any business. Rent, insurance, and salaries do not change with respect to market conditions. This is… Continue reading What is Fixed Cost in Business? Understand with Examples
How to Get a GST Clearance Certificate?
Whenever a business is about to shut down its operations, merge with another company, or plan for government tenders, a GST clearance certificate is a must-have. It is the official proof that depicts that the taxpayer holds zero tax liabilities under his name. In other words, we can consider, GST tax clearance certificate to be… Continue reading How to Get a GST Clearance Certificate?
What is ITC Reversal in GST? What are Rules 42 & 43?
In the complex maze of GST compliance, where each invoice and each credit entry is important, a small mistake can attract a huge penalty. Most of the businesses fall prey to claiming maximum Input Tax Credit (ITC), but only a few know that you may have to reverse ITC if certain conditions are not met. … Continue reading What is ITC Reversal in GST? What are Rules 42 & 43?
Blocked Credit Under GST: Section 17(5) of CGST Act
Ever wondered why it isn’t possible for you to claim Input Tax Credits (ITC) for specific business expenditures, even when you have paid the goods and services tax? That’s when section 17(5) of CGST, also termed as “Blocked Credit Under GST,” comes into effect. Section 17(5) highlights specific conditions where ITC seems to be restricted,… Continue reading Blocked Credit Under GST: Section 17(5) of CGST Act
What are Miscellaneous Expenses? A Detailed Guide
Has it ever happened to you that you are tallying your financial records and an insignificant amount of entry pops up, and you wonder what it should be categorised as? Maybe that transaction was made against buying office supplies, business meals or ATM withdrawal charges, and you did not know how to categorise them. These… Continue reading What are Miscellaneous Expenses? A Detailed Guide