Author: Mehul Jagwani

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

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

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?

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

Have you ever been in a situation where a construction site is running smoothly, but, on paper, the numbers do not match? If yes, don’t worry. It happens. Managing the finances of your construction business manually is not as easy as laying bricks. One misplaced bill, and your good night’s sleep is gone.  To prevent… Continue reading What is the Best Accounting Software for a Construction Business?

Did you ever check your invoice of logistics and ask yourself, ‘Why the GST on freight charges?’ You’re not alone. It is important to know about GST on freight charges, whether you are a manufacturer who is shipping raw materials, a retailer who is shipping goods, or a service provider who is handling logistics. It… Continue reading What is the GST Rate on Freight Charges? Understanding RCM & Exemptions