Basics: Input Tax Credit – Comprehensive Guide

25. January 2021By amitmundraBriefly explained

Goods and Services Tax (GST), so far, is one of the most nuanced tax reforms implemented by the Government of India (GOI). The primary agenda behind introducing GST was to eliminate the rippling effects of various taxes applicable under the Value Added Tax (VAT), Service Tax, and Excise Duty. Since its inception, GST has introduced … Read More

Which GST Compliant Software to Use for Invoicing?

21. January 2021By amitmundraBriefly explained

Small businesses in India are increasingly transiting to the Goods and Services Tax (GST) regime. GST accounting is a more comfortable and cost-effective approach to all the indirect tax systems that previously existed in the country. Since the GST launch in July 2017, GST compliant software has become the most significant factor for the government … Read More

Basics: Time, Place and Value of Supply Under GST

20. January 2021By amitmundraBriefly explained

The Goods and Services Tax (GST) regime has subsumed all the indirect taxes in the past few years of its successful implementation. However, the new tax calculation system has streamlined indirect taxes. The government has unified the current and previous tax systems by introducing “Supply Under GST” – Time, Place and Value of Supply. GST … Read More

COVID-19 Small Business Guide

16. January 2021By amitmundraBriefly explained

The impact of the COVID-19 pandemic has transformed the way businesses operate around the world. The current pandemic is no different from the past; resembling the historical uncertainty index and its economic impact. While few small businesses are striving hard, many are creatively rediscovering themselves as explained in this COVID-19 small business guide. Although switching … Read More

Subscription Billing Software – Definitive Guide

11. January 2021By amitmundraBriefly explained

Businesses today are still unaware of the term “subscription bills.” However, the concept of subscription billing is not entirely new. It is one of the billing methods that businesses use to charge their customers when processing transactions. Although the idea of subscription billing software roots in earlier times, companies have recently started recognizing the need … Read More

Easy Guide to GST ANX-1 and GST ANX-2

7. January 2021By amitmundraBriefly explained

Many reforms have been made in the Goods and Services Tax (GST) return filing system. There is an addition of GST ANX-1 and GST ANX-2. A person used to fill the forms before the reforms, i.e., GST RET 1/RET-2/RET-3, are now supplemented with GST ANX-1 and GST ANX-2. These forms have similarities with GSTR-1 and … Read More