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
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Which GST Compliant Software to Use for Invoicing?
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
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
How to Come Up with Hundreds of Small Business Ideas?
“Choose your dreams over your fears”. Starting your own business can be a daunting task. Yet, given an opportunity, most people in their 20’s are likely to become entrepreneurs. According to one of the recent studies, 39% of employees working in corporate jobs aspire to build their own venture. Do you want to be your … Read More
COVID-19 Small Business Guide
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
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
Basics: GST Billing Software – E way Bills
When a transporter wants to carry goods from one place to another, he needs to keep the e-way bills. Also need to meet certain conditions. What is an E-Way Bill? E way bill stands for Electronic-way bill. The e-way bill portal can generate an E way bill and is used when the goods have to … Read More
Easy Guide to GST ANX-1 and GST ANX-2
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