300 words Crisp articles on various topics related to Finance
Three terms that confuse every GST taxpayer: zero-rated, exempt, and nil-rated supplies. They all mean “no GST charged on invoice”, but their impact on Input Tax Credit (ITC) and compliance is completely different. In 2025, with stricter AIS/TIS reconciliation, getting this wrong can block your ITC or trigger notices. Here’s a breakdown of the terms. …
#416 – Zero-Rated, Exempt, and Nil-Rated Supplies in GST Read More »
GST exempted supplies under GST are crucial for taxpayers, businesses, and consumers to understand. These supplies are transactions where no GST is charged. They help lower costs on essential goods and services, support public welfare, and simplify compliance for small suppliers. It’s important to know what counts as exempt and how it affects tax credit, …
Before July 1, 2017, India had a complex indirect tax system dominated by Value Added Tax (VAT) at the state level, along with excise, service tax, CST, and multiple entry taxes. GST replaced 17 taxes and 23 cesses with one unified tax. Let’s explore how GST compares with VAT and what truly changed. Understanding the …
Exports and zero-rated supplies are the backbone of India’s $778 billion export economy (FY 2024-25). GST treats them as zero-rated, meaning exporters can claim 100% Input Tax Credit (ITC) without paying output tax — but only if you follow the rules correctly. In 2025, refund delays and ITC blockage remain top pain points. Here’s exactly …
#413 – ITC for Exporters and Zero-Rated Supplies Read More »
What is GSTR1 and GSTR3B is one of the most common questions among Indian taxpayers under GST. These two GST returns play a critical role in compliance, tax reporting, and cash flow management. Whether you are a small business owner or a growing enterprise, understanding them is essential. What is GSTR1 and GSTR3B in GST …
The Composition Scheme under GST is a simplified tax option for small taxpayers, allowing them to pay GST at a fixed percentage of turnover without claiming ITC. Introduced in 2017 and updated in 2025, it reduces compliance burden for millions of micro and small businesses. With GST collections at record highs, the scheme remains popular …
GST affects cross‑border trade in India in several powerful ways. As the nation retools its tax regime, exporters and importers feel the shifts in costs, compliance and competitiveness. With new reforms under GST, both opportunities and challenges emerge for trade across borders. How GST simplifies cross‑border transactions: One major advantage of GST is that it …
GST registration is the first step for many businesses across India. Whether you sell goods or services, the rules are clear — some must register, while others can wait. However, knowing when your business needs GST registration helps you stay compliant and avoid penalties. In this article, Let’s see who needs to register, thresholds, special …
Reverse charge TDS in specific service payments in India can be confusing. Many taxpayers mix up obligations under indirect tax law and income‑tax law. This guide explains reverse charge under GST — when the recipient pays tax — and clarifies that this is separate from TDS under the Income-tax Act. What is Reverse Charge and …
#408 – Reverse Charge TDS in Specific Service Payments Read More »
Input tax credit (ITC) reversal under Rule 42/43 ensures businesses claim only eligible credits. In India, many businesses mix taxable and exempt supplies. In such cases, the credit must be partially reversed. Let’s see how to calculate and comply with ITC reversal rules. What is ITC Reversal Under Rule 42/43: “Reversal of ITC” refers to …
#407 – Understanding ITC Reversal Under Rule 42 & 43 Read More »