I remember sitting across from Rajesh, a first-time founder who’d just incorporated his design agency as a private limited company. He looked genuinely worried. “Mohnish, I got a letter from my bank asking for my GSTIN. Do I need to register immediately? My CA said I might face penalties if I don’t, but my revenue…
I still remember that panic-inducing moment three years ago when my client called at 11 PM, voice trembling: “Mohnish, the GST filing deadline is tomorrow, and our invoicing software just crashed. We have 847 pending invoices, and the export function isn’t working!” We spent the entire night manually recreating invoices, cross-checking HSN codes, and praying…
Remember that sinking feeling when you realize you’ve been doing your books wrong for months? I was there three years ago, staring at my laptop screen at 11 PM, trying to reconcile invoices that didn’t match my bank statements. Coffee had gone cold hours earlier, and I was drowning in a sea of Excel sheets…
Last week, I was on a call with Rohan, a small business owner from Coimbatore. “Mohnish,” he said, frustration evident in his voice, “I’ve been using three different tools just to file my GST returns. One for billing, another for calculations, and a third for actual filing. I’m spending more time on compliance than growing…
I’ll never forget the night I sat on my office floor at 2 AM, surrounded by scattered invoices, frantically trying to match bank statements with our GST returns. It was March 2018, and I’d just made what I thought was a “smart” decision to handle ProfitBooks initial GST compliance manually. Haven’t we all been there?…
In our previous guide explaining how to accept cross-border payments in India, we briefly touched upon the topic of the best payment gateways in India that let you transact in any currency. Just like ProfitBooks lets you raise multi-currency invoices ; ) Today we’ve come up with a list of the best five international payment…
Job work or job work procedure is the significant part of the manufacturing industry. Rather than investing in huge machinery nowadays manufacturers are preferring to outsources there activities like further processing, testing, repairs, re-conditioning. The advantage of Job work procedure in GST law is that the goods can be sent out for further processing and…
The input tax credit is one of the most important parts of GST and so in this article, we have answered some basic questions about ITC like conditions for availing the ITC, the manner of utilizing ITC, the time limit for availing the ITC and we have also explained with the detailed list of items…
In our previous article, we discussed the MSME registration process in India. As it was an integral part of MSMEs in general, we had to talk about the benefits of MSME registration, that you can enjoy as a small business owner. There are many legalities surrounding MSMEs in India, however, we’ll discuss the benefits and…
The demand for revision in the definition of MSME has been pending for a long. The low threshold in MSME definition has created a fear among MSMEs of graduating out of the benefits and hence killing the urge to grow. The new MSME registration process and definition have been simplified, clearing away any previous fears…