GST is all about a smooth flow of funds and compliances till the end. To facilitate such a smooth flow, it is imperative for the Government to provide for a hassle-free refund process. The current tax structure is cumbersome, and it takes months and sometimes years to get refunds from the Governments kitty. GST provides…
Being a destination-based, transaction-wise tax, Goods and Services Tax or GST, ropes in strict compliance procedures for all taxpayers. Since every transaction is recorded and tracked between the source and destination, the taxpayers must maintain and declare information with utmost accuracy. To have a crystal clear movement of goods intra-state or locally, reduce corruption, and…
Place of Supply (PoS) in GST determines whether a transaction is taxed as intra-state (CGST + SGST) or inter-state (IGST). For goods, PoS is generally the delivery location. For services, it is typically the registered recipient’s location. In 2026, the rules changed significantly for intermediaries: cross-border intermediary services now use the recipient’s location, allowing them…
Goods and Service Tax is a game changer because, with its implementation, there is a tremendous outflow of benefits. Earlier in India, there were numerous taxes such as Service Tax, VAT, Excise and many others that were ultimately borne by consumers leading to double taxation or having cascading effect. Post GST, around 17 taxes are subsumed…
Quick Answer: A GST return is a mandatory periodic document detailing a business’s sales, purchases, and tax liability. The most critical returns for regular taxpayers are GSTR-1 (reporting outward sales) and GSTR-3B (summary return for tax payment and ITC claims). Filing is required even if sales are zero (NIL return), and missing three consecutive filings…
If sell products or services in India, you must be issuing invoice to your customers. Every business in India needs to know about the new GST invoice rules going forward. In this article, we’ve explained how to create GST invoice, various components that must be there on invoice, format of GST invoice and much more.…
It’s been a few years since you are running this business. You are about to end this financial year and now you want to know – What is my actual business worth? Most small business owners consider only revenue while assessing their business worth. However, they rarely consider one fundamental thing in the calculation Fixed Assets. An example…
What Is Accounts Receivables? Accounts receivables can be attributed to the amount of money the company or the respective business organisation is bound to receive for its services/goods provided to the customers. Also termed as trade receivables, this particular term can be explained in an example that follows. A business organisation will have an…
I’ll never forget September 22nd, 2025. That Sunday morning, my phone started buzzing at 6 AM with panicked WhatsApp messages from business owners across the country. “Mohnish bhai, everything has changed overnight!” “My entire pricing structure is wrong!” “I don’t even know what GST rate to charge anymore!” You know what hit me that morning?…
At ProfitBooks, we are committed to make taxation simple for small business owners in India. Since GST is set to replace various indirect taxes, we have started this series on frequently asked questions on GST. This article is next in this series. Earlier, we had covered Levy and Exceptions under GST and Tax payments under…