The GST impact on e-commerce business in India has shifted dramatically since the early days of implementation. What started as a registration headache in 2017 has evolved into a data-driven compliance ecosystem where real-time matching, automated TCS deductions, and tightened return reconciliation leave almost zero room for error. In practice, I see many e-commerce…
Inventories are the largest current asset of any business. Businesses are often confused about FIFO Vs LIFO. Ideally, there are two inventory valuation methods or accounting methods: LIFO (Last-in, first-out) and FIFO (First-in, first-out), or for this blog; FIFO vs LIFO. These are the two most used inventory methods for record-keeping that are feasible by…
GST Registration Process 2025 with New GST Slabs and GST 2.0 Reforms Picture this: It’s Monday morning, September 23rd, 2025, and Raj’s phone hasn’t stopped ringing. His textile business in Delhi crossed ₹40 lakhs last month, and suddenly every supplier wants to know his GSTIN. But here’s the twist – overnight, the entire GST landscape…
GST Levy refers to when tax becomes payable on a supply of goods or services under the CGST and IGST Acts, 2017. GST Exemption refers to specific goods or services on which GST is not charged as notified by the government. Understanding both is critical for small businesses navigating the Rs. 40 lakh threshold…
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 are going to start this series on frequently asked questions on GST. This article is first in this series. Please feel free to share your thoughts or questions in the…
Certain things just dont mix well like milk in Maggie or your parents and your goal plans, and even tho you can separate your goa plans and your parents .You should separate your business and personal finances separately. On paper this might sound simple and easy, but one day to get some groceries from…
What is TDS? Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment. As the…
In today’s scenario where doing business has become more stringent due to the mandatory requirement of complying with multiple & complex laws, taxation law is something you should outsource to an expert. Taxation laws not only in our country but worldwide are complex and not everyone’s cup of tea. As a business owner, you have…
When I first started my business, I was sending out invoices with vague payment terms like “Due upon receipt” and wondering why I was constantly chasing payments. After years of trial and error (and a few scary cash flow moments), I’ve cracked the code on writing invoice payment terms that actually work. Sometimes, your invoice…
Quick Answer: GST (Goods and Services Tax) is India’s unified indirect tax. As of the GST 2.0 reforms in late 2025, the system operates on a rationalized 4-slab structure: 0%, 5%, 18%, and 40%. Compliance is now heavily automated. Mismatches between your GSTR-3B filings and your suppliers’ auto-populated GSTR-2B data will trigger immediate Input Tax…