GST & Accounting articles

10 Oct 2026 · Form 140 (earlier Form 26Q) for July-September 2026 is due on 31 October 2026. The PAN, challan, payment-code and date checks to run first, plus the ₹200-a-day fee under section 427 and the ₹10,000 to ₹1 lakh penalty under section 461.

10 Oct 2026 · A TDS intimation from CPC-TDS shows the demand but not the reason. The justification report on TRACES lists each default by deductee and challan. How to download it, what each default means, and how to clear it with a payment, a correction statement or both.

10 Oct 2026 · Under section 35(b) of the Income-tax Act, 2025 (earlier 40(a)(ia)), 30% of an expense paid to a resident is disallowed if TDS was not deducted or not paid by the return due date. Non-resident payments lose 100%. The deduction returns in the year the TDS is paid.

10 Oct 2026 · A business loss that cannot be set off this year can be carried forward for eight tax years under section 112 of the Income-tax Act, 2025, but only if the return is filed by the due date. Unabsorbed depreciation has no time limit. The rules and a worked example.

10 Oct 2026 · Companies that paid, or still owe, a micro or small supplier more than 45 days after acceptance must file MSME Form 1 with MCA. The April-September 2026 return is due by 31 October 2026. Who files, what to report and the section 405 penalty.

10 Oct 2026 · Under QRMP you file GSTR-1 and GSTR-3B quarterly but pay tax monthly in PMT-06 by the 25th. The 35% fixed-sum challan carries no interest even if it falls short; self-assessed shortfalls attract 18%. IFF for B2B invoices closes on the 13th.

10 Oct 2026 · When you export goods on payment of IGST, the shipping bill itself is the refund claim under Rule 96. It is paid only after the EGM is filed, GSTR-1 Table 6A matches the shipping bill, GSTR-3B covers the IGST, and your bank account is validated. How to fix each block.

10 Oct 2026 · When you close a business, apply for GST cancellation in REG-16 within 30 days, pay back credit on closing stock and capital goods under Section 29(5), and file GSTR-10 within three months of the cancellation order. Late fee: ₹200 a day, up to ₹10,000.

10 Oct 2026 · From 22 September 2025, a goods transport agency charges 5% without input credit or 18% with full credit; the old 12% option is gone. If the GTA has not opted for forward charge, a registered business or company paying freight pays 5% under reverse charge.

10 Oct 2026 · Free samples given without consideration are not a supply, and the input credit used on them must be reversed under Section 17(5)(h). A buy-one-get-one offer is one supply at a single price, so credit stays. How to tax the bundle and report the reversal.

10 Oct 2026 · When goods shift to another truck after a breakdown or at a transshipment hub, Part B of the e-way bill must show the new vehicle before the goods move again. Who can update it, the reasons the portal accepts, and the penalty if you skip it.

10 Oct 2026 · Businesses whose aggregate turnover crossed ₹500 crore in any year since 2017-18 must print a payable dynamic QR code on invoices to unregistered buyers. What the code must contain, the CBIC clarifications for counter sales and advances, the exemptions and the penalty.

10 Oct 2026 · A GST invoice number can have up to 16 characters using letters, digits, hyphen and slash, in one or more series, unique within the financial year. How to set series per branch and GSTIN, restart on 1 April, and fill the now-mandatory Table 13 of GSTR-1.

10 Oct 2026 · A composition dealer and anyone selling exempt goods or services must issue a bill of supply, not a tax invoice, under Section 31(3)(c) and Rule 49. The required fields, the composition wording, and how Rule 46A lets a retailer put taxable and exempt items on one bill.

10 Oct 2026 · A discount cuts GST only if it is shown on the invoice or, for post-sale discounts, agreed before the sale, linked to invoices and matched by the buyer reversing credit. What sales can promise, how Circular 251/08/2025 treats dealer schemes, and the pending 2026 amendment.

10 Oct 2026 · A bank reconciliation explains every rupee of difference between your cash book and the bank statement. Update the books for charges, interest, bounced cheques and unknown credits first, then list unpresented cheques and deposits in transit.

10 Oct 2026 · CARO 2020 asks auditors whether a company keeps proper records of its assets with quantities and location, and whether management physically verifies them at reasonable intervals. The fields, tagging, verification cycle and disposal entries that satisfy both.

10 Oct 2026 · Since 1 April 2023, every company keeping books in software must use a tool that logs each change with its date and cannot switch the log off. The log is kept like books of account for eight years, and auditors report on it under Rule 11(g).

10 Oct 2026 · Your CRM or billing system decides CGST plus SGST or IGST from the customer master. Capture the GSTIN, legal name and state correctly, check status on the GST portal, and know the fix if the wrong tax type was charged: pay the right tax, then claim a refund within two years.

10 Oct 2026 · A cash credit is secured on stock and debtors, an overdraft usually on a deposit or property, and a working capital term loan is a fixed amount repaid in instalments. Interest on CC and OD is charged only on the amount drawn, which matters for seasonal businesses.

8 Oct 2026 · The CBDT extended the tax audit report due date for AY 2026-27 to 21 October 2026 and the ITR due date for audit cases to 21 November 2026. Who must get a tax audit, the penalties, and a checklist to finish on time.

8 Oct 2026 · By 15 December 2026, businesses must have paid 75% of their estimated tax for Tax Year 2026-27. How to estimate full-year profit from half-year accounts, the interest on shortfalls under the Income-tax Act, 2025, and the presumptive-tax exception.

8 Oct 2026 · Small businesses can declare 8% of turnover (6% for digital receipts) as profit, and professionals 50% of receipts, without detailed books. The ₹2 crore/₹3 crore and ₹50 lakh/₹75 lakh limits, the cash condition, the lock-in and who should opt in.

8 Oct 2026 · Companies depreciate assets over useful lives under Schedule II of the Companies Act, while income tax uses written-down value rates on blocks of assets. Common rates, the half-rate rule for assets used under 180 days, additional depreciation and deferred tax.

8 Oct 2026 · Gifts and benefits to business associates above ₹20,000 a year attract 10% TDS under the Income-tax Act, 2025 (earlier Section 194R), and input tax credit on gifts is blocked under GST. How to handle festive gifts, dealer incentives and trips.

8 Oct 2026 · GST registration is required above ₹40 lakh turnover for goods and ₹20 lakh for services in most states, lower in special category states, and at any turnover for inter-state sellers of goods and some others. How turnover is counted and when voluntary registration pays.

8 Oct 2026 · Since 10 October 2024, a GST-registered tenant renting commercial property from an unregistered landlord pays 18% GST on the rent under reverse charge. Composition taxpayers are excluded. How to pay, report and claim credit, with an example.

8 Oct 2026 · From 1 April 2025, businesses with GSTINs in several states must distribute input tax credit on common third-party services through an Input Service Distributor registration. Who needs ISD, how credit is shared, GSTR-6, and how it differs from cross-charging.

8 Oct 2026 · The GST Appellate Tribunal began hearing cases in 2026, and the window for backlog appeals closed on 30 June 2026. For orders from 1 April 2026, appeals are due within three months. The appeal path, pre-deposit and a preparation checklist.

8 Oct 2026 · Gifts to an employee up to ₹50,000 a year are not a supply, perquisites under the employment contract are outside GST, and CBIC has clarified that notice pay recovery is not taxable. Where input tax credit is blocked on employee benefits, and a quick reference table.

8 Oct 2026 · Export of services is zero-rated under GST: with a Letter of Undertaking (LUT) filed in Form RFD-11, you invoice foreign clients without IGST. The five conditions for export of services, the yearly LUT, foreign exchange receipt and invoicing tips.

8 Oct 2026 · GSTR-1 now needs HSN codes chosen from a dropdown, a HSN summary split between B2B and B2C, 4 or 6 digit HSN codes depending on turnover, and invoice-wise reporting of inter-state B2C invoices above ₹1 lakh. How to avoid errors.

8 Oct 2026 · When a business sells a used capital asset on which it claimed input tax credit, it must pay the higher of GST on the sale price or the credit taken less five percentage points for each quarter of use. How to work it out, with an example, and what to do for assets scrapped or written off.

8 Oct 2026 · Section 17(5) of the CGST Act blocks input tax credit on passenger vehicles, construction of buildings, many employee benefits and personal consumption, with specific exceptions. What is blocked, what can still be claimed, and examples.

8 Oct 2026 · Interest on late GST payment is 18% a year, calculated on the tax paid in cash, not the full liability. Interest also applies on input tax credit wrongly claimed and used. Examples, how GSTR-3B shows it, and the difference from late fees.

8 Oct 2026 · Under CBIC Circular 140/10/2020, salary paid to directors who are employees is outside GST, while sitting fees, commission and other amounts paid to directors are taxed at 18% under reverse charge, paid by the company. How to classify, pay and report.

8 Oct 2026 · How to record GST in your books: separate CGST, SGST and IGST input and output ledgers, entries for sales, purchases, reverse charge and returns, and the monthly set-off entry that matches GSTR-3B.

8 Oct 2026 · An e-invoice can be cancelled on the Invoice Registration Portal only within 24 hours of generating the IRN, and only in full. After that, use a credit note or amend the details in GSTR-1. Common mistakes, the right correction for each, and why the invoice number cannot be reused.

8 Oct 2026 · A five-day month-end close for Indian small businesses: cut-offs, bank and UPI reconciliation, GST and TDS, receivables and payables, stock, accruals and a one-page report. With a day-by-day plan.

8 Oct 2026 · Profitable businesses run out of cash when receipts lag and payments bunch up. How to build a 13-week cash flow forecast, which Indian statutory payments to include, an example around the festive season, and how to update it weekly.

8 Oct 2026 · A practical collections process for Indian businesses: clear credit terms, a reminder schedule from day one, escalation steps, interest on late payment, MSME protections, and when to use legal notice. With templates and an ageing review.

8 Oct 2026 · Stock must be valued at the lower of cost and net realisable value, using FIFO or weighted average. How to value closing stock, handle slow-moving and damaged items, and reverse GST credit on goods lost, destroyed or written off.

8 Oct 2026 · A step-by-step plan to move from desktop accounting software such as Tally to a cloud accounting and billing system mid-year: the cut-over date, opening balances, masters, open invoices, GST continuity, and a parallel run.

8 Oct 2026 · A cash credit limit is only as useful as your drawing power, which banks work out each month from your stock and receivables statement. How drawing power is calculated, why debtors over 90 days drop out, how to reconcile with GST data, and common mistakes.

8 Oct 2026 · Micro and small enterprises registered on Udyam can claim payment within 45 days and compound interest at three times the RBI bank rate on delays. Since 15 October 2025, new delayed-payment cases are filed on the MSME ODR portal. Who can file, how, and what to prepare.

8 Oct 2026 · From 1 April 2025, a micro enterprise can have up to ₹2.5 crore of investment and ₹10 crore turnover, a small enterprise ₹25 crore and ₹100 crore, and a medium enterprise ₹125 crore and ₹500 crore. How Udyam classification works and what it unlocks.

8 Oct 2026 · Since 31 March 2025, companies with turnover above ₹250 crore must be registered on a Trade Receivables Discounting System (TReDS) platform. How MSME suppliers can discount accepted invoices without recourse, what it costs, and how to get started.

8 Oct 2026 · Hotel stays are taxed as supplies in the state where the hotel is, so credit is usable only by a GSTIN in that state. Air travel, cabs and meals have their own rules. How to collect valid invoices from employees and what to do for states where you have no registration.

8 Oct 2026 · A branch, warehouse or depot in another state needs its own GST registration, and stock transfers between your own GSTINs are taxable supplies with an invoice and e-way bill. Valuation of branch transfers, ISD, professional tax and labour registrations, with a checklist.

8 Oct 2026 · Manufacturers can send inputs and capital goods to job workers under a delivery challan without GST, if inputs return within one year and capital goods within three years. ITC-04 is half-yearly above ₹5 crore turnover, due 25 October for April to September, and annual below. With an example.

7 Oct 2026 · Input tax credit on FY 2025-26 purchases lapses after 30 November 2026, or earlier if you file GSTR-9 first. How to find missed credit, which return to claim it in, and what to do about suppliers who uploaded late.

7 Oct 2026 · Under Rule 37A, if a supplier reported your invoice in GSTR-1 but did not file GSTR-3B by 30 September 2026, you must reverse that FY 2025-26 credit by 30 November 2026. How to find these suppliers and reclaim the credit later.

7 Oct 2026 · GSTR-9 and GSTR-9C for FY 2025-26 are due on 31 December 2026. Who must file, the late fees, why FY 2025-26 has two rate structures in one return, and a step-by-step reconciliation of books, GSTR-1, GSTR-3B and GSTR-2B.

7 Oct 2026 · The GST portal now blocks GSTR-1, GSTR-3B, GSTR-9 and other returns once three years have passed from the due date. Which returns are reaching the bar in late 2026, what it means for your registration and tax, and what to do before the date passes.

7 Oct 2026 · A practical guide to the GST Invoice Management System (IMS): what accept, reject, pending and no action do to your GSTR-2B, how long you can keep records pending, the October 2025 changes for credit notes, and a monthly routine.

7 Oct 2026 · When a buyer rejects your invoice on the GST Invoice Management System, they lose the credit and you may be paying tax on a wrong invoice. How to see rejections, when to amend through GSTR-1A or the next GSTR-1, and how to stop it happening.

7 Oct 2026 · Since the July 2025 tax period, the sales tax figures in GSTR-3B come from GSTR-1 and cannot be edited. How to correct a GSTR-1 mistake with GSTR-1A before filing GSTR-3B, what to do if both are filed, and a monthly order of work.

7 Oct 2026 · From 1 October 2025, a seller’s GST is reduced by a credit note only after the registered buyer reverses the matching credit. How this works through IMS, what buyers should do, the time limit for credit notes and how to handle disputes.

7 Oct 2026 · Login OTPs on the GST portal go to the primary authorised signatory, and e-way bill and e-invoice portals require multi-factor login for all taxpayers since 1 April 2025. How to set up signatories, practitioners and sub-users so filing does not stop.

7 Oct 2026 · Since 1 January 2025, an e-way bill cannot be generated for a document more than 180 days old, and an e-way bill cannot be extended beyond 360 days from generation. Common situations that hit these limits and how to handle them.

7 Oct 2026 · If you pay a micro or small enterprise late, the expense is not deductible until the year you pay it. Who is covered, the 15 and 45 day limits, why traders are excluded, the change under the Income-tax Act, 2025, and a year-end checklist.

7 Oct 2026 · Partnership firms and LLPs must deduct 10% TDS on salary, remuneration, commission, bonus and interest paid or credited to partners above ₹20,000 a year. What is covered, when to deduct, the new section and payment code, and how to file.

7 Oct 2026 · TCS at 0.1% on sale of goods above ₹50 lakh under Section 206C(1H) was withdrawn from 1 April 2025. Why some invoices still show it, how to correct them, and how TDS on purchase of goods by the buyer continues under the Income-tax Act, 2025.

7 Oct 2026 · From 1 April 2026, TDS on contractors, professionals, rent, commission and purchases moved into Section 393 of the Income-tax Act, 2025, with new payment codes and Form 140. An old-to-new mapping and a checklist before the return due on 31 October 2026.

7 Oct 2026 · Cash payments above ₹10,000 a day to one person are not deductible, and cash receipts of ₹2 lakh or more attract a penalty equal to the amount. The rules on cash loans and repayments, how the limits are counted, and how to avoid them.

7 Oct 2026 · Since 22 September 2025 most goods and services moved to 5% and 18%, with 40% for a few items. How to find invoices still raised at old rates, which rate applies when invoice, payment and supply fall on different sides of the change, and how to correct them.

7 Oct 2026 · UPI made collecting money easy and matching it hard. How to link each UPI payment to an invoice, handle part payments, refunds and payments without a reference, and close the day with a simple routine.

7 Oct 2026 · Marketplaces collect 0.5% GST TCS and deduct 0.1% income-tax TDS on your sales, then pay out net of commission, fees and returns. How to record a settlement, claim the TCS and TDS, take credit on fees, and report marketplace sales in GSTR-1.

7 Oct 2026 · DRC-01B flags sales tax in GSTR-1 above GSTR-3B, DRC-01C flags credit in GSTR-3B above GSTR-2B, and ASMT-10 is a scrutiny notice. What each means, the 7-day and 30-day reply windows, what happens if you ignore them, and how to prepare a reply.

7 Oct 2026 · GST is payable on advances for services but generally not for goods. How to issue receipt and refund vouchers, report advances in GSTR-1, reverse the tax when an order is cancelled, and treat amounts you keep as cancellation charges.

6 Oct 2026 · Who must issue GST e-invoices in 2026: the ₹5 crore turnover limit, exempt categories, the 30-day IRP reporting rule for ₹10 crore and above, and a billing checklist.

13 Sep 2026 · A plain-language breakdown of GSTR-1 and GSTR-3B — what each return reports, their due dates, and why mismatches between the two trigger notices.

13 Sep 2026 · A practical guide to claiming Input Tax Credit under GST — eligibility conditions, common disqualifications, and how the 'matching' requirement actually works in practice.

13 Sep 2026 · A clear explanation of when to issue a debit note versus a credit note under GST, with examples covering returns, price revisions, and invoicing errors.

13 Sep 2026 · A practical checklist for evaluating GST billing software — what to test in a demo, the red flags that predict future migration pain, and questions most vendors hope you skip.

13 Sep 2026 · A clear guide to the difference between a proforma invoice and a tax invoice — when to issue each, and why using the wrong one can create GST compliance problems.

13 Sep 2026 · What HSN and SAC codes are, why they determine the GST rate applied to an invoice, and how to avoid the classification errors that most commonly trigger GST scrutiny.

13 Sep 2026 · A clear explanation of the Reverse Charge Mechanism under GST — which transactions trigger it, who is liable to pay, and how it affects Input Tax Credit.

13 Sep 2026 · Who is eligible for the GST Composition Scheme, the reduced tax rates involved, and the trade-offs — like losing Input Tax Credit — that businesses should weigh before opting in.

13 Sep 2026 · Research-backed reasons why lead response time is one of the strongest predictors of B2B conversion, and the process changes that actually shorten it.

13 Sep 2026 · The concrete signs that a sales spreadsheet has stopped working — duplicate leads, no visibility into deal stages, and forecasts nobody trusts — and what actually changes with a real pipeline tool.

13 Sep 2026 · How manual quote-to-invoice handoffs between sales and finance create delays and errors, and what a connected workflow actually looks like in practice.

13 Sep 2026 · The difference between tracking sales activities (calls, emails) and tracking real deal progression — and why conflating the two produces misleading pipeline reports.