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Category: Finance and Accounting
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How to File NIL GST Return in 5 Minutes – A Step-by-Step Guide for Small Business Owners
Filing GST returns is mandatory for all registered taxpayers under the Goods and Services Tax (GST) regime in India, even if there are no transactions during a specific tax period. Many small business owners, freelancers, and inactive GST holders often need to file a NIL GST Return to stay compliant and avoid penalties. This article…
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How to Rectify Errors in GST Return Filing: Step-by-Step Guide with Examples and Common Mistakes Explained
Filing Goods and Services Tax (GST) returns accurately is a critical part of compliance for every business registered under GST. However, even experienced taxpayers and accountants can make mistakes while filing returns such as GSTR-1, GSTR-3B, or GSTR-9. These errors might be related to invoice details, tax rates, mismatched Input Tax Credit (ITC), or incorrect…
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Step-by-Step Guide to GST Input Tax Credit (ITC) Reversal in Excel with Examples and Auto Calculation Sheet
In the GST regime, Input Tax Credit (ITC) plays a crucial role in reducing the cascading effect of taxes. Businesses can claim credit for the GST paid on purchases (inputs) and use it to offset their GST liability on sales (outputs). However, there are situations where a business needs to reverse the Input Tax Credit…
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How to Calculate GST in Excel Automatically: Step-by-Step Guide with Formulas and Examples
Since the implementation of GST (Goods and Services Tax) in India on 1st July 2017, businesses have been required to calculate, collect, and report GST accurately for every transaction. While advanced accounting software handles this automatically, thousands of small businesses, accountants, and MIS professionals still rely on Microsoft Excel for daily billing, tax calculation, and…
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Top 5 Excel Templates for GST Return Filing : Simplify Your Tax Compliance with Smart Excel Tools
The Power of Excel in GST Return Filing For millions of Indian businesses, GST (Goods and Services Tax) compliance is a monthly and quarterly ritual. Whether it’s filing GSTR-1, GSTR-3B, or reconciling purchases with GSTR-2A, maintaining accuracy and timeliness is crucial. However, manual data entry and portal-based preparation can be time-consuming and prone to errors.…
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Step-by-Step Guide: How to File GSTR-1 in Tally Prime Accurately and Easily (Complete Tutorial)
Filing GSTR-1 is one of the most important responsibilities for every GST-registered business in India. It is a monthly or quarterly return that contains all the details of outward supplies (sales) made during the period. Tally Prime, one of India’s most trusted accounting software, simplifies this process by automating data compilation and helping users file…
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GST Return Filing Basics for Beginners – Step-by-Step Guide, Types of Returns, and Common Mistakes to Avoid
The Goods and Services Tax (GST) system has revolutionized India’s indirect tax structure since its launch in July 2017, merging multiple taxes like VAT, Excise, and Service Tax into one unified framework. Every business registered under GST must file GST returns to report their sales, purchases, and tax liabilities to the government. According to the…
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How to Check HSN and GST Rate Wise Stock Items in Tally Prime: Step-by-Step Guide with Report Analysis and Practical Examples
For every GST-registered business in India, accurate reporting of HSN (Harmonized System of Nomenclature) codes and GST rates for stock items is essential for compliance and audit readiness. Tally Prime makes this process simple through in-built reporting tools that allow users to analyze inventory according to HSN codes and applicable GST rates. In this comprehensive…
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Why Income Tax Refunds in India Have Dropped 16% — Causes, Risks, and What You Can Do
In recent months, many taxpayers in India have been surprised: income tax refunds that once felt reliably timed and generous are shrinking. According to reports, refunds have fallen by about 16 percent compared to last year. That kind of decline prompts serious questions: Is your return delayed? Is your refund being reduced? What factors are…
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Why the New PF Rule Will Hurt Your Retirement: How Changes in EPF Withdrawal Will Impact Compounding and Long-Term Savings
In recent rule updates for the Employees’ Provident Fund (EPF), a significant policy shift is causing alarm among financial experts and retirees. The changes make it easier to withdraw your PF corpus after just 12 months of unemployment—but advisors warn that tapping your savings early will severely erode the power of compounding, ultimately weakening retirement…
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10 Smart Hacks to Maximize Rewards When Paying Insurance Premiums in India (Earn Up to ₹5,800 or More
Paying insurance premiums—be it life, health, motor, or property—is a non-avoidable expense for many households. But what if you could turn that mandatory spend into a reward-earning opportunity? Many Indians are missing out on extra cashback, reward points or savings worth ₹5,000–₹6,000 or more annually by not optimizing how they pay their insurance premiums. In…
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ITR Refund Delay 2025: Why Refunds Are Stuck, How to Check Status and Helpline Number Explained
Filing Income Tax Returns (ITR) on time is one of the most important financial responsibilities for taxpayers in India. However, one of the most common concerns among individuals after filing is the delay in receiving the income tax refund. In 2025, thousands of taxpayers are facing delays due to a reported backlog in processing refunds.…