5 Ways AI is Transforming Hotel Financials: The Role of HostBooks Hotel ERP (9/8/2025) by Team @HostBooks - The hospitality industry is rapidly evolving. Consumer demands are inherently increasing, profitability is declining, and competitive pressure is fierce. Hotel owners and finance managers are in a dilemma on how to keep operations lean and profitable. However, there is a simple solution for it - AI in hospitality finance, a breakthrough for the hospitality industry. With the implementation of AI, hotel ERP systems are quickly changing the dynamics. AI is changing the financial work of the hospitality industry in five… Read More...
How Restaurant ERP Software Simplifies Kitchen & Inventory Management (7/23/2025) by Team @HostBooks - Effectively managing kitchen operations and inventory is essential for success in the fast-paced food service industry. Whether they are one-off eateries or growing chains, Indian restaurants deal with the daily challenges of cost control, resource management, and consistency. This is the point at which Indian restaurant ERP software becomes revolutionary. Using a smart ERP for the food and beverage industry can help you optimize your inventory and kitchen operations to meet the increasing demands for accuracy and automation. What is… Read More...
Ultimate Guide for Selecting the Best Retail ERP Software in India (6/24/2025) by Team @HostBooks - In today's competitive retail market, Indian businesses must streamline their operations to remain profitable and competitive. It is crucial to implement strong retail ERP software, especially when combined with trustworthy retail billing software in India. This brief, step-by-step guide will assist you in choosing the ideal retail ERP solution for your Indian business. Step 1: Clearly Define Your Business Needs Steps begin by clearly defining your company's requirements, including those related to financial reporting, inventory control, customer relationship management (CRM),… Read More...
The Rise of Self-Driving Systems: How Agentic AI is Revolutionizing Supply Chain Operations (6/3/2025) by Team @HostBooks - The American Nobel Laureate, Milton Friedman, in one of his seminal appearances on PBS Television, held up a pencil and explained: Wood = sourced from Washington or Oregon Graphite = comes from mines in Sri Lanka Rubber = perhaps came from Malaysia Metal = sourced and mined from an unknown source And everything else in the pencil comes from places far and wide. While the eminent economist was making a case for free markets and globalization, he was steelmanning the… Read More...
What is ERP Software? A Beginner’s Guide to Enterprise Resource Planning (2/1/2025) by Team @HostBooks - Table of Contents 1. Introduction 2. Introduction to Enterprise Resource Planning (ERP) 3. Why is Enterprise Resource Planning Important? 4. ERP Examples by Industry 5. How Do ERP Systems Work? 6. Types of ERP Deployment 7. Benefits of ERP Software 8. ERP Implementation Challenges 9. Future of ERP 10. Conclusion 11. Frequently Asked Questions Introduction In today's fast-paced business environment, ERP software is crucial in managing and automating various aspects of business operations. Enterprise Resource Planning (ERP) software helps organizations… Read More...
Transform Retail Operations with HostBooks Retail ERP Software (1/23/2025) by Team @HostBooks - Table of Contents 1. Introduction 2. Understanding Retail ERP Software 3. Key Features of HostBooks Retail360 4. How HostBooks Retail360 is Revolutionizing the Retail Industry 5. Why Choose HostBooks Retail360 for Your Retail Business? 7. Conclusion 8. Frequently Asked Questions Introduction The retail industry has been turned upside down thanks to the spread of technology and clients' ever-changing desires. HostBooks Retail360 is the core of this move and is a comprehensive system created to transform retailers' operations. By harnessing the… Read More...
How Can Food ERP Software Address Challenges in the Food and Beverage Industry? (1/17/2025) by Team @HostBooks - Table of Contents 1. Introduction 2. Understanding Fnb360 Food ERP Software 3. Why Businesses Need Food ERP Solutions 4. Challenges in the Food and Beverage Industry 5. How Fnb360 Food ERP Software Addresses These Challenges 6. Benefits of Using Food ERP Software 7. Conclusion 8. FAQs Introduction Food and beverage companies find themselves addressing the growing issues of maintaining proper operational efficiency, ensuring regulatory Compliance, and addressing the market changes that the customer brings. With the right tools, businesses can… Read More...
Overcoming Manufacturing Challenges with HostBooks MFG360 ERP (1/8/2025) by Team @HostBooks - Table of Contents 1. Introduction 2. What is HostBooks MFG360 ERP? 3. Core Modules of HostBooks MFG360 4. Harnessing Advanced Analytics for Strategic Decision-Making 5. Benefits of HostBooks MFG360 for Manufacturers 6. Addressing Industry-Specific Challenges 7. Simplifying Compliance and Quality Assurance 8. Why Choose HostBooks MFG360 Over Other ERP Solutions? 9. Leveraging Cloud Technology for Seamless Integration 10. Conclusion: Driving Manufacturing Excellence with HostBooks MFG360 11. Frequently Asked Questions Introduction Today, the manufacturing industry is fueled by innovations and obstacles.… Read More...
How Does ERP Revolutionize Hospitality Management? (1/2/2025) by Team @HostBooks - Table of Contents 1. Introduction 2. Challenges in Hospitality Management 3. About HTL360 Hospitality ERP 4. Characteristics of HTL360 5. Core Features of HTL360 Hospitality ERP 6. How HTL360 Benefits Hospitality Businesses 7. Why HTL360? 8. The Future of Hospitality with Digital Transformation 9. Why go with HostBooks for your Hospitality ERP solution? 10. How HTL360 Can Be Put into Operation in Your Business 11. Conclusion 12. FAQs Introduction In the world of the highly competitive Hospitality industry. Effective management… Read More...
ERP and Data Analytics: Leveraging Insights for Better Decision-Making (6/27/2024) by Team @HostBooks - In the digital age, data is often considered the new oil, a valuable resource that, when properly harnessed, can drive business success. Enterprise Resource Planning (ERP) systems and data analytics are two powerful tools that can help businesses leverage this resource to make better, data-driven decisions. This blog explores how integrating ERP systems with data analytics can provide actionable insights, enhance decision-making, and drive business growth. The Power of Data Analytics Data analytics involves examining data sets to draw conclusions… Read More...
ERP and Digital Transformation: Aligning Technology with Business Goals (6/19/2024) by Team @HostBooks - In today's rapidly evolving business landscape, digital transformation has become a necessity rather than an option. At the heart of this transformation is Enterprise Resource Planning (ERP) systems, which integrate various business processes and functions into a single unified system. HostBooks, with its robust ERP solutions, plays a crucial role in helping businesses align their technology with their strategic goals. The Importance of Digital Transformation Digital transformation involves leveraging technology to create new or modify existing business processes, culture, and… Read More...
The ERP Advantage: How Integrated Systems Drive Business Growth (6/19/2024) by Team @HostBooks - In the fast-paced and competitive business landscape, companies constantly seek ways to enhance efficiency, streamline operations, and drive growth. One of the most effective tools for achieving these goals is Enterprise Resource Planning (ERP) systems. By integrating various business processes and functions into a single unified system, ERPs provide a comprehensive solution that can significantly impact a company's growth trajectory. This blog explores the advantages of ERP systems and how they can drive business growth. The Evolution of ERP Systems… Read More...
Modules of ERP System: Generic and Advanced (2/22/2024) by Team Hostbooks - Enterprise Resource Planning (ERP) systems are the backbone of modern business, streamlining operations and offering a comprehensive view of organizational activities. At the core of these systems are modules, specialized components working together seamlessly to manage various business functions. Each ERP module acts as an independent application, finely tuned for specific tasks but integrated for a cohesive enterprise solution. There could be multiple modules depending on the ERP provider or package you choose. However, there is a generic set of… Read More...
The Transformative Impact of Artificial Intelligence on ERP Software (2/16/2024) by Team Hostbooks - Last year, a notable shift occurred as the focus shifted from the metaverse to the onset of the AI revolution. Key players such as Google and Microsoft made substantial investments in AI development, channeling efforts into ventures like OpenAI and Google Bard. While ChatGPT gained widespread recognition, the potential applications of AI extended beyond generating text and images. The latest frontier in the AI landscape is the transformation of business operations and management. Leading ERP businesses globally are now heavily… Read More...
Key ERP Trends for 2024 and Beyond: The Role of AI, Sustainability, and Niche Integration (2/10/2024) by Team Hostbooks - Recent breakthroughs in artificial intelligence and innovative technologies are transforming our internet interactions. Models like ChatGPT, image generation tools such as DALL-E, and language understanding systems like BERT have reshaped digital experiences, influencing enterprise operations, particularly in Enterprise Resource Planning (ERP). ERPs are rapidly evolving, emphasizing a more comprehensive approach to business management. The shift aims to reduce human intervention, minimize manual efforts, enhance automation, improve accuracy, and facilitate easier decision-making. Check these trends and technologies. Advanced Financial Management: Beyond… Read More...
Freight HSN Code/ SAC: Inward, Outward and Forwarding Charges 2024 (1/30/2024) by Team Hostbooks - The HSN code for freight charges is 9965 and GST rate is 18%. However, this is general categorization, and the SAC could is further subclassified based on the type of freight by adding two more digits as suffix. Note: 1. Freight is a transportation service involving the movement of goods from one place to another. While the precise classification is under the Services Accounting Code (SAC), colloquially, people often refer to it as having an HSN Code. 2. The HSN… Read More...
SAC/HSN Code for Repair and Maintenance (12/11/2023) by Team Hostbooks - HSN code for Repair and maintenance services is 9987 and GST rate for these services is 18%. However, this is general categorization, and it is further subclassified based on the type of repair and maintenance services by adding two more digits as suffix. Here are the SAC/HSN code of some most popular repair and maintenance services of home appliances with GST Rate. Repair and Maintenance ofHSN /SAC CodeGST Rate AC, Television, and RO (water purifier)99871518% Office Equipment's99871218% Computers and Laptops99871318%… Read More...
HSN Code for Construction Work with Material and Detailed Classification (11/28/2023) by Team Hostbooks - In short, the HSN Code for construction work falls under the category of services and is designated as 9954. This code specifically covers services related to the construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, alteration, or restoration of a building or civil structure. HSN Code for construction can further be sub classified adding 2 to 4 more digits as suffix. Therefore, the HSN/SAC code for construction work with material, construction contract, supply of labor has different GST… Read More...
What is GST Reconciliation? A Detailed Guide for 2024 (8/7/2023) by Aakash Tiwari - Accurately filing GST returns is not only crucial for small businesses to avoid legal trouble, penalties, and fines but also plays an important role in maintaining their financial reputation and credibility. Here, in this blog we will explain to you in detail how using a GST reconciliation software simplifies GST filing. What Is GST Reconciliation? GST reconciliation is a process of comparing two sets of data entries, mainly details to be submitted on GST portal with acutal sale and purchases… Read More...
Reverse Charge Mechanism (RCM) on GST with Journal Entry [2024] (6/26/2023) by Aakash Tiwari - As per Latest RCM Update: These resolutions will take effect upon notification released on 11 July 2023 by the Central Board of Indirect Taxes and Customs (CBIC). 50th Meeting of the GST Council had made the following changes. 1. Raw cotton provided by farmers to cooperatives, including kala cotton, will now be subject to taxation under the reverse charge mechanism. 2. Services rendered by a company's director to the company in an individual or personal capacity will not be subjected… Read More...
GSTR 3B Late Fees: Penalty, Due Date, and Interest (6/23/2023) by Team @HostBooks - What is Late Fees for GSTR 3B? GSTR 3B late fees is a charge paid for a tax period after due date depend upon normal GSTR 3B returns and nil returns. Late fees for Normal GSTR 3B Returns is ₹ 50 per day and for Nil Returns is ₹ 20 per day. Let's see it in table. Late Fees for Normal GSTR 3B Returns ₹ 50 Per Day Late Fees for Nil Returns ₹ 20 Per Day Every month (quarterly… Read More...
Why Does Your Business Need Proper GST Billing Software? (4/27/2023) by Aakash Tiwari - Since the Goods and Services Act was passed in 2017, businesses throughout the nation have been making sure that they remain compliant with the requirements of the GST Act. The GST Invoicing Software allows enterprises to properly file their GST invoicing software so that they do not fall behind on their taxes and run into legal trouble. However, manually preparing invoices on paper or excel is extremely inefficient and prone to error. Therefore, businesses need the assistance of GST billing… Read More...
Reconciliation & Comparison between GSTR 3B and GSTR 1 (4/7/2023) by Aakash Tiwari - For any business, the filing of GST forms is the key requirement that needs to be fulfilled to maintain its business. These forms are important for any business to continue its operations legally and are important for gathering necessary information from enterprises and passing all of them to the Income Tax Department. There are various types of GST returns filed throughout the year by taxpayers. What is a GST Return? The GST return is a form that states the various… Read More...
GST Impact on Businesses (1/13/2023) by Team @HostBooks - The Goods and Services Tax (GST) is a comprehensive value-added tax system implemented in India in 2017, replacing the previous system of multiple taxes levied by the central and state governments. The GST has had a significant impact on businesses in India, affecting pricing, compliance, and supply chain management. One of the major impacts of GST on businesses is the change in pricing. GST has different tax rates for different goods and services, and businesses have had to adjust their… Read More...
Top 6 reasons to choose automated GST software (11/7/2022) by Team @HostBooks - The introduction of the Goods and Services Tax (GST) on July 1, 2017, sparked a new era of thorough tax reporting procedures in the Indian business ecosystem. MSMEs and small businesses have had difficulties in completing GST returns because of a lack of technological awareness. However, strong GST software filled the gap and enabled business entities to fully implement GST. With the variety of GST software available in the market, none of them is as efficient as HostBooks GST software… Read More...
GST E-Invoicing to Be Mandated Soon for the Business Having Rs. 10-Cr or More and Then 5-Cr Turnover (7/8/2022) by Team @HostBooks - Businesses having turnover more than Rs. 5-Cr will soon come under the GST invoice. To this day, the threshold limit of e-invoicing is Rs. 20 Cr. Businesses that exceed the 20-crore turnover need to generate e-invoices either with the Government GST portal or using the Best GST Billing Software in the format mandated by the GSTN council. Each e-invoice has a unique identification code that is provided by the Invoice registration portal (IRP). A unique identification code enables machines to… Read More...
GST Tax Rates Revised: Check Out the Complete List of Updated GST Rates (7/1/2022) by Team @HostBooks - GST council has revised GST rates for many items that may affect the pockets of common men. The revised GST rates will be applicable from July 18, 2022. The changes have been made at the 47th GST council meeting chaired by finance minister Nirmala Sitharaman. She made a statement stating that the government recommendations on exemptions and corrections of GST rates have been accepted by the GST Council. What Gets Costlier with Revised GST Rates? Packaged Food The GST council… Read More...
What Are the GST Laws In India, GST Features and Its Benefits for Business/Industries? (6/30/2022) by Team @HostBooks - GST (Goods and service tax) is an indirect sales or transaction tax that is levied when goods are bought and sold. As the name suggests it is applied to everything that is traded including services. It was the biggest tax reform since it was introduced on 29th March 2017 and brought into effect on 1st July 2017. Indeed, it is one nation, one tax that has replaced many indirect taxes and brought a uniform taxation system across the country. India… Read More...
CBIC Releases the Guidelines for Sanction, Post-Audit, and Review of GST Refund Claims (6/20/2022) by Team @HostBooks - The Central Board of Indirect Taxes and Customs (CBIC) has released the detailed notifications; stating the instructions for sanction, post-audit, and review of refund claims. Releasing the notifications, CBIC has brought the instructions in a view of noticing the different practices being performed by the field officers. The board has reviewed the current status and found discrepancies in refund claims cases. Elaborating further, CBIC has said that in some cases speaking orders are being issued while in others, they are… Read More...
Big News for Businessmen: Late Fee Will be Exempted on GST Return Till June, Central Government Confirms (6/16/2022) by Team @HostBooks - The Central Board of Indirect Taxes and Customs has issued a notification dated 26th of May, 2022 stating that businesses registered under composition scheme that couldn't file their annual return (GSTR-4) for the previous financial year will be exempted from the late fees for two months. The due date of filing GSTR-4 for financial year 2021-22 was 30th of April, 2022. As per the notification, businesses registered under the composition scheme will not have to pay the late fee till… Read More...
The Second Highest GST Collection Reported In November, the Collection Reached 1, 31,526 Crores (12/24/2021) by Team@HostBooks - November month brings some good news for the economy. As per the report released by the Finance Ministry on Wednesday, the record GST collection was reported in November 2021, which is 25 percent higher than November 2019 and is the second-highest figure ever since the GST tax was imposed in July 2017. GST collection in November exceeded Rs 1.31 lakh crore. It is the fifth consecutive month where GST collection touched one lakh crore rupees figure. The total GST collected… Read More...
How e-Invoicing Works Under GST? (8/21/2019) by Arpita@HostBooks - Source: BloombergQuint The Goods and Services Tax (GST) is considered as one of the most radical tax reforms in India. Apart from making One Nation, One Tax a reality, it has also ushered in a new era of the indirect tax regime which is both digital and driven by technology. Companies across various industries are looking for technology-enabled solutions to meet GST compliances online on the GST network. In this first two years of technology-driven journey, both industry and the… Read More...
What is Form 16 and What is Its Role in ITR Filing? (5/9/2019) by Arpita@HostBooks - Source: The Economic Times The Central Board of Direct Taxes (CBDT) issued a circular on May 6, 2019, in which it has asked employers or ‘deductors’ to download Part B of Form 16 from TDS Reconciliation Analysis and Correction Enabling System (TRACES) portal and issue the same to the ‘deductees’ or their employees. What do you mean by Form 16? Form 16 is a proof of tax deducted at source (TDS) that the employer deducts every month from the employee’s… Read More...
List of Major Changes made in the ITR Forms (4/17/2019) by Team@HostBooks - Source: livemint Some major changes in the Income Tax Returns (ITRs) were notified by the Govt. The taxpayer will now have to provide additional details such as days of residency in India, holdings in unlisted shares and details of the buyer(s) of property in case of capital gains earned by a seller on the sale of immovable property. Let’s go through the major changes made in ITR forms. ITR-1 Form ITR-1 form is applicable to resident individuals, except for the… Read More...
What Provisions Should You Follow for Smooth GST compliance? (4/17/2019) by Arpita@HostBooks - Since the implementation of GST on 1st July 2017, frequent amendments have been going on in the GST law and provisions, which has kept the businesses, professionals, tax practitioners, and even the Government officials on their toes. It is essential for all of us to know the new terms of these changes and understand a few common provisions of GST to manage our businesses effectively. Here is the summary of some of the very crucial pointers which may be used… Read More...
Vidhi Centre report recommends legislative changes to strengthen GST (4/15/2019) by Team@HostBooks - Source: Business Standard The launch of GST evoked an unprecedented range of emotions and eagerness about the legal and political schemes to transition to the GST regime. Given the paradigm shift that GST caused in the indirect tax framework, its implementation was expected to create turbulence. Nevertheless, there was a hope that it would provide a simpler, transparent and user-friendly tax regime. Vidhi Centre for Legal Policy (VCLP), in a series of reports, seeks to analyze how GST has managed… Read More...
GST most likely to undergo a change irrespective of the election result (4/15/2019) by Team@HostBooks - Source: New Indian Express The controversial Goods and Services Tax (GST) is all set for a refit regardless of who comes to power in the forthcoming elections. Top finance ministry officials said that more of goods currently in the 28 percent luxury bracket would be brought down to lower tax slabs. The GST median rate now at 18 percent could eventually be reduced. “There will be a continuation of GST reforms regardless of who forms the government. The aim is… Read More...
What are The Major Changes in GST w.e.f 1st April 2019? (4/12/2019) by Arpita@HostBooks - Source: TaxGuru With the beginning of the new Financial Year of 2019-20 CBIC (Central Board of Indirect-Taxes and Customs) has issued some important notifications to bring the GST recommendations into effect. These recommendations were made during the 32nd GST Council meeting, held on 10 January 2019. This main objective was to provide a sigh of relief to MSME sector like an increase in threshold limit for GST registration, concessional rate of tax for service providers which have been brought into… Read More...
E-Way Bill Reporting Mechanism to be Improved [Report] (4/11/2019) by Team@HostBooks - Source: Outlook India Owing to the mismatches in e-way bill submissions, the Centre is scrutinizing GSTN data to see if it should consider withdrawing the facility of generating multiple e-way bills on a single invoice, an official source said on Monday. The Goods and Services Tax (GST) authorities are now sifting through GSTN data retrieved through return filings and e-way bills to match these with the summary reconciliation statements of estimated tax liability. Hence, the businesses will have to explain… Read More...
BJP Manifesto to continue with GST simplification ensuring stable tax regime (4/10/2019) by Team@HostBooks - Source: Taxsutra The BJP economic policy aims at lowering the tax rate, improving compliance, and broadening the tax base. The improved compliance and increased tax base have resulted in a rise in the tax to GDP ratio. The same has reached 12%, which is the highest in the recent past (the ratio was 10.1% in 2013-14). BJP promises to continue with their policy in the same manner i.e. lowering of the tax rate, rewarding honest taxpayers, and improving compliance. GST… Read More...
Roll-out of new GST return filing format delayed (4/5/2019) by Team@HostBooks - Source: The Hindu BusinessLine The roll-out of new GST return forms from April 1 has been delayed. The same would be made available once the software is ready. The GST Council had in July last year decided that the simplified GST return forms -- Sahaj and Sugam -- would be rolled out on a pilot basis from April 1, 2019, while mandatory filing across the country would begin from July. Under the new return filing format, taxpayers with no purchases, no… Read More...
Sun-cured tobacco leaves classifiable under HSN 2401 and taxable at 5% (4/4/2019) by Team@HostBooks - Source: TaxGuru Kerala AAR held that sun-cured “Tobacco leaves” known as “Kannipukayila” only used for chewing is classifiable under HSN Code, 2401 liable to 5% GST (2.5% CGST + 2.5% SGST) vide Notification No. 01/2017-Central Tax(Rate). Further referring to Rule 46 of SGST Kerala Rules, it held that tax invoice issued by a registered person shall contain the particulars of the amount of tax charged in respect of taxable goods and services. The AAR clarified that tax shall be collected… Read More...
AAR classifies polypropylene mats under Chapter 46 is taxable at 5% (4/3/2019) by Team@HostBooks - Source: TaxGuru Kerala AAR held that polypropylene mats (plastic mats, commonly known as ‘satranji’) manufactured by plaiting together polypropylene mono-filament strips and the like of plastics fall under Chapter 46 of Customs Tariff Act, 1975. Some important facts: The AAR elucidated the process of manufacture of the plastic mat (satranji) where polypropylene is converted into tube form by applying heat and air on an extruder machine which is then cut into a specific size and used on weaving machines. It… Read More...
No Consensus on ‘Why Consumer Goods Demand Increased After GST?’ (3/29/2019) by Arpita@HostBooks - Source: BloombergQuint As the supply-chain emerged from the initial commotion caused by Goods and Services Tax, the number of consumer goods makers increased surprisingly. There is no consensus on ‘why did it happen so?’ Manufacturers of soaps to biscuits admit that the lower GST rates drove higher demand. But, distributors and retailers aren’t sure if that was the trigger and attribute it largely to a quick recovery after the twin disruptions of demonetization and GST. When distributors pared inventory ahead of… Read More...
Is GST Affecting India’s Clean Energy Transition? (3/19/2019) by Arpita@HostBooks - Source: The Economic Times India is undergoing a clean energy transition. This transition must not only advance climate commitments but also development needs and economic priorities. However, as we tread this tightrope, the introduction of new macro-economic policies could add further complications. The emergence of Goods and Services Tax in July 2017, is one such example. GST removed tax exemptions offered previously to solar photovoltaic (PV) and added much uncertainty during the first year of its introduction. How has the… Read More...
Revolutionary Effects of GST in India: Pros V/s Cons (3/18/2019) by Arpita@HostBooks - Source: The Economic Times There were certain basic objectives behind the introduction of GST. One was to substantially reduce (if not eliminate), the cascading of taxes by providing a seamless flow of Input Tax Credit in the entire supply chain. The second aim was to cut short the compliance costs by clubbing together seventeen indirect taxes of Center and States. These two targets have been achieved substantially, except only five Petroleum products and Alcohol for human consumption could not be… Read More...
Highlights of 33rd GST Council Meet (2/22/2019) by Team@HostBooks - Agenda: Real estate & Lottery issue The 33rd GST Council meeting was concluded on February 21, 2019 (Wednesday). However, Hon. Finance Minister termed the discussion as inconclusive and then the Hon. Chairman agreed to consider the views of state FMs in the next GST Council meet which has been proposed to be conducted on Sunday (24th Feb. 2019) in Delhi. In this GST council meet the Deadline for filing GSTR-3B has been announced to be extended by 2 days. Due to the… Read More...
6 Major changes in GST Portal to Help Small Businesses (2/18/2019) by Team@HostBooks - Source: TaxGuru Some of the most significant updates have been made to the GST Portal in last week which contains various specific features. These advanced updates will bring great relief to taxpayers. The important updates made in the GST portal are as follows: 1. Option to choose a Bank while making Payment: Every time a particular bank option is selected while a taxpayer pays off his/her GST liabilities. But now, keeping in view at taxpayers’ ease it has been updated in… Read More...
What is GSTR-2A and how to download it with HostBooks GST Software? (2/11/2019) by Arpita@HostBooks - Birth and implementation of Goods and Services Tax in India is known to be the biggest post-independence indirect tax reform. It has played a crucial role in the removal of different socio-economic evils like bribery, tax evasion and cascading effects from the country which were on a rise in the old tax regime. Different sorts of online GST Return forms have been introduced which makes it necessary to go for the GST software that is capable enough to meet all… Read More...
A Quick Guide on GST Audit Procedure, Assessment, Ruling & Recovery (2/5/2019) by Arpita@HostBooks - Having been known as the most influential and the biggest tax reformation since independence, Goods and Services Tax has completely revolutionized the entire concept of tax and its other significant components too. Here in this blog, we shall go through all about the restructured headings pertaining to Audit Procedure, Assessment, Ruling and Recovery under GST. 1. GST Audit Procedure What is meant by an audit under GST? GST Audit is the thorough examination of taxpayer’s records to see if he complies… Read More...
Key Highlights of 32nd GST Council Meet (1/11/2019) by Team@HostBooks - On 10th January 2019 (Thursday), under the chairmanship of Hon. Finance Minister Mr. Arun Jaitley, the 32nd GST Council Meet took place in New Delhi. Here are the Key Highlights of the 32nd GST Council Meet Increased Annual Turnover Limit for GST Registration Basic exemption limit for suppliers of goods shall be increased from ₹ 20 lakhs to ₹ 40 lakhs. However, the limit for suppliers of services shall remain ₹ 20 lakhs. While in special category states {i.e. North-Eastern… Read More...
A complete Guide on GST Practitioner Examination (1/11/2019) by Kapil RANA - After the implementation of GST in India, more than 1 crore enterprises have been registered under GST and are required to deal with various GST compliances. To make compliance easier for businesses, the Government has taken various commendable initiatives like introducing registered GST Practitioner Exams along with setting up of GST Facilitation Centers across the country. On 30th October 2018, the CBIC (Central Board of Indirect Taxes & Customs) issued the Notification No. 60/2018 – Central Tax, mentioning the provisions… Read More...
Highlights of the 31st GST Council Meet (12/22/2018) by Arpita@HostBooks - Source: TaxGuru The 31st GST Council Meet concluded on December 22nd, 2018 at Vigyan Bhawan in New Delhi. It was chaired by Finance Minister, Sh. Arun Jaitley along with other finance ministers of all states. Here are some takeaways from the latest Council Meet. Jan-Dhan Account holders are completely exempted from Goods and Services Tax. Only 8 items (luxury and sin items) have now been left in the 28% slab. Business class Air tickets have been brought into the 12… Read More...
Judgments by Maharashtra Authority for Advance Rulings (AAR) under GST (12/21/2018) by Arpita@HostBooks - Source: GST Sutra AAR: Rules in applicant’s favor, reimbursement of salary on behalf of a foreign entity, not liable to GST Maharashtra AAR held that the applicant engaged in recruitment of shipping personnel for Foreign Ship Owner (FSO) shall not be liable to pay GST on salary amount received and disbursed as such to the Crew. It further Referred to Rule 33 of CGST Rules and observed that Salary of Crew of FSO will be deposited in the account of… Read More...
The GST Council to Further Rationalize the Highest Tax Slab of 28% (12/17/2018) by Arpita@HostBooks - Source: The Economic Times As per the announcement made by India’s Finance Minister Mr. Arun Jaitley in the Budget 2017, ‘the Indian Government is highly focused on absolute development of world-class gigantic infrastructure, affordable housing and roads’. Regular GST council meetings have now eradicated a number of issues and the tax slab of various goods have been now decreased. At present, only 35 goods, including cement, automobile parts, tires, automobile equipment, motor vehicles, yachts, aircraft, aerated drinks, betting and demerit items like… Read More...
How to Avoid GST Return/Invoice Mismatches in 5 Easy Steps? (12/7/2018) by Arpita@HostBooks - Reconciliation of GST Returns/Invoices is a recurring event and needs to be performed periodically to claim the maximum credit as well as to avoid mismatches on a larger scale. But as a fact, mismatch in GST Returns and/or invoices has always been one of the most tedious tasks in the GST regime. Most of the businesses usually talk about the problems faced in terms of this issue. Reconciliation under GST is all about matching the data filed by the supplier… Read More...
Extension of GST Return Due Dates (11/30/2018) by Arpita@HostBooks - Source: CBIC The entire social and business life have got badly affected due to the catastrophic cyclone appeared recently in two Indian states i.e. Tamil Nadu and Andhra Pradesh. Thus, keeping in view the ease of taxpayers of both these states the government of India has extended the different due dates for various GST Returns. As per the announcement made by the Dept. of GST (Govt. of India) – The previous due date for GSTR-3B (for the month of September… Read More...
E-Way Bills will now be linked with FASTag and LDB (11/27/2018) by Arpita@HostBooks - Source: Business Today With a strong view to making the E-way Bill mechanism more efficient and transparent, the Govt. of India is going to introduce new terms to E-Way Bills. This will check tax evasion by tracking the movement of goods and establishing direct linkage between what is declared and what is actually being moved. The Department of Goods and Services Tax (GST) is planning to integrate E –Way Bill with NHAI’s FASTag mechanism and DMICDC’s Logistics Data Bank (LDB)… Read More...
National Anti-Profiteering Authority (NAA) Rulings (11/22/2018) by Team@HostBooks - Source: TaxGuru NAA: Profiteering not established where base price reduction exceeds additional ITC available National Anti-Profiteering Authority (NAA) dismissed application alleging a violation of provisions of Section 171 of CGST Act, 2017 by Respondent, observed that Respondent reduced the base prices of products (“Bathing bar” and “Instant Drink Powder 50Gms”) to maintain the same MRP (Pre-GST MRP) inspite of increase in tax rate. It noted that actual pre-GST tax rate on the products was 14.5% (Nil Central Excise Duty+ 14.5%… Read More...
Maharashtra Authority for Advance Rulings (AAR) under GST (11/20/2018) by Team@HostBooks - Source: GST Sutra Maharashtra AAR: Education/Training provided through co-operative training centres/district co-operative boards, not exempt Maharashtra AAR held that activity of applicant, a state level apex training institute, conducting education and training programs through its 13 co-operative training centres and 33 district co-operative boards as per statutory requirement of Maharashtra Co-operative Societies Act, 1960 is covered within the scope of services, therefore liable to GST. It observed that the applicant is neither providing any services to the Central Govt., State… Read More...
Goods and Services Tax (GST) Judgments by Delhi HC, Allahabad HC & Kerala HC (11/16/2018) by Team@HostBooks - Delhi HC: Directs hand-over of premises sealed for over a month, sealing cannot assume ‘indefinite’ life Delhi HC directed removal of seal where premises of assessee was sealed on behalf of Delhi Goods and Services Tax (DGST), u/s 67 of CGST Act, 2017 for non-possession of books and accounts sought. The hon’ble HC noted assessee’s plea that DGST lacks statutory power and authorization to indefinitely seal the premises and that authorization does not name the ‘assessee’ but only lists the… Read More...
Enhancements Proposed by the Govt. in the Generation of E-Way Bill w.e.f. 16.11.2018 (11/16/2018) by Team@HostBooks - National Informatics Centre (NIC) proposed improvements in e-way bill generation, being released on 16.11.2018. The following improvements have been proposed: 1. Checking of Duplicate Generation of e-Way Bills Based on the Same Invoice Number The e-way bill system is enabled not to allow the consignor/supplier to generate duplicate e-way bills based on one document. Here, the system checks for duplicate e-way bills based on the consignor’s GSTIN, document type, and document number. Simply put, if the consignor has generated one… Read More...
Andhra Pradesh Authority for Advance Ruling (AAR) under Goods and Services Tax (11/15/2018) by Team@HostBooks - Source: GST Sutra AAR: Denies input tax credit on the civil structure for plant & machinery installation Andhra Pradesh AAR denies GST input tax credit (ITC) to applicant engaged in the manufacturing of steel and production of power; This is in respect of the goods and services used for installation of plant and machinery and for protection of plant and machinery by creating shades; On account of photographic evidence AP AAR rejected applicant's contention to treat civil structures as structural… Read More...
CBIC Sets up Help Desks to Resolve GST Queries of the MSMEs (11/15/2018) by Team@HostBooks - Source: Times of India The Central Board of Indirect Taxes and Customs (CBIC) will monitor the grievances of the MSMEs relating to GST on a daily basis. This is being done on account of the GST issues that the MSMEs are coming across. The CBIC is all set to resolve these issues that are being faced by small businesses in the new indirect tax regime. The government has initiated a major support and outreach programme for MSMEs to ensure growth… Read More...
Issues and Challenges Revolving Around GST Audit & Annual Return and Precautions for Compliances (10/29/2018) by Team@HostBooks - GST Audit is mandatory for every registered person whose aggregate turnover in a financial year exceeds ₹ 2 Crores which should be computed for the company on PAN India basis and not individually for each State. GST Audit should be made either by a Chartered Accountant or a Cost Accountant and shall include a reconciliation between Audited Financial Statements and turnover declared in the annual return. However, the entire process for this reconciliation can be a time-consuming activity as there… Read More...
Maharashtra & Rajasthan Authority of Advance Ruling under GST (10/29/2018) by Team@HostBooks - Maharashtra AAR: Electric Overload Travelling Grab Crane classifiable under HSN 84261100 taxable at 5% IGST Maharashtra AAR held that ‘Electric Overload Travelling Grab Crane (EOT Grab Crane)” to be supplied for use in the waste-to-energy project gets covered by Sl. No. 234 of Schedule I of Notification No. 1/ 2017 dated June 28, 2018 – Integrated Tax (Rate) as ‘Renewable energy devices and parts for the manufacture of waste to energy plants/ devices’, liable to 5% IGST. The AAR explained… Read More...
Latest Judgments by GST Authority for Advance Ruling (10/23/2018) by Team@HostBooks - Source: GST Sutra Punjab AAR: Forward contract settled by differential rate payment considering prevailing market rate constitutes ‘securities’, not liable to GST • Punjab AAR held that forward contract in cotton sales and cotton purchases, being settled by applicant with another party to contract by way of payment of differential of forward rate and prevailing market rate on settlement date, falls within purview of ‘securities’ defined u/s 2(101) of CGST Act, 2017, therefore not eligible to GST; • However, where… Read More...
‘Lottery’ an Actionable Claim, Liable to GST, Upholds Levy of Differential Tax: Calcutta HC (10/23/2018) by Team@HostBooks - Source: TaxGuru • HC held that lottery can be taxed under Central CGST Act as well as West Bengal (WB) GST Act, 2017 while rejecting assessee’s plea that lottery is neither ‘goods’ or ‘service’ under said Acts; • Relying upon SC ruling in Sunrise Associates wherein it was held that the distinction drawn in H. Anraj between the chance to win and right to participate in the draw was unwarranted, held that, “lottery is an ‘actionable claim’ and goods or… Read More...
GSTR-3B Filing Due Date Extended till October 25, 2018 (10/23/2018) by Team@HostBooks - Source: The Economic Times The Finance Ministry on Sunday extended the deadline for filing summary sales return GSTR-3B for the month of September by five days i.e. till October 25. The due date extension has benefitted the businesses that wish to claim Input Tax Credit (ITC) for July 2017-March 2018 period. The Central Board of Indirect Taxes and Customs (CBIC), under the Finance Ministry said that trade and industry had expressed apprehension relating to October 20 due date, for claiming… Read More...
GSTR-4: Meaning, Eligibility, Due Date, Format, Process & Penalty (10/22/2018) by Team@HostBooks - Under the broad and crystal clear circumference of GST regime, every taxpayer needs to execute his/her liability seriously and on time. Keeping in view one’s, ease various kinds of GSTR forms have been brought by the Govt. GSTR-4 is like other GSTR Forms, which is subjected to dealers registered under composition scheme of GST and they have to furnish this GSTR-4 electronically by 18th of the month succeeding quarter. This blog post contains abundant information regarding your queries for- What… Read More...
GSTR-4 Update: Composition Dealers not required to furnish ‘inward supply’ details in quarterly returns (10/18/2018) by Team@HostBooks - Source: Pib Finance Ministry issued a clarification on the manner of filing the Quarterly Return by Composition Dealers in FORM GSTR-4; It explained that such taxpayers need not furnish the data in serial number 4A of Table 4 of FORM GSTR-4 i.e. Inward supplies received from a registered supplier (other than supplies attracting reverse charge); A clarification has been issued pursuant to doubts regarding the manner of filing such Quarterly Return in absence of auto-population of details of inward supplies (other than supplies… Read More...
How to Become a Registered GST Practitioner? (10/16/2018) by Team@HostBooks - In accordance with the new GST rules, before one starts helping one’s clients, one mandatorily needs to register oneself as a GST Practitioner. In the present arena, the process of GST migration has been on its full swing. Report says, around 60 to 70 percent (in lakhs) businesses are going to be registered on the GST portal (www.gst.gov.in) before the window closes. There are a number of businesses which are still oblivious regarding the appropriate procedure required for filing GST Returns… Read More...
GST Authority for Advance Ruling (AAR) (10/16/2018) by Team@HostBooks - Maharashtra AAR: Composite contract with Govt. Dept. for water supply from tube-well after excess iron removal, taxable at 12% Maharashtra AAR holds that turnkey contract entered with Public Health Engineering Dept. Govt. of Bihar for the supply of water from tube-well after removal of excess iron and lifting it to overhead tank, shall be taxable under Tariff Sub-Heading 9954 (Construction services). It observed that, in order to perform the contract entered with Public Health Engineering Dept., Bihar, the applicant has… Read More...
Annual Return GSTR-9: Meaning, Eligibility, Due Date, Filing Format & Penalty (10/15/2018) by Team@HostBooks - The Goods and Services Tax regime came up with a number of returns to be filed by the taxpayers. One such important return that the taxpayer cannot miss out on is the Annual Return: GSTR-9. Majority of the traders or businesses registered under GST are supposed to file this return. Here in this blog post, we will discuss what GSTR-9 is all about along with the eligibility, due date, the format prescribed and the penalty that is to be paid… Read More...
GSTR-3B Filing Process, Eligibility, Due Date & Penalty (10/13/2018) by Team@HostBooks - The implementation of GST created a hassle across the country. A lot of returns were introduced and needless to say the return filing process further added to the hassle. However, with GST Council Meets being held every month, the Govt. is on its way to make GST easy and convenient for the taxpayers. Speaking of the GST returns, GSTR-3B is considered to be one of the most important returns to be filed under the GST regime. In this blog post,… Read More...
What is GSTR 6? Return Filing Process, Format, Due Date 2024 (10/13/2018) by Team@HostBooks - GSTR-6 is a monthly return that must be submitted by every taxpayer registered as an Input Service Distributor (ISD) under the Goods and Services Tax (GST) system. It is a crucial GST Return for businesses acting as Input Service Distributors, facilitating the seamless distribution of input tax credit among various units or branches within an organization in proportion of usability. It is a monthly GST return filed to distribute the ITC received by Input Service Distributor among the branches. This… Read More...
Govt. Substitutes Rule 96(10) Pertaining to IGST Refund to Exporters w.e.f. October 23, 2017 (10/12/2018) by Team@HostBooks - Source: CBIC Govt. on October 9, 2018 substituted Rule 96(10) w.e.f. October 23, 2017. It said rule pertains to refund of IGST to exporters receiving supplies from persons availing benefit under specified Notifications. The Govt. thus consequently amended CGST Rules, 2017. CBIC notified Central GST (Twelfth Amendment) Rules, 2018 to amend Rule 96(10) and Rule 89(4B) of CGST Rules, 2017. It also substituted Rule 96(10) to provide that persons claiming refund of IGST paid on exports of goods or services… Read More...
Constitution of NFRA (10/11/2018) by Team@HostBooks - Source: TaxGuru MCA Notification dt. 1 Oct. 2018: Section 132(1) & (12) of Companies Act, 2013 to commence from 1 Oct. 2018 S.O. 5098(E).- In exercise of the powers conferred by sub-section (3) of Section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 1st October, 2018 as the date on which the provisions of sub-sections (1) and (12) of Section 132 of the said Act shall come into force. The Central Government has… Read More...
How HostBooks GST Software can help you become GST Compliant? (10/4/2018) by Team@HostBooks - After the birth of GST, most of the businesses started looking for an appropriate, affordable, secure, and advanced GST Software. Below are some of the features of HostBooks GST Software that will help you know how it can help you become GST compliant in the true sense. 1. Cloud-based software with anytime anywhere access Being associated with Amazon Web Services (AWS), HostBooks GST Software is Cloud-based software that offers you the freedom of accessing your account anywhere and anytime. Moreover,… Read More...
Appellate Authority for Advance Ruling under GST (AAAR) (10/3/2018) by Team@HostBooks - Source: GST Sutra 1. AAAR: Absent natural bundling, EPC contract for solar power plant involving PV module and other supplies, not a ‘composite supply' Based on the review of the case the Karnataka Appellate Authority for Advance Rulings agrees with findings of AAR that supply of Photovoltaic (PV) module is a transaction originated and in distinct nature by itself and not to be construed as naturally bundled with supply of remaining components and parts of ‘solar power plant’; Notes that… Read More...
Highlights of the 30th GST Council Meet (10/1/2018) by Team@HostBooks - Source: Taxscan The 30th GST Council Meet concluded on September 28, 2018. It was chaired by Finance Minister, Sh. Arun Jaitley via video conferencing along with other state finance ministers. Here are some takeaways from the latest Council Meet. 1. Calamity Cess Keeping in view the grave flood situation in Kerala, the state proposed the imposition of cess on SGST for the purpose of rehabilitation and other flood related works. The GST Council decided to constitute a GoM i.e. a… Read More...
How to track GST Registration Application Status through ARN? (9/11/2018) by Team@HostBooks - GST Registration has been made mandatory for the businesses having an aggregate annual turnover of ₹ 20 lacs. The threshold limit is ₹ 10 lacs in North-eastern states (Assam, Arunachal Pradesh, Mizoram, Nagaland, Tripura, Meghalaya, Sikkim & Manipur) and Hilly states (J&K, Himachal Pradesh & Uttarakhand). This blog post will help readers to track their GST Registration Application Status through ARN and to understand the various status of registration. After the successful submission of GST Registration Application online, the unique… Read More...
GST Council brings 15 key suggestions on simplifying GST for SME/MSME sector (9/7/2018) by Team@HostBooks - The 29th GST Council meeting took place at Vigyan Bhawan in New Delhi on 4th August 2018 under the chairmanship of Mr. Piyush Goyal, the current Finance Minister of India. The exclusive focus of this GST Council meet was thoroughly adhered to simplify GST for SME and MSME sector. With a firm determination for making GST Law as Good and Simple Tax for SME/ MSME sector forming the heart of Indian Economy, the present Chairman of Indirect Tax Committee as… Read More...
CGST/IGST Amendment Bill 2018: Key Highlights (8/28/2018) by Team@HostBooks - On 8th of August 2018, the Central Government of India introduced these four GST amendment bills in the Lok Sabha. CGST Amendment Bill – 2018 IGST Amendment Bill – 2018 UGST Amendment Bill – 2018, & GST (Compensation to States) Amendment Bill – 2018 We shall now review only the key highlights of CGST and IGST Amendment Bill 2018. A. Key Highlights of CGST Amendment Bill – 2018 (Section – 7) Scope of Supply - New sub-section is proposed to… Read More...![TDS Entry in Tally with GST [Payable and Receivable] 2024 Quick Guide](https://www.hostbooks.com/in/hb/wp-content/uploads/2023/09/TDS-Entry-with-GST-1-300x150.jpg)
TDS Entry in Tally with GST [Payable and Receivable] 2024 Quick Guide (9/15/2023) by Sanchit Singh - Passing TDS Journal Entry are among the most common yet slightly complex transactions to record in accounting software like Tally. This blog will discuss passing TDS receivable, payable and payment entry in Tally Prime and HostBooks Accounting software. Here are the Two major types of entries to pass while booking TDS. TDS Payment Entry Whenever you are making a payment after deducting TDS, here is the entry you need to… Read More...
A Detailed Guide on TDS Deduction and TDS Online Payment (Challan 281) (7/7/2023) by Aakash Tiwari - Tax Deducted at Source (TDS) is a crucial component of the Indian taxation system, aimed at collecting taxes at the source of income. Once you deduct the TDS it is important to deposit the TDS amount to the government on behalf of the taxpayer. Depositing the TDS could be complex, and a single error might cause extra trouble or even penalties. In this comprehensive guide, we will take you through… Read More...
5 Reasons TDS Software is Profitable for Your Business World (10/18/2022) by Team @HostBooks - TDS software provides the most simple and user-friendly interface which is specially designed for filing the TDS/TCS returns online as per the norms & regulations of TRACES and CPC, India. With the aid of a cutting-edge tool, it is possible to accurately predict the amount, produce TDS returns, compute interest and penalties, as well as late filing costs, all in one place. What does TDS mean? Taxes are collected by… Read More...
TDS Return File: Know How to File TDS/TCS Return, the Due Dates of e-Filling TDS/TCS in the FY 2021-22, Late Filing Fee, and More (3/11/2021) by Law@HostBooks - A long time ago taxes were levied on imported goods, later on, it was imposed on real property to raise the funds for the country and it’s been confined for a long time. But as demand increased with requirements, tax collections were extended to other assets like real estate, a variety of obligatory services, charges on goods, industries, market fees, and so on. Since then, with the advancement of civilization,… Read More...
A complete guide on Tax Deducted at Source (TDS) (3/13/2018) by Team@HostBooks - What is TDS? Tax Deducted at Source (TDS) is a mechanism that has been introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a certain percentage of tax before making the payment to the receiver. The payment includes salary, commission, professional fees, interest, rent, etc. ABC Ltd. makes a payment of 50,000 INR by the way of fees to Mr. X. In this case,… Read More...
A step by step guide to filing e-TDS returns online (1/15/2018) by Team@HostBooks - It’s a well-known fact that filing TDS returns have never been an easy task. The whole process is time-consuming and requires a great deal of cautiousness. But, technology by transcending all boundaries is making our lives better and easy-going. So, if you have been filing tax returns manually, it’s time to adopt the current practice i.e. e-TDS (Electronic Tax Deducted at Source)! With the implementation of e-TDS, the return filing… Read More...
Resources for HB-TDS (1/2/2018) by Team@HostBooks - 1.What is TRACES? TDS Reconciliation Analysis and Correction Enabling System helps the deductors and the deductees by efficient and effective administration of the taxation system. It aims at improving the end-user satisfaction by providing timely and appropriate web services. 2. How should a deductor register and login on TRACES? http://contents.tdscpc.gov.in/en/deductor-registration-login-etutorial.html 3. How to go about in case of Online Correction? A .Online Correction Resolution for Overbooked Challan http://contents.tdscpc.gov.in/en/OC-Resolution-for-OverbookedChallan.html B. Add… Read More...
JARGONS FOR TDS (12/23/2017) by Team@HostBooks - Book Entry: This is meant for those maintaining Govt. Accounts in Govt. Departments where no physical movement of cash or cheque is involved. In this case, the voucher number needs to be furnished. BSR Code: Basic Statistical Return (BSR) is a 7 digit code that is allotted by RBI to the banks. The first 3 digits represent the bank and the next 4 digits represent the branch of the bank. It is… Read More...
What is Proforma Invoice? Meaning, Format, Template 2024 (12/5/2023) by Team Hostbooks - A Proforma Invoice (also Pro Forma) is a provisional document issued by a seller to a potential buyer before the sale transaction is completed. It serves as a preliminary bill of sale, outlining the terms and details of a possible trade, estimated costs, taxes, shipping charges, weight, dimensions, and so on. A proforma invoice has three major characteristics. It is issued before the deal is finalized but after the price is negotiated. It is not a legally binding document and… Read More...
Tally Prime VS. Busy VS. HostBooks Accounting Software Comparison (3/20/2023) by Aakash Tiwari - Choosing the right accounting software has always been a challenge for two obvious reasons - the cost of wrong selection is massive and the are too many options out there. There is often a clash between two main categories of accounting solutions: legacy software and the latest accounting software. Among legacy accounting software, there are two major competitors in the market Tally and Busy. Both has been the pioneer of accounting solution in India. On the other side, HostBooks has… Read More...
Importance of Accounting Software for Businesses (1/18/2023) by Team @HostBooks - Accounting software is a vital tool for businesses of all sizes. It helps companies keep track of their financial transactions, manage their cash flow, and make informed decisions about their finances. In this blog post, we will discuss the importance of accounting software for businesses and how it can benefit your company. First and foremost, accounting software helps businesses keep accurate and up-to-date financial records. This is crucial for compliance with tax laws and regulations, as well as for providing… Read More...
Error Free Reconciliation with AI-based Accounting Software System (9/3/2022) by Team @HostBooks - Bank Reconciliation is an important process of matching bank statements with the transactions that are recorded in the accounting software. The matching of the bank transactions versus entries in the daily journal entries is done automatically by replacing manual work, this is called AI Based Bank Reconciliation. The best Accounting Software should be the one that helps you to provide options to create trial balances, easy journal entries, create ledger accounts, and reconcile all your bank transactions directly with the… Read More...
How Businesses Are Leveraging Cloud Services During Pandemic? (4/30/2021) by editor@HostBooks - Well said by a great man, “the ultimate measure of a business is not where it stands at times of comfort and convenience, but where it stands in moments of challenges and controversies.” The sayings of "dog eat dog," "businesses are war," and "survival of the fittest '' have become failed because now we are all in the same boat together. We have lots of things to say about the pandemic time but one thing is for sure, it puts remarkable… Read More...
New Update – Audit Trial Is Mandatory In Accounting Software Of Companies! Are You Ready? (4/9/2021) by Law@HostBooks - Are you using accounting software to manage your company’s books? If yes, be attentive! A new amendment comes from the Ministry Of Corporate Affairs. They issued a notification on 24th March, 2021 under the Companies (Accounts) Amendment Rules. A new proviso has been added in Rule 3 Sub-rule (1).. According to this provision, there is compulsion of three changes in the features of accounting software, which are: Edit Log of each transaction Log of date when changes were made Audit… Read More...
A Quintessential Guide on Different Types of Accounts in Accounting (3/9/2021) by Law@HostBooks - Probably you have heard about credits and debits. Right? Maybe you also know that they increase or decrease. But, do you know the accounts which they affect and how much they can affect? If your answer is no, you are at the right place. In this blog, we will explain to you different types of accounts with example. Also, we will explain to you how credits and debits affect those accounts in detail. In accounting, an account plays a vital… Read More...
How Cloud Accounting is Helping Small Businesses Grow (8/11/2020) by Sunil Dutt - The “cloud” is like a magical place where data is stored. However, ever since its inception, many businesses have gravitated toward it. Cloud computing has brought a revolutionary surge of recent technological advances that had looked like an overseas dream to several. The shift to cloud computing, a rather crucial step, is rapidly bringing about change within the business world. It has galore of features to boast about, including reduced IT costs, and data access on the go. When it… Read More...
Technical Jargons for Accounting (3/19/2018) by Team@HostBooks - Accounts Receivable The amount of money that the customer is liable to pay after the delivery of goods and services. Accounting It is the process of systematic recording, reporting, and analysis of financial statements of a business. Accounts Payable The amount of money that the company owes to its creditors or the suppliers in lieu of the purchase of goods and services. Accrual Basis Accounting This is a widely accepted form of accounting. It records the transactions when income is… Read More...
Technical Jargons for Payroll (5/15/2018) by Team@HostBooks - 1. Allowance The fixed amount paid to all the employees is known as allowance. Allowance is paid in addition to the basic salary to cover up expenses like travelling to the workplace, renting a house, or eating food. These allowances are generally included in CTC of the employees. Allowances can be categorized into: Non-taxable allowances (Allowance paid by UNO, sumptuary allowances, etc.) Partly taxable allowances (House rent allowance, medical allowance, etc.) Taxable allowances (Overtime allowance, dearness allowance, etc.) 2. Basic Salary… Read More...
What is Payroll? Meaning & Components (3/21/2018) by Team@HostBooks - Payroll is an important tool that manages the details like the total amount of money that is paid to the employees. Simply put, it keeps a record of the employees’ salaries, wages, bonuses and also the withheld taxes. Hence, payroll plays a vital role in the smooth functioning of an organization. The primary objective of payroll is to ensure that all employees are paid accurately and on time after taking into account the correct withholdings and deductions. Also, the withholdings… Read More...
What is Bill of Entry? Process, Format, Claiming ITC for GST (11/23/2023) by Team Hostbooks - Introduction: This guide has been written as per the last update: ICEGATE (Indian Customs EDI Gateway) Bill of Entry (Electronic Integrated Declaration and Paperless Processing) Regulations, 2018 Notification No. 79/2011-Cus (N.T.) dated 25.11.2011 amended by Notification No 45/2016-Cus (N.T.) dated 01.04.2016, Notification No. 36/2018-Cus (N.T.) dated 11th May, 2018. What is a Bill of Entry? A Bill of Entry is a crucial document (more detailed than an invoice) that is filed with authorities while importing goods from another country or… Read More...
File Your ITR Before the Deadline, Keep These 4 Points in Mind to Make Your Filing Easy (7/26/2022) by Team @HostBooks - The last date to file Income Tax Return (ITR) is getting closer, and if you haven’t filed your ITR yet, you should not wait for the last-minute rush. And if you are thinking that the last date will be extended, then you might get disappointed this time as the government has clearly said that this time the date will not be extended. The deadline for filing ITR for taxpayers (those not required to get their accounts audited) is 31 July… Read More...
All about the New Form to File an Updated Income Tax Return (ITR-U) Issued By Income Tax Department (6/21/2022) by Team @HostBooks - Income Tax Department has issued a new form to file an updated income tax return (ITR) for the financial years 2019-20 and 2020-21. The taxpayers can now file their updated tax return with the reasons for refiling it and other details like the total taxable amount. They have to furnish the reason for updating their income and not filing their tax return before with correct income details. The income tax department has confirmed that new released ITR form can be… Read More...
Get to Know the Tax Rules If You Are Planning To Invest in FDs (1/10/2022) by editor@HostBooks - Nowadays, everyone makes investments in one form or another to secure their future. Most people find banks the safest way to keep money, many take risks in the stock market. But as the Covid-19 situation is going on, there is a high risk in stock market investment, banks are also going down in the last few years. But irrespective of the scenario, bank deposits are the reliable choice of investment as it is considered the safest even today. So, if… Read More...
10 Perfect Tax Saving Ideas that Salaried Individuals Must Know Before Filing ITR (1/3/2022) by editor@HostBooks - Saving tax is always a challenging task. Every taxpayer thinks about it and considers the best options to save tax before or at the time of filing ITR. But it is more important to apply the tax-saving ideas before filing the income tax return or at the beginning of the financial year. Perfect planning could save a huge part of your tax. Let’s check out the perfect 10 ways that fall under 80C by which salaried individuals can save tax… Read More...
Form 15G and Form 15H to Avoid TDS on Income Tax (5/18/2021) by Law@HostBooks - Tax time is not good for many, especially when it is a large sum one has to pay. At that moment, one thing that pops up in one’s mind is the ways of saving on tax. Though there are various ways of saving on tax, bank FDs is one of the tax-saving instruments you can file a declaration in form 15G/15H to the deductor for non-deduction of tax on interest. Basically, that means if you don’t come under the income… Read More...
All You Need to Know About Tax Saving Fixed Deposits (5/17/2021) by Law@HostBooks - Tax-saving fixed deposits are one of the safest tax-saving instruments where you can invest and save a significant amount of tax. Under section 80C of the Income Tax Act, investors can get a tax deductionof up to Rs 1.5 lakh by investing in various tax-saving fixed deposit schemes. The amount that is invested in FDs in a financial year is deducted from your total taxable income. Therefore, investment in tax-saving FD accounts doesn’t only help you save on tax, but… Read More...
Understand the Different Component of Salary That Can Be Used to Reduce Your Tax Burden While Filing ITR (5/6/2021) by Law@HostBooks - There are various components available in your salary and summing up all, you get net salary after all deductions. If you are a salaried individual coming under income tax slab, it’s good to understand the different components of salary as each component has its own significance that can be used to reduce your tax burden. So, let’s know about them in brief. Salary to partners is also considered as income from salary under income tax act. House Rent Allowance If… Read More...
Going to File ITR for the First Time? You Must Know What Form 16 Is and Its Benefits (5/1/2021) by editor@HostBooks - Every individual who made an income which exceeds the basic exemption limit (i.e. Rs. 2, 50,000 for an Individual having age less than 60 years and so on..) has to report about their income and tax savings to the government by filing ITR (income tax return) after the end of each FY. In short, an ITR is filed by a taxpayer to furnish the complete information about their income and the tax paid by him or deducted on his behalf… Read More...
Income Tax Saving Tips: Key Deductions & Exemptions That a Taxpayer Can Claim and Save Taxes (3/8/2021) by Law@HostBooks - Paying income tax is a civil duty, but saving taxes within the laws is Smart Financial Management. Yeah! You do agree with saving some bucks from your total taxable income with the legitimate ways. And if you are thinking that it is like wheels within wheels that make you feel like a beached whale, you might want to reconsider your perception if you are reading this article. Indeed, it is like choosing the stuff in a shopping mall that has… Read More...
When Does Another’s Income Become Your Tax Liability? (5/17/2019) by Arpita@HostBooks - According to the Income Tax laws of India, if the taxable income exceeds the basic exemption limit, every taxable person is liable to pay taxes on his/ her income. However, in certain circumstances, a taxpayer may have to bear the tax burden on the income of another person as well. The provisions of Clubbing in the Indian Income-tax Law have been included to report such income as the taxpayer’s income. Let us know it through a few examples where the income of… Read More...
Supreme Court Settles the Provident Fund Dispute (3/7/2019) by Team@HostBooks - Sharing with you all an analysis and key takeaways of a landmark ruling by the Apex Court in the case of The Regional Provident Fund Commissioner & Others V. VIVEKANANDA VIDYAMANDIR & OTHERS dated 28th February 2019. By virtue of this ruling “Contribution towards Employees Provident Fund (‘EPF’) is required to be computed on the amount of Special Allowance or any other allowance as well unless it satisfies certain specified test” as discussed below: Brief Background Section 6 of ‘THE EMPLOYEES’ PROVIDENT FUNDS AND MISCELLANEOUS PROVISIONS ACT, 1952’ (hereinafter referred… Read More...
Income Tax Appellate Tribunal Judgments (11/20/2018) by Team@HostBooks - Mumbai ITAT: Preference shares conversion into equity, not 'transfer'; Deletes LTCG addition Mumbai ITAT rules that conversion of cumulative and compulsory convertible preference shares (CCPS) into equity shares does not amount to ‘transfer’ u/s. 2(47), deletes long-term capital gains (LTCG) addition. During relevant AY 2012-13, upon conversion of CCPS into equity shares, AO had assessed the difference in the market value of equity shares and the cost of CCPS as LTCG on account of the transfer of shares by way… Read More...
How to Check Income Tax Return (ITR) Status (10/5/2018) by Team@HostBooks - Today, it has become very easy to file Income Tax Return online. However, until acceptance and confirmation is ensured, every taxpayer should check the status of his income tax return regularly. And, if the status appears other than ‘ITR processed’, the taxpayer can furnish a suitable reply instant to the income tax department in respect to the status pending in the account so as to avoid any complications in future. Being an honest taxpayer is good but your consciousness is… Read More...
Defective Return Notice U/s 139(9): Reasons and Rectification (8/23/2018) by Team@HostBooks - It is very obvious to make a mistake or two while doing something that is new or is not done on regular basis– the best example is the annual filing of income tax returns. What meant by Defective Return Notice U/s 139(9)? Sometimes when we file our Income Tax Returns, we may miss to furnish certain information, while sometimes there could be an error. Nonetheless, in such circumstances, a Defective Return Notice is issued in the name of the tax… Read More...
Avoid these Common Mistakes while Filing Income Tax Returns (7/23/2018) by Team@HostBooks - Paying the right tax in the right way at the right moment is the sign of a responsible citizen and this boosts the growth of the country too. If one seeks to file one’s Income Tax Returns perfectly, containing no mistakes then going through this blog would be a wise decision. Do keep in mind the following points that cause common mistakes while filing Income Tax Returns: 1.) Getting the Incorrect Form- It is of great importance to get the… Read More...
e-Invoice Limit Reduced to Rs. 5 Crores w.e.f. 01 Aug 2023 (5/31/2023) by Aakash Tiwari - e-Invoicing under GST is getting deeper and deeper into the Indian business landscape as Government is expanding its scope. Recently CBIC (Central Board of Indirect Taxes & Customs) Reduced e-Invoice Limit to Rs.5 Crores w.e.f. 01 Aug 2023. All businesses with a turnover exceeding 5 crores are mandated to generate e-invoices for all B2B transactions. e-invoicing is a slightly complex procedure that requires integration with GST portal for bill generation. Let’s understand in detail the e-invoicing limit under GST rules… Read More...
E-Invoicing for Businesses with Aggregate Turnover Exceeding ₹10 Crore Will Be Mandatory from October 1 (8/4/2022) by Team @HostBooks - The finance ministry indicated a month ago and now it’s been officially announced that E-Invoicing will be mandatory for businesses with aggregate turnover exceeding ₹10 crores from October 1, 2022. At present, e-invoice is mandatory for businesses with an annual turnover exceeding ₹20 crores. After the recommendation of the GST Council to minimize the e-invoicing limit, Finance Ministry has issued a detailed notification of reducing the e-invoice threshold to 10 crores. According to the report published in The Hindu BusinessLine,… Read More...
How E-Invoicing Implemented and Made Mandatory for the Businesses Having Turnover More Than 50 Crores (4/30/2021) by editor@HostBooks - The Central Government has mandated the generation of e-invoice for the transactions in business having turnover more than 50 crores, from April 1, 2021. Before that, it was mandatory for businesses having turnover of more than 500 crores and 100 crores to generate e-invoices in B2B transactions under the Goods and Services Tax (GST) Act. The Government has made this move to curb GST tax evasion. In May 2019, the Central Government set up the first committee to discuss the… Read More...
E-Invoicing Mandatory From 1 April, 2021 (Turnover Above 50 Crore) Are You Ready? (4/9/2021) by editor@HostBooks - Having turnover more than 50 Crores? Get ready to generate E-Invoice for your business transactions! A new update comes in E-Invoice generation limit. If your turnover is exceeding 50 crore, be careful! Now you are required to generate e-invoice else you may face many troubles. Central Board of Indirect Taxes and Customs (CBIC) issued a new notification on 8th March, 2021 in which the GST E-Invoicing threshold value is reduced to 50 Crores. This will come into effect from April… Read More...
Understand The Basic Concepts Of E-Invoices In Detail (3/17/2021) by editor@HostBooks - Introduction The Central Board of Indirect Taxes and Customs i.e. CBIC formally notified the system of e-Invoicing under GST vide Notification No. 68/2019 – Central Tax, which inserted sub-rules (4), (5) and (6) under rule 48 of the CGST Rules, 2017 for the implementation of e-Invoicing. E-invoice, as evident by name, stands for an electronic invoice. It is a standardised format of the invoice which is prescribed for the suppliers who are registered under the Goods and Services Tax laws.… Read More...
A Complete Guide On E-Invoicing System in GST (3/15/2021) by editor@HostBooks - What is E-Invoice? As per exiting law, every supplier of Goods or services is required to issue taxable invoice to the recipient/buyer manually or through ERP system. Under E-Invoice, this system of invoicing has been digitalized and routed through the centralized government portal for notified class of registered persons. That does not mean that invoice needs to be generated through government portal. In fact, invoice will be generated through the existing ERP system used by the taxpayer, with the only… Read More...
Know All about E-Invoice Generation System, Process with Applicability (1/20/2021) by Sunil Dutt - A new GST e-invoice scheme was launched by the government in which companies with a revenue of Rs 500 crore and above will produce all invoices as of 1 October 2020 on a single government portal. The turnover threshold for companies had earlier been set at Rs 100 crore. For now, e-invoicing has been launched on a voluntary basis beginning in January 2020, but it will become mandatory from April 2020 and if you want to integrate e-invoicing into your… Read More...
GST e-invoicing must for medium-to-large businesses from April (11/29/2019) by Arpita@HostBooks - Starting from April 1 next year, electronic invoicing (e-invoicing) will be mandatory for all businesses with a turnover of ₹100 Crore or more. The new system of generating e-invoices in a standard format will make it easier for the tax authorities to access details related to business-to-business transactions, curb tax evasion, and make compliance simpler. The e-invoicing system will be implemented in a phased manner, beginning with businesses having a turnover of ₹500 Crore or more who would take up… Read More...
Everything you need to know about E-invoicing (11/11/2019) by Arpita@HostBooks - Source: Economic Times Starting from January 2020, the Goods and Services Tax (GST) Council has proposed implementing electronic invoicing (e-invoicing) on a voluntary basis. To date, there are no standards set for e-invoicing in India. In its 37th Council meeting held in September, the GST Council, after discussing with the relevant trade and industry bodies and the Institute of Chartered Accountants of India (ICAI), approved the standard for e-invoicing. Looking at the daily volume of business transactions, as well as… Read More...
What is the Process of Generating e-Invoice Under GST? (10/18/2019) by Arpita@HostBooks - Source: Economic Times The GST Council approved the implementation of electronic invoicing or E-invoicing for business to business (B2B) transactions from January 1, 2020. After being implemented, it might curb tax evasion by pre-populating GST returns with the e-invoice details. The filing of GST returns will also become simpler with easy reconciliation. Recently, a concept note was made available on the GST Network (GSTN) website explaining what e-invoice is and how it operates. Much to the relief of the taxpayers,… Read More...
E-way bill generation maintains momentum in August | evidence of the growing economy (12/22/2021) by Team@HostBooks - E-way bill generation for goods and shipments across the states is speeding up again after a decline amid the Covid-19 pandemic. According to the report released by GSTN, the rate of e-way bill generation in August remained stable for the first 15 days as compared to the previous month. As per the report, close to 2 million e-way bills have been generated a day on an average in the month of July. In June, the daily average of e-way bill… Read More...
Frequently Asked Questions on Blocking and Unblocking of e-Way Bill Generation (4/28/2021) by editor@HostBooks - Q 1: How does blocking take place in e-Way bill system? A: As per the rule, if a taxpayer unable to file GSTR-3B for 2 or more consecutive months/quarters on the GST portal, the same is reflected on the e-Way bill system and as a result blocks the GSTIN. Now the GSTN of blocked taxpayers cannot be used for generating e-way bills either as Consignor or Consignee. This clearly indicates that taxpayers will not be able to receive goods if… Read More...
Eway Bill Rules, Generation and Compliance: A Comprehensive Detail (9/15/2020) by Sunil Dutt - The concept of e-way bill under GST has been introduced by the Govt. after abolishing the Border Commercial Tax Post to avoid tax evasion in India. Get an in-depth view of the e-way bill system through this article. 1. What is the e-way bill under GST? E-way bill (Electronic-way bill) is a document that has been introduced under the GST regime to be generated before transporting or shipping goods worth over INR 50,000 within state or interstate. The physical copy of… Read More...
What are The 4 Major Upcoming Changes in E-Way Bill System? (3/28/2019) by Arpita@HostBooks - Still worried about the eWay Bill roadblocks hampering your business? You can now heave a sigh of relief! The Govt. has come up with some major changes in the e-way bill system to make it simpler. These arrangements will help businesses and transporters overcome the eWay Bill issues. Here's a List of the Upcoming eWay Bill Changes: 1. Auto-calculation of Distance based on Pin Code The e way bill system will calculate the distance between the source and destination. This… Read More...
Latest Enhancements in E-Way Bill Form (10/4/2018) by Team@HostBooks - Display of only relevant document types in the “Document Type” dropdown list based on the selected Transaction “Supply Type” and “Sub Type” by the taxpayers. Auto-population of the state name based on the pin code entered in consignor and consignee addresses. Standard rates for the tax are provided in the drop-down list for selection, based on the type (intra-state/inter-state) of transactions. Additional fields for “CESS Non-Advol Amount” & “Other Value” have been introduced to enter CESS Non-Advol amount and any… Read More...
A Quick Guide on E Way Bill Registration Procedure Under GST (9/24/2018) by Team@HostBooks - Under GST, E Way Bill has become mandatory for the transportation of goods with a value of more than ₹ 50,000. On the other hand, it becomes helpful for the purpose of tracking the exact location of transport and goods across India. It is compulsory to get registered on the E Way Bill portal first to generate the GST E-Way Bill. As a quick guide on E-Way Bill Registration procedure under GST, this blog post will be quite helpful. Requisites… Read More...
Role of POS in Transforming Businesses (11/23/2022) by Team @HostBooks - The POS system has developed over time and is now widely utilized in small shops. The development of POS software has given businesses more flexibility, control, and intelligence than ever before. Businesses now use cloud-based POS systems instead of conventional cash registers and stationary credit card readers. This technological change gives organizations new functionality and enables them to centralize all reports and transactions. These technology-enabled experiences are becoming increasingly popular among retailers, restaurants, and hospitality businesses. The effectiveness of POS… Read More...
POS SOFTWARE – Multiple ways of Helping The Retail Sector (9/19/2022) by Team @HostBooks - The retail sector consists of every business entity that directly sells to customers, ranging from departmental stores to convenience stores, clothing stores to pharmacy stores. Operating a retail store through POS Software goes beyond billing the products . With cutthroat competition, retailers now focus more on customer satisfaction and retention. Streamlining of daily operations cannot be achieved manually and need some automated help through a POS System that maximizes efficiency in Payment Process, Order management, Multi-Store management, etc. Hence, both… Read More...
HostBooks at GITEX GLOBAL 2024 (11/27/2024) by Team @HostBooks - GITEX Global 2024: HostBooks is excited to participate in the prestigious and one of the largest tech exhibitions in the world. This year, the event occurred at the Dubai World Trade Centre and Dubai Harbour, respectively, attracting some of tech's brightest talents. HostBooks, a company at the forefront of digital transformation and automation, was keen to showcase its innovative solutions and network with industry leaders at this event. Now in its 44th year, GITEX GLOBAL has become a flagship meeting… Read More...
What are the roles of GST Software in your business? (12/27/2022) - What are the roles of GST Software in your business? Read More...
Role of Efficient Inventory Management In the HealthCare Industry (3/10/2023) - Role of Efficient Inventory Management In the HealthCare Industry Read More...