A GST invoice is a legally mandated document that serves as evidence of the supply of goods or services under the Goods and Services Tax (GST) regime. It is critical for accurate tax determination, input tax credit claims, and compliance …
- By Saudamini Chandarana
- 28-02-2025
- 4 min read
Starting April 1, 2025, businesses that receive input service invoices for multiple branches must compulsorily register as an Input Service Distributor (ISD) and distribute Input Tax Credit (ITC) accordingly. The ISD mechanism ensures that ITC from shared services, such as …
- By Saudamini Chandarana
- 27-02-2025
- 5 min read
Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services across India. Introduced on July 1, 2017, GST replaced multiple indirect taxes such as VAT, service tax, and others, simplifying business tax …
- By Fathima
- 25-02-2025
- 4 min read
Imagine you’re running a retail store, and you’ve just received a shipment of electronics from your supplier. Upon inspection, you notice that several items are damaged. How do you formally communicate this issue and request a refund? This is where …
- By Ram Prasad Dutt
- 24-02-2025
- 5 min read
Indian bank names often come across as a puzzle of letters – SBI, HDFC, ICICI, PNB – but what do these abbreviations actually mean? Whether you’re opening a new account or simply trying to understand India’s banking sector, knowing the …
- By Ram Prasad Dutt
- 22-02-2025
- 8 min read
Welcome to the OPEN Glossary! Whether you’re new to financial services or just need a refresher, this guide is designed to help you navigate the world of OPEN with ease. Financial terms can often feel overwhelming, but this glossary breaks …
- By Ram Prasad Dutt
- 21-02-2025
- 2 min read
Managing financial paperwork doesn’t have to be complicated. Among the various documents you’ll handle, cash memos stand out as particularly useful tools for tracking your transactions. Let’s explore what makes these simple documents so valuable for both businesses and individuals.…
- By Saudamini Chandarana
- 21-02-2025
- 5 min read
Micro, Small, and Medium Enterprises (MSMEs) form the backbone of the Indian economy, contributing significantly to employment generation and GDP growth. To support and streamline their operations, the Government of India introduced Udyam Registration—a digital-first initiative that makes formalization simple, …
- By Fathima
- 20-02-2025
- 5 min read
Prepaid Payment Instruments (PPI) lets you purchase goods with prepaid money in your online wallets, paper vouchers, prepaid smart cards, and more. India allows Prepaid Payment Instruments under Reserve Bank of India (RBI) regulations.
In 2015, introducing Prepaid Payment Instruments …
- By Fathima
- 19-02-2025
- 4 min read
Every business transaction doesn’t always go as planned. When customers return products, dispute charges, or receive incorrect invoices, businesses need a systematic way to handle these adjustments. This is where credit notes come in – a critical financial document that …
- By Saudamini Chandarana
- 11-02-2025
- 5 min read
When it comes to doing business in India, understanding the income tax rate for companies is crucial—be you a domestic enterprise or a foreign entity operating in the country. Whether you’re a startup founder, a seasoned business owner, or simply …
- By Fathima
- 10-02-2025
- 3 min read
Managing transactions efficiently is crucial as a business owner—whether you’re paying vendors, receiving customer payments, or handling cash flow. Understanding the RTGS limit and NEFT maximum limits can help you better plan payments, avoid delays, and optimize cash flow …
- By Saudamini Chandarana
- 10-02-2025
- 7 min read
Taxes are an integral part of our financial ecosystem. Among the various forms of taxes that individuals and businesses need to pay, advance tax plays a critical role. As a taxpayer in India—whether you’re an individual, freelancer, or business owner—understanding …