Welcome to Episode 18 of our popular “Easy Biz Tips” series, where Chartered Accountant Deep Misra makes complex business topics simple and practical. In this episode, we focus entirely on GST (Goods and Services Tax) in the context of accounting—perfect for business owners, students, freelancers, and anyone new to GST in India. GST is one of the most important tax reforms in the country, and understanding it thoroughly can save you time, money, and compliance headaches.
In this detailed GST tutorial, you will learn:
• What is GST and why it matters in modern accounting practices.
• Key components of GST: CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), IGST (Integrated Goods and Services Tax) — when they apply, how they differ, and why they exist.
• GST Registration Process: Step-by-step overview of eligibility, documents required, and how to register your business for GST.
• Importance of proper record-keeping: How maintaining accurate sales, purchase, and tax records helps you avoid penalties and stay compliant with GST laws.
• Input Tax Credit (ITC) Mechanism: Understanding how ITC works, who can claim it, and how it directly reduces your GST liability.
• Practical examples to help you understand GST calculations in real-world scenarios.
• Tips for integrating GST compliance into your daily accounting workflow.
• Common GST mistakes and how to avoid them.
This video is a must-watch for:
– Small and medium business owners trying to streamline their tax processes.
– Students of commerce, finance, and accounting who want a clear understanding of GST.
– Freelancers and service providers who want to manage GST efficiently.
– Accountants and bookkeepers looking to refresh their GST knowledge.
We will break down complex GST concepts into simple language, using relatable examples so that even beginners can understand and apply the information. You’ll also get actionable insights on how GST impacts pricing, invoicing, tax liability calculation, and monthly or quarterly GST return filing.
Why watch this video?
• Get clarity on GST fundamentals without overwhelming jargon.
• Understand both the legal and practical sides of GST compliance.
• Learn how GST affects your business cash flow and profitability.
• Gain confidence to handle GST independently or guide your accountant.
GST in India has multiple layers, and in upcoming episodes, we’ll explore advanced topics like GST return filing (GSTR-1, GSTR-3B), reverse charge mechanism (RCM), e-way bills, GST audits, penalties, exemptions, GST in exports and imports, and sector-specific GST rules for e-commerce, manufacturing, and services.
If you’ve ever struggled with questions like:
– Do I need to register for GST?
– How do I claim ITC?
– What’s the difference between CGST, SGST, and IGST?
– How do I keep GST-compliant invoices?
– What are the GST deadlines?
This episode has the answers you need.
Watch till the end to get valuable tips that can help you avoid common compliance errors, save on taxes, and make your accounting process smoother. GST may seem complicated at first, but once you understand the structure and rules, it becomes just another part of your regular business workflow.
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📌 Connect with CA Deep Misra:
• LinkedIn: www.linkedin.com/in/cadeepkumarmisra
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