Author
Megha Agarwal, CA, is the founder of a Megha & Associates with over 5 years of expertise in accounting, taxation, and business advisory. She specializes in streamlining financial processes and ensuring regulatory compliance to drive sustainable growth for businesses and professionals through practical solutions. Designation: Chartered Accountant, FCA Membership Number (MRN): 455035 City: Raipur, C.G
KEY TAKEAWAYS GST 2.0 introduced a simplified tax structure with major slabs reduced to 0%, 5%, 18%, and 40% from 22 September 2025 The old 12% and 28% GST slabs were largely removed, with items shifted either to 5%, 18%, or 40% Daily essentials like soap, shampoo, butter, ghee, namkeen, notebooks, and insurance became significantly…
KEY TAKEAWAYS Section 44AD offers a presumptive taxation scheme for small businesses to simplify ITR filing Eligible businesses can declare 8% of turnover as income (6% for digital receipts) Turnover limit is ₹2 crore, or ₹3 crore if 95% of receipts are digital No need to maintain books of accounts or get a tax audit…
Introduction For most small business owners in India, kirana store owners, retailers, wholesalers, traders, and first-time entrepreneurs, GST compliance often feels confusing. Among all GST concepts, Input Tax Credit (ITC) is the one that can either save you thousands of rupees or land you in trouble if handled incorrectly. In simple words, input tax credit…
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