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Deep dives and practical guides written by the WFYI team.
Comprehensive explanations, FAQs, and updates about GST regulations, returns, and compliance.
This article provides a comprehensive overview of how Goods and Services Tax (GST) applies to legal professionals in India. It delves into the specific conditions for GST registration and the taxability of services offered by individual advocates, law firms, and senior advocates. Furthermore, the discussion covers important exemptions available under the CGST Act and outlines the standard GST rates and SAC codes relevant to legal and accounting services.
Section 9(5) of the CGST Act mandates e-commerce operators (ECOs) to pay GST on specific services, such as restaurant, accommodation, and transport services, supplied through their platforms. This shifts the tax liability from the actual service provider to the ECO, treating the operator as the supplier under a reverse charge mechanism. ECOs must register under GST and file GSTR-3B, Table 3.1.1, while the actual suppliers may benefit from threshold exemptions. Recent updates clarify penalty applicability for ECOs under Section 122(1B).
Carbon credits are tradable permits for greenhouse gas emissions, designed to incentivize environmental protection and offer financial benefits. This article explores the concept of carbon credits, their trading mechanisms, and their presumed taxability under India's Goods and Services Tax (GST). Although specific GST clarification for carbon credits is absent, the government's stance on similar financial instruments suggests they are likely subject to GST.
This article explores the Goods and Services Tax (GST) framework applied to ocean freight services in India. It details the relevant sections of the CGST and IGST Acts, highlights the exemption for GST on ocean freight implemented from October 2023, and contrasts the tax implications for CIF and FOB import transactions. Furthermore, the piece discusses the landmark Gujarat High Court judgment in Mohit Minerals vs. Union of India, which addressed issues of double taxation and extra-territorial jurisdiction concerning GST on ocean freight.
The Goods and Services Tax Council is India's primary federal body responsible for GST-related decisions. It comprises Union and State Finance Ministers, tasked with recommending policies, rates, and dispute resolution mechanisms. This article details the Council's structure, significant responsibilities, and its members' powers, highlighting its critical role in shaping India's indirect tax system.
This article provides a comprehensive guide to India's official Goods and Services Tax (GST) portal, `www.gst.gov.in`. It outlines the various services available both before and after logging in, including GST registration, tax payments, return filing, and refund applications. The guide details the step-by-step process for first-time users and existing taxpayers to access the portal, emphasizing its role in digital tax compliance and communication with GST authorities. Key sections cover taxpayer search, help facilities, e-invoicing, and important updates, ensuring taxpayers can effectively manage their GST obligations online.
This article clarifies the application of Goods and Services Tax (GST) to cryptocurrency and other digital assets in India. It explains that digital assets are classified as goods, making their transactions taxable under GST. The content details the 18% GST rate applicable to various service fees charged by exchanges, outlines compliance requirements for crypto platforms, and discusses the eligibility for Input Tax Credit (ITC) for businesses. Furthermore, it highlights the role of advance rulings in providing regulatory clarity within this evolving financial sector.
This article explains the critical role of a consent letter in GST registration for businesses operating from non-owned or non-rented premises. It outlines when and why this No Objection Certificate (NOC) is required from the property owner. The guide also details the signing requirements, accompanying documents, and the step-by-step process for uploading the consent letter on the GST portal.
This article outlines the mandatory requirements for GST-registered businesses to prominently display their GST registration certificate and GSTIN at their principal and additional business premises, as per CGST/SGST Rule 18. It details specific obligations for composition scheme taxpayers, including unique invoice statements and signboard declarations. The content also addresses the absence of a specific penalty, indicating that a general penalty of up to Rs. 25,000 may be imposed for non-compliance under Section 125 of the CGST Act.
This article clarifies the concept of consumption-based taxation within India's Goods and Services Tax (GST) framework. It defines both consumption/destination-based and origin-based tax systems, explaining how GST operates by taxing goods and services where they are consumed. Illustrated examples demonstrate how CGST, SGST, and IGST apply to intrastate, interstate, and export transactions, emphasizing the destination-based nature of India's GST.
India's GST collections in October 2022 reached ₹1,51,718 crore, marking the second-highest monthly figure since its inception. This robust performance is attributed to quarter-end filings and increased consumer spending during the festive season. The government's anti-tax evasion measures, including new input tax claim restrictions, are also contributing to consistent revenue. State-wise data revealed Ladakh with the highest year-on-year growth, while Maharashtra led in overall collections.
India operates under a dual Goods and Services Tax (GST) model, a system where both the central and state governments simultaneously impose taxes on goods and services, while managing their administrations separately. This approach ensures fiscal federalism and helps in streamlining the taxation process, unlike single national or single state models. The article details the specific features, such as distinct CGST and SGST components, independent revenue deposits, and limited cross-utilization of Input Tax Credit. It also highlights benefits like reduced tax burdens, simplified compliance, and increased tax collections, ultimately aiming to lower prices and resolve disputes through the GST Council.