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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.
The article explains the essential documents and forms required for claiming Input Tax Credit (ITC) under India's Goods and Services Tax (GST) law, incorporating the latest regulatory updates. It details necessary records like invoices and debit notes, emphasizing the importance of GSTR-2B for eligibility. Additionally, the article covers special provisions for banking and financial institutions and outlines procedures for claiming ITC in unique scenarios such as transitioning between tax schemes.
Delhi's Deputy Chief Minister, Manish Sisodia, has called for a reconsideration of the GST framework to better address traders' concerns, emphasizing that tax ambiguity can lead to corruption. He also proposed including real estate and consumer durables under GST with lower tax slabs. Sisodia criticized the dual control of GST and urged for thorough deliberations before implementation, while the CBEC Chairman advised against seeking continuous exemptions under the new user-friendly tax regime.
The GST Council has sanctioned a bill to compensate states for potential revenue losses stemming from the transition to the new tax system, though approval for other critical GST bills was deferred. Legal complexities were cited as the reason for delays in approving the Central, State, and Integrated GST bills, which are now slated for discussion in upcoming council and parliamentary sessions. The Finance Minister confirmed that the compensation issue would move directly to the Cabinet. Businesses are advised to prepare for GST by focusing on timely enrollment, strategic logistics planning, and adopting compliant technologies.
The advance ruling mechanism under GST provides clarity on tax matters for businesses and individuals, addressing uncertainties before commencing activities. It helps prevent disputes, attracts investment, and ensures timely, transparent decisions from tax authorities. Rulings are binding on the applicant and jurisdictional tax authorities for specific issues, with an appeal process available.
Businesses in India may need to cancel their Goods and Services Tax (GST) registration for various reasons, including business closure or a change in legal status. This guide outlines the different methods of cancellation, whether initiated by the taxpayer, their legal heirs, or a tax officer. It details the specific forms and procedures required for each scenario, including the conditions for revoking a cancellation decision. Understanding these processes is crucial for maintaining compliance and avoiding penalties under GST law.
The All India Tax Associates Federation (AITAF) has called for the elimination of E-way Bills under GST, expressing concerns to Finance Minister Arun Jaitley. AITAF argues that the short acceptance period for bills creates a digital compliance burden for small businesses. They believe physical verification and vehicle detention contradict GST's goal of simplifying goods transportation and will increase compliance issues for traders.
This guide explains the detailed process for filing appeals with the Goods and Services Tax Appellate Tribunal (GSTAT). It covers eligibility criteria, applicable fees, and the constitutional structure of the tribunal, including national and state benches. The article also outlines how the GSTAT handles decisions, amendments to orders, and the provision for interest on refunded fees, ensuring clarity for taxpayers navigating the GST appeal system.
Electronic ledgers are fundamental digital passbooks for GST taxpayers, categorizing transactions into Cash, Credit, and Liability ledgers. The Electronic Cash Ledger records cash payments, the Electronic Credit Ledger manages Input Tax Credit for tax-only settlements, and the Electronic Liability Ledger tracks total GST obligations and their settlement. A clear understanding of these ledgers is crucial for accurate GST compliance.
This article outlines the process for filing Goods and Services Tax (GST) appeals with the First Appellate Authority in India. It details eligibility criteria for taxpayers and commissioners, specifies timelines for filing and decision issuance, and explains rules for adjournments and introducing new appeal grounds. Additionally, the role and limitations of the Revisional Authority in reviewing subordinate officers' decisions are clarified.
This article provides a comprehensive overview of the Goods and Services Tax (GST) Composition Scheme in India. It details the procedural aspects for businesses to opt into the scheme, including rules for existing registrants and new applicants, along with the effective dates for the levy. The content also outlines the essential conditions, restrictions, and validity criteria for participants, concluding with a breakdown of applicable tax rates and compliance forms required under the scheme.
This article details key discussions held by the GST Council regarding the implementation of major GST laws. It highlights clarifications on tax evasion penalties, including provisions for bailable and non-bailable arrests based on evasion amounts. The West Bengal government's objections to the arrest clause and its recommendations for changes are also noted. Additionally, the article covers the government's adherence to the July 1 GST deadline and the consistent maintenance of the four established tax slabs, encouraging businesses to commence their transition to the new tax regime.
Recent parliamentary updates to the GST Compensation Bill have shifted revenue allocation rules for the initial five years post-GST implementation, now favoring the Central government. The revised legislation, simpler than the previous model, ensures an equal sharing of residual funds between states and the Centre. This modification is expected to result in a greater financial share for the Central government.