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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 clarifies the transitional provisions under GST for goods that are in transit during the shift from previous tax regimes. It explains how to determine tax applicability based on the point of taxation rules, providing detailed scenarios for situations where invoices or payments occur before or after GST implementation. Furthermore, it addresses the eligibility to claim Input Tax Credit for goods received post-GST, provided tax was paid under the old law and recorded correctly.
This article outlines the procedures for revising Value Added Tax (VAT) and excise returns following the introduction of GST in India. It clarifies filing deadlines for final returns under the old regime, the permissible timeframe for revisions, and how refunds and additional tax payments are handled. The piece also explains the treatment of carried-forward input tax credits (ITC) and pending appeals under the previous tax laws, emphasizing meticulous preparation for businesses.
The Goods and Services Tax Network (GSTN) is a government-owned enterprise that manages India's entire GST portal, serving as the central database for tax administration, registration, and filing. It operates on a shared ownership model between central and state governments, underpinned by advanced IT infrastructure. GSTN provides a secure, scalable platform for handling complex transactions, integrating stakeholders, and ensuring continuous system improvements for enhanced user experience, while assigning a unique GSTIN to each registered taxpayer.
This article clarifies how specific scenarios like works contracts, continuous supplies, Input Service Distributor (ISD) credit, and agent-held goods are handled during the GST transition. It explains how tax liability and input tax credit claims are determined when supplies or payments straddle the pre- and post-GST periods. The piece also emphasizes the role of prior tax payments and specific forms like FORM GST TRAN-1 in ensuring a smooth transition.
This article provides a comprehensive overview of the Goods and Services Tax (GST) provisions for non-resident taxable persons in India. It defines who qualifies as a non-resident taxable person, outlines the mandatory registration procedures, and explains the requirement for advance tax payments. An illustrative example clarifies the practical application of these regulations, ensuring compliance for foreign entities conducting business in India.
This article outlines the process for migrating to the Goods and Services Tax (GST) system in India. It details the steps involved in obtaining both provisional and final GST registration, alongside procedures for cancelling provisional registrations if not applicable. The content also highlights critical updates regarding GST compliance deadlines and penalties for non-compliance.
This article elucidates India's GST anti-profiteering regulations, emphasizing Section 171 of the CGST Act which mandates that businesses pass on benefits from reduced tax rates and increased Input Tax Credit to consumers through price reductions. It details practical examples, the authority structure, and complaint procedures. The piece also highlights the significant sunset clause, effective April 1, 2025, after which new anti-profiteering complaints will no longer be accepted, marking a shift towards market-driven pricing.
In March 2017, Coca-Cola urged the Indian government to lower GST on aerated drinks from 43% to 34% and to push the implementation deadline from July 1st to September. The company argued its products were not luxury or 'sin' items, requesting a 6% cess cap instead of 15%. This appeal came amidst government concerns over sugar content in beverages and discussions about a 'fat tax' on unhealthy foods to address obesity.
New analysis indicates that a substantial portion of Indian state revenues, particularly from sectors like petroleum, real estate, and alcohol, may remain outside the Goods and Services Tax framework. This exclusion, accounting for about one-third of state tax income, challenges the 'one nation, one tax' principle and the broader aim of reducing illegal trade. For example, alcohol sales alone are projected to generate significant revenue for states.
This article clarifies the items and transactions that are not subject to GST in India, primarily focusing on those listed in Schedule III of the CGST Act. It differentiates these exclusions from exempt, zero-rated, nil-rated, and non-taxable supplies, detailing ten specific entries in Schedule III. Key exclusions include employee services, court services, duties of public officials, funeral services, and the sale of completed buildings. The piece also explains the concept of non-GST supplies and their distinct nature within the Indian tax framework.
This article details the Indian Cabinet's approval of four crucial Goods and Services Tax (GST) bills on March 20, 2017. These include the CGST, IGST, UTGST, and Compensation to States Bills. This legislative milestone aims to facilitate the GST Council's objective of a July 1 implementation deadline. The approved bills are set for introduction in the Lok Sabha as Money Bills.
This article explores the effects of Goods and Services Tax (GST) implementation on existing business contracts, particularly concerning price revisions. It details the procedures for issuing supplementary invoices or credit notes when contract prices increase or decrease post-GST. The discussion also covers the crucial principle of unjust enrichment and clarifies tax liabilities for supplies made under old contracts after the GST transition, including specific scenarios for registered and unregistered buyers.