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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 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.
Alcoholic beverages are currently exempt from GST in India, requiring a constitutional amendment for their inclusion. Despite this exclusion, experts foresee a rise in alcohol prices, especially for beer, potentially impacting the liquor industry negatively. Industry leaders believe this situation could worsen without a clear tax refund mechanism.
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.
This article outlines crucial aspects for businesses transitioning to India's Goods and Services Tax (GST) regime. It covers the mandatory enrollment process for existing taxpayers, new registration requirements, and how to determine the taxability of supplies based on their point of taxation. Key details on carrying forward CENVAT and VAT credits, along with rules for returned goods and eligibility for the Composition Scheme, are also provided for a smooth changeover.
A recent survey conducted by EasemyGST indicates that a significant majority of businesses, particularly small and medium-sized enterprises, were largely unprepared for the Goods and Services Tax (GST) implementation. The study found that 68% of companies had limited or no readiness, with only a small fraction actively working towards adoption. These results highlighted concerns about the understanding and resources available to businesses ahead of the tax regime's launch.
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 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.
The Goods and Services Tax (GST) has notably altered India's insurance and banking landscapes, influencing premiums and transaction costs. Recent policy changes, including a GST exemption for individual life and health insurance effective September 2025, aim to improve affordability. While banking services maintain an 18% GST, this article details the specific impact on various insurance types, banking operations, and clarifies the treatment of 'No Claim Bonuses'.
This article outlines common difficulties faced during GST migration in India and provides practical solutions. It covers issues such as invalid Provisional IDs, cancelled Registration Certificates, unreceived OTPs, incorrect PAN details, range code errors, pending verification messages, missing ARNs, and unregistered Digital Signature Certificates. For each problem, the article offers clear, actionable steps to help taxpayers successfully complete their GST migration process.
This article clarifies the principle of document presumption in GST legal proceedings. It details the types of records acceptable as evidence and explains how various documents, including digital and physical copies, are treated in court. The content emphasizes that submitted documents are considered true until proven false, placing the burden of disproof on the taxpayer.
Recent revisions to GST rates in September 2025 have significantly altered the tax landscape for furniture and its raw materials in India. These changes aim to promote sustainable and artisanal furniture by reducing their GST from 12% to 5%, while conventional wooden and metal furniture maintain an 18% rate. The adjustments offer substantial benefits for eco-conscious manufacturers and small-scale industries, leading to more competitive consumer pricing for environmentally friendly options. Accurate HSN coding remains crucial for businesses to navigate these updated tax regulations effectively and ensure compliance.