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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 GST regulations for goods sent out on approval before the GST regime commenced on July 1, 2017. It details the tax liabilities when such goods are returned, distinguishing between returns made within six months and those occurring afterward. Additionally, the article outlines the requirements for invoice issuance and the specific GST form, TRAN-1, that must be submitted for these transactions.
This article serves as a comprehensive guide for taxpayers on how to file Form TRAN-1 on the GST portal using the dedicated offline tool. It details the prerequisites for downloading the utility, along with step-by-step instructions for its download and installation. The guide further explains how to prepare data using both CSV and Excel templates, covering various sections of TRAN-1, and provides clear instructions for uploading these prepared files to the GST portal to successfully claim input tax credit.
The GST Council has finalized most tax rates, but several critical areas still require clarification for businesses. Key concerns include the status of existing state-level tax holidays for manufacturers, the proposed single tax rate for services, and the impact of changes to abatements and exemptions under the previous excise regime. While the Finance Minister assures no inflationary impact and a reduction in overall tax burden, further guidance from the GST Council is essential for a seamless transition.
In July 2017, the Goods and Services Tax (GST) faced significant opposition during its rollout in Jammu and Kashmir. Both the Hurriyat and the National Conference voiced strong disapproval, with the latter criticizing the state government's approach. The Hurriyat further alleged political collaboration regarding the new tax regime, as reported by the Economic Times.
This article clarifies the concept of exempt supplies under India's Goods and Services Tax (GST) framework, differentiating them from nil-rated, zero-rated, and non-taxable supplies. It explains the conditions under which exemptions are granted, their classification, and the implications for Input Tax Credit (ITC) reversal. The piece also details the process for determining ITC attributable to exempt supplies and outlines the 'negative list' of non-GST transactions.
Initial announcements from the GST Council suggested a reduction in economy airfares. However, the aviation sector is now contemplating increasing ticket prices. This adjustment aims to offset higher operational costs, including additional taxes on imported spares and aircraft lease rentals under the new GST framework, impacting the industry's already slim profit margins.
In May 2017, the fourteenth GST Council meeting took place in Srinagar with the critical goal of finalizing Goods and Services Tax rates. Finance ministers from 32 states and Union Territories attended this important gathering. Their discussions focused on establishing tax rates for over 6,000 goods, thereby completing the final implementation details for GST.
Under the GST framework, certain registered businesses, such as composition scheme dealers, exporters, and suppliers of exempted goods, are mandated to issue a Bill of Supply instead of a tax invoice. This document is used when GST is not applicable or cannot be collected from the customer. It must contain specific details like supplier and recipient information, a unique document number, date, description of goods/services, and HSN codes based on turnover.
Gross Domestic Product (GDP) is a key metric for evaluating a nation's economic performance and capacity, influencing societal factors like employment and poverty. This article explores the concept of GDP, its various classifications such as Real and Nominal GDP, and detailed calculation methodologies including the expenditure, output, and income approaches. It also highlights India's GDP projections for 2025-26 and discusses the inherent limitations of GDP as a sole indicator of overall societal well-being.
Vendor management is a crucial practice for businesses to optimize costs, ensure quality, and reduce risks by systematically engaging with suppliers. This guide defines vendor management, highlights its importance, and details its key components and operational processes. It also covers strategic benefits, common challenges, and recommended best practices for effective vendor relationships.
This article clarifies how businesses previously unregistered for excise duty can claim CENVAT credit upon registering under the Goods and Services Tax (GST) regime. It outlines two scenarios: one where proof of excise duty payment is available, allowing a 100% claim under specific conditions, and another where such proof is absent, permitting a partial credit claim (40% or 60% of GST) for a limited period. The guidance covers necessary documentation, eligibility criteria, and the process for availing input tax credit during the transition to GST.
The Goods and Services Tax (GST) has introduced significant changes for businesses, necessitating robust software solutions for compliance. This article outlines essential features to consider when selecting GST software, including strong data security, multi-platform accessibility, and seamless integration with existing systems. It also emphasizes the importance of intelligent alerts for timely filing and an intuitive user interface with comprehensive reporting capabilities to streamline operations and enhance decision-making.