Loading…
Loading…
Deep dives and practical guides written by the WFYI team.
Comprehensive explanations, FAQs, and updates about GST regulations, returns, and compliance.
This article elucidates the concept of Special Economic Zones (SEZs) in India, highlighting their role as designated areas offering streamlined tax and legal compliance. It details the key objectives of SEZs, such as promoting exports, attracting foreign investment, and creating jobs, alongside the various types of zones. The piece further defines SEZs from a legal standpoint, explaining how they are treated as foreign territory for taxation, and outlines the significant incentives and exemptions available to both SEZ units and developers under various tax laws, including GST.
This article clarifies the Goods and Services Tax (GST) implications for doctors and healthcare services in India. It highlights that most medical services provided by doctors and hospitals are exempt from GST, with specific exceptions such as certain hospital room charges and cosmetic surgeries. The content also details registration requirements for medical professionals, applicable GST rates for specific services and goods, and input tax credit rules. Recent advance rulings further clarify GST applicability for occupational health check-ups and dental procedures.
Maintaining accurate accounts and records is a mandatory requirement for all GST-registered businesses in India. This article clarifies who is responsible for record-keeping, specifies the types of records and accounts to be maintained, and details the functionality of electronic cash, credit, and liability ledgers. It also outlines the retention period for these documents and explains the penalties for non-compliance, ensuring taxpayers understand their obligations under GST law.
The implementation of India's Goods and Services Tax (GST) has significantly reshaped the landscape for import operations and businesses. This article details the key implications, including how imports are now classified as inter-state supplies attracting IGST, and the shift to transaction-value based valuation for tax purposes. It also highlights changes in tax liability for imported services, the availability of duty refunds, and the ongoing review of existing customs exemptions, all of which necessitate adjustments for importers.
The Goods and Services Tax (GST) introduced a unified tax structure across India, significantly affecting diverse economic sectors differently. While streamlining compliance for manufacturers, distributors, and service providers, it also brought new challenges such as Tax Collection at Source (TCS) for e-commerce. This article explores how GST has influenced key industries including logistics, pharmaceuticals, real estate, and agriculture, detailing both benefits and specific concerns for each.
This guide outlines the procedure for registered taxpayers to add an additional place of business on the official GST portal. As a core field amendment, the process involves logging in, navigating to the registration amendment section, and providing details for the new location. The article details steps for data entry, including address and verification, culminating in the submission and approval process by tax authorities.
This article provides a comprehensive overview of key terminology within the Goods and Services Tax (GST) framework in India. It defines crucial concepts such as 'place of business,' the intricacies of 'imports' and 'exports' for both goods and services, and the conditions for their taxation under GST. The piece also explains the 'Composition Levy' scheme for small businesses and distinguishes between 'mixed supply' and 'composite supply,' clarifying their tax implications.
The E-Way Bill system is crucial for regulating goods movement under India's Goods and Services Tax framework. This electronic document ensures transparency and compliance for consignments exceeding a specified value. This guide outlines the definition, components, and generation procedures for E-Way Bills, detailing when they are required and exceptions. It also covers important updates, validity rules, and essential documents needed for generation.
The Goods and Services Tax (GST) significantly transformed India's FMCG sector by consolidating multiple taxes into a single system, leading to anticipated benefits like reduced logistics costs and improved input tax credit availability. While many product tax rates aligned with industry expectations, some items, such as butter and dry fruits, became costlier. The transition also raised concerns among major companies regarding the continuation of existing tax holidays and exemptions. Overall, GST aimed to create a more competitive market and streamlined operations for the FMCG industry.
Under India's Goods and Services Tax (GST) law, businesses are mandated to maintain specific financial accounts and records for compliance. These essential documents include registers for goods produced, purchases, sales, and stock, along with detailed records for Input Tax Credit (ITC) availed and Output Tax liabilities. Adhering to these requirements ensures transparent financial reporting and proper tax administration.
This article provides a detailed overview of Goods and Services Tax (GST) as applied to Joint Development Agreements (JDAs). It explores the varying tax implications based on the transaction type and the agreement's execution date, differentiating between residential and commercial projects. The discussion also covers the applicable Service Accounting Codes (SAC) and the eligibility for Input Tax Credit (ITC) for various JDA scenarios.
This article outlines the process for taxpayers to submit Form GST EWB-05, an application crucial for unblocking the e-way bill generation facility. This facility may be suspended if GSTR-3B returns or CMP-08 statements are not filed for two or more consecutive tax periods. The guide details steps for filing the application, viewing its status, responding to notices, and accessing final orders on the GST portal.