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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.
As of June 2017, nearly all Indian states and union territories, including Kerala, had successfully passed their State GST (SGST) Acts. Jammu and Kashmir remained the only exception, where special constitutional powers necessitated the ratification of all GST laws before the new tax system could be implemented. This marked a significant step towards nationwide GST rollout across India.
The Trademark Act of 1999 is India's primary legislation for protecting trademark rights, defining what constitutes a trademark and outlining its registration process. The Act also addresses infringement, specifying conditions under which unauthorized use of a mark is deemed a violation. Furthermore, it details the classification of trademarks according to international standards and provides mechanisms for public opposition to new trademark registrations.
The 2019 Union Budget outlined significant policy changes across various sectors in India. Key announcements included updates to direct taxation, such as increased home loan deductions and new TDS provisions, alongside widespread reforms in infrastructure and education. The budget also introduced measures to support MSMEs, promote women's empowerment, and boost the electric vehicle sector through tax incentives.
The Universal Account Number (UAN) is a crucial 12-digit identifier issued by EPFO, linking all your Provident Fund accounts across different employers. This guide explains how to acquire, find, and activate your UAN, detailing the processes for linking Aadhaar, downloading your passbook, and updating personal information. Understanding UAN's features and the services available on its portal simplifies EPF management, transfers, and withdrawals.
This article clarifies how discounts are treated under GST, distinguishing between pre-supply and post-supply scenarios based on Section 15 of the CGST Act, 2017. It details the conditions for deducting discounts from taxable value, including the necessity for proper documentation and, for post-supply discounts, a prior agreement and input tax credit reversal. The guide also contrasts GST's approach to discount valuation with the pre-GST tax regime, highlighting its goal of eliminating the cascading tax effect.
This article details the rules and provisions for businesses transitioning to India's Goods and Services Tax (GST) system. It covers the transfer of Input Tax Credit (ITC) from previous tax regimes, including specific rules for closing stock, capital goods, and unregistered persons. The content also addresses the handling of refunds and arrears, special conditions for job work, and the role of Input Service Distributors. Furthermore, it outlines the official verification process for transitional credit claims and provides a comprehensive checklist for taxpayers.
New regulations for E-Way Bill generation and extension, effective from January 1, 2025, introduce stricter timelines for invoice dating and expanded validity periods. Taxpayers can now generate e-way bills only for documents within 180 days of issuance and extend validity up to 360 days from the original generation date. This article details the updated rules, how e-way bill validity is determined by distance and transport type, and the penalties for non-compliance, aiming to enhance transparency and compliance in goods transportation under GST.
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are integral parts of India's Goods and Services Tax framework, implemented in October 2018. TDS involves buyers, particularly government entities, deducting tax on payments for contracts, while TCS is collected by e-commerce operators from sellers on their platforms. These provisions aim to enhance tax compliance, especially in unorganized sectors and the digital economy, by ensuring timely tax remittances and increasing transparency in transactions. Recent updates include changes in TDS applicability for metal scrap and a reduced TCS rate for e-commerce.
This article outlines the crucial Tax Deducted at Source (TDS) rates and their changes for the Financial Year 2025-26 (Assessment Year 2026-27). It details the system of tax deduction by payers for various payments like salary, interest, and professional fees, emphasizing the importance of adhering to correct rates for compliance. The content also highlights modifications in TDS threshold limits and the introduction of new sections, such as 194T for partner's remuneration.
This article explains the Goods and Services Tax (GST) rules for valuing supplies between related persons in India. It defines who qualifies as a 'related person' under GST, typically entities with shared control but separate legal existence. The article outlines methods for determining supply value, prioritizing open market value, followed by values of like kind and quality, or cost/residual methods. It also highlights a special provision for recipients eligible for full Input Tax Credit, where the invoice value is deemed as the open market value.
This guide provides a comprehensive overview of how to file Form TRAN-2 on the GST portal using the offline tool. It covers the prerequisites, detailed steps for downloading and installing the tool, instructions for preparing TRAN-2 data in Excel templates, and procedures for generating and uploading the JSON file. The article also explains the final submission process, including previewing and verifying the form.
In India, alcoholic beverages for human consumption are intentionally excluded from the Goods and Services Tax (GST) framework, primarily to ensure state revenue and control consumption. Despite this exclusion, liquor prices have risen due to increased GST on manufacturing inputs and transportation costs, which were previously taxed under VAT and service tax. States have diverse approaches to taxing and regulating alcohol, with some implementing prohibition and others generating significant revenue from its trade. The industry largely favors including beer under GST to streamline costs and potentially boost tourism.