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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 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.
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 Goods and Services Tax (GST) in India relies on specific rules for valuing supplies to ensure accurate tax calculation. This article explains how the "transaction value" forms the basis for GST, detailing various inclusions such as other taxes, incidental expenses, non-government subsidies, and delayed payment charges. It also provides examples and discusses the treatment of discounts and foreign currency transactions under the GST framework.
This article clarifies the cost method for determining the value of supply under Goods and Services Tax (GST) when other direct valuation approaches are not feasible. It explains that the taxable value is calculated as 110% of the production, manufacturing, acquisition, or service provision cost. An example illustrates how this method is applied when an open market value is unavailable, ensuring accurate GST calculation.
This article clarifies the concept of 'time of supply' for services under India's Goods and Services Tax (GST) regime. It details the rules for determining the tax point based on invoice issuance, payment receipt, and other specific conditions. The guide also covers special scenarios like reverse charge mechanisms and voucher supplies, ensuring taxpayers understand when their GST liability arises. It highlights the government's aim for early tax collection and potential business challenges in reconciliation.
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.
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.
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.
This article provides a detailed, step-by-step guide on how taxpayers can utilize the Invoice Furnishing Facility (IFF) under the GST system. It covers the applicability, essential prerequisites, and important considerations for using the IFF, an optional tool for Quarterly Return Monthly Payment (QRMP) scheme taxpayers. The guide also outlines the comprehensive process from logging into the GST portal to filing IFF with DSC/EVC, including updating B2B invoices, credit/debit notes, and their amendments.
The Goods and Services Tax (GST) has significantly streamlined India's tax landscape for startups, fostering their rapid growth. By simplifying the indirect tax system, introducing higher registration thresholds, and enabling better input tax credit utilization, GST has reduced compliance burdens and operational costs. These changes promote enhanced logistics efficiency and improve cash flow, creating a more favorable environment for new businesses across the country.
A shipping bill is a mandatory customs document required for the clearance of goods intended for export from India. This essential application must be filed by exporters, detailing the goods and their value, to obtain permission to load shipments by air, sea, or land. The process involves electronic submission, verification by customs authorities, and the issuance of 'Let Export Order' upon successful assessment. Different forms, identified by color, signify varying conditions such as dutiable, duty-free, or drawback claims, ensuring proper categorization and compliance for international trade.