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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 explains the concept of Tax Collected at Source (TCS) under India's Goods and Services Tax (GST) system. It details who is responsible for collecting TCS, the applicable rates, and when the liability arises. Additionally, the piece covers essential GST registration requirements for e-commerce operators and suppliers, the process for depositing TCS, and how to compute the net taxable value for collection. It also clarifies the filing procedure for TCS returns and the implications of GSTR-8 data for e-commerce sellers, alongside the impact of e-invoicing provisions.
The QRMP (Quarterly Return Filing and Monthly Payment of Taxes) Scheme, introduced by the CBIC, helps small taxpayers by reducing their compliance burden. This article outlines the essential procedures for making monthly tax payments for the initial two months of each quarter. It covers eligibility, due dates, and two primary payment methods: the Fixed Sum Method and the Self-Assessment Method, along with crucial details on interest applicability for delayed payments under the scheme.
Section 80EEB of the Income Tax Act offers a tax deduction of up to Rs. 1.5 lakh on interest paid for electric vehicle loans. This benefit is exclusively for individuals under the old tax regime, applicable to loans sanctioned between January 2019 and March 2023. It aims to promote green growth and electric mobility, aligning with government initiatives like the FAME scheme.
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.
This article clarifies the definition of a 'taxable person' under India's Goods and Services Tax (GST) framework, outlining who is legally obligated to register. It details recent updates to GST registration rules and criteria for mandatory registration, including turnover thresholds and specific business types. The guide further explains categories such as casual taxable persons, non-resident taxable persons, input service distributors, and taxpayers under the Composition and QRMP Schemes, providing a comprehensive overview of GST registration nuances.
This article explains the fundamental aspects of a GST tax invoice in India. It details why these invoices are mandatory for registered suppliers and how they serve as crucial evidence for claiming Input Tax Credit. The content also outlines the necessary information to be included in a tax invoice, clarifies the distinction between a tax invoice and a receipt, and specifies the various time limits and copy requirements for issuing invoices under different supply scenarios.
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.
Identifying whether a seller operates under the Goods and Services Tax (GST) composition scheme is essential for consumers, preventing incorrect GST charges. This scheme, governed by Section 10 of the CGST Act, has specific turnover limits and tax rates for manufacturers, traders, and service providers. Composition taxpayers cannot claim Input Tax Credit, are restricted from interstate supplies, and must issue bills of supply without charging GST. Verifying a seller's status can be done by checking their signboards, invoices, or using online tools, which offer benefits like GSTIN validity checks and fraud prevention.
Section 115BAC of the Income Tax Act introduces a new tax regime with modified slab rates, requiring taxpayers to forgo most deductions and exemptions. While simplifying compliance for those with fewer claims, it allows individuals and HUFs to choose between the old and new regimes annually, with the new regime serving as the default. This article details eligibility, current tax rates, available and unavailable deductions, and offers a comparative analysis to help taxpayers determine the most beneficial option for their financial planning.
A succession certificate is a vital legal document for establishing a successor's authority over a deceased person's debts and securities when no will exists. Issued by a district court, it empowers the holder to manage the deceased's financial affairs, including collecting interest and transferring securities. While granting authority, it does not confirm ownership or legal heir status, which is determined through a separate process. The petition for this certificate requires specific details about the deceased, their relatives, and the assets involved, and the certificate itself is valid across India, ensuring protection for parties making good-faith payments.
The Senior Citizen Savings Scheme (SCSS) provides a government-backed investment option for Indian residents aged 60 and above, ensuring financial stability post-retirement. It offers attractive interest rates, tax benefits under Section 80C, and flexibility for joint accounts and nominations. Understanding its eligibility, deposit rules, and premature withdrawal penalties is crucial for maximizing its benefits.
This article explains the state-specific thresholds for e-way bills in India, covering both interstate and intrastate movements of goods under GST. It details how the central government sets a default limit of Rs. 50,000 for interstate transport, while individual states have the authority to define their own limits and rules for intrastate movement. The discussion includes a comprehensive table outlining the varying e-way bill value limits across different Indian states and Union Territories.