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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.
A supply chain is an essential network of activities and resources that moves products from raw materials to the consumer. It aims to optimize customer satisfaction, cost efficiency, inventory management, delivery speed, and adaptability to market changes. Efficient supply chains are crucial for businesses to reduce overheads, improve quality control, manage risks, and gain a competitive advantage by streamlining operations and leveraging technology.
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.
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.
The Goods and Services Tax (GST) framework in India classifies transactions involving multiple goods or services into either composite or mixed supplies. This article elaborates on how to distinguish these two types based on their natural bundling and separability. It also explains the varying tax implications, with composite supplies taxed at the rate of their principal component and mixed supplies taxed at the highest rate among their items, ensuring clarity and uniformity in GST application.
This article details the conditions and procedures for Input Tax Credit (ITC) reversal under India's Goods and Services Tax (GST) framework. It outlines scenarios requiring reversal in GSTR-3B and provides a historical overview of ITC reversal mechanisms in GSTR-2. Key amendments from Budget 2025 regarding credit notes and GSTR-2B generation are also covered, along with detailed calculations for reversals related to exempt supplies, personal use, and capital goods.
Under GST, determining the place of supply for banking and financial services is crucial for tax compliance, especially for institutions with a national presence. This article clarifies the rules for customers, detailing how GST applies to various transactions. It also examines the specific regulations for advertisement services provided to government entities across different states, illustrating with practical examples to ensure clarity on tax allocation.
This article provides a comprehensive guide to State Bank of India (SBI) savings accounts, covering their diverse types, current interest rates, and minimum and maximum balance stipulations. It details associated charges and transaction limits for various account categories, including specific rules for minor accounts. Furthermore, the guide outlines eligibility criteria, step-by-step procedures for both online and offline account opening, required documentation, and the process for closing an SBI savings account, alongside a review of key features and benefits.
This guide outlines the GST registration process for businesses previously registered under Central Excise and Service Tax. It details how existing assessees were issued Provisional IDs and passwords by CBEC to migrate to the GST system, starting January 2017. The article also explains specific scenarios where a Provisional ID might not have been provided and provides step-by-step instructions for logging into the GST Common Portal and submitting Form 20.
This article elucidates the rules for determining the place of supply for specific services under GST in India. It distinguishes these performance-based services from general goods and immovable property services. Through various examples, the guide illustrates how to ascertain the correct place of supply for restaurant, health, training, and event management services, both within India and internationally. Understanding these distinctions is crucial for applying the correct GST type (CGST+SGST or IGST).
This article outlines various online methods for downloading your Permanent Account Number (PAN) card. It details steps for acquiring an e-PAN from platforms like NSDL Protean, UTIITSL, and the Income Tax e-filing portal, including procedures for downloading with or without a PAN number, using an Aadhaar number, or accessing it via Digilocker. The guide also covers prerequisites such as knowing your PAN/acknowledgement number and having an active mobile number, explaining that free downloads are available for a limited period post-allotment, after which a nominal fee applies.
Leave Travel Allowance (LTA) is a salary component in India that helps employees cover domestic vacation travel costs, offering tax exemptions under specific conditions. To qualify, individuals must travel within India for themselves and their family, with exemptions limited to actual travel fares for approved modes of transport. The benefit is tied to a four-year 'block year' system, allowing two claims per block, with one potential carryover. LTA is exclusively available under the old tax regime.
The 'place of supply' under GST is crucial for determining tax jurisdiction, as GST is a destination-based tax. This article clarifies the rules for identifying the supply location in various scenarios, including when goods are in transit, when there is no physical movement, when they are supplied on conveyances, and in cases of international trade. Understanding these rules ensures the correct application of CGST, SGST, or IGST.