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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.
The article explains India's New Tax Regime, detailing changes for FY 2024-25 and FY 2025-26. It covers updated tax slab rates, increased standard deductions for salaried individuals and family pensions, and revised surcharge rates for high-income earners. The guide also clarifies which deductions are permitted, how tax rebates function, and the rules for switching between the old and new tax frameworks.
Micro, Small, and Medium Enterprises (MSMEs) in India can gain official recognition and numerous government benefits through Udyam registration. This entirely online and free process, introduced in 2006, helps businesses access advantages like low-interest loans, tax concessions, and easier access to government tenders. While not mandatory, MSME registration is crucial for businesses aiming to expand and strengthen their operations by meeting specific investment and turnover criteria.
This article explains the critical concept of 'place of supply' for goods under India's GST regime, which dictates whether a transaction is intrastate or interstate, thereby determining the applicable tax (CGST/SGST or IGST). It elaborates on various scenarios, including situations with and without goods movement, supplies on conveyances, and the specifics for imports and exports. Through clear examples, the guide illustrates how the place of supply is ascertained in diverse commercial situations, providing a comprehensive overview of this fundamental GST provision.
This article clarifies the concept of place of supply for goods under GST, a critical factor for determining tax jurisdiction and type (CGST, SGST, IGST). It details scenarios for goods involving movement, goods without movement, and goods supplied on conveyances. Furthermore, the guide explains the rules for imports and exports, providing practical examples for each situation to illustrate GST application in various supply chains.
The Permanent Account Number (PAN) card is an essential 10-digit alphanumeric identifier issued by India's Income Tax Department for all taxpayers. It serves as a crucial document for various financial transactions, including banking, tax filing, and business registration. This comprehensive guide covers the structure of a PAN, different card types, eligibility criteria, and detailed application procedures, both online and offline. Additionally, it explains how to update, download, or apply for a duplicate PAN, emphasizing its vital role in e-KYC and other financial activities in India.
This article outlines the repercussions of incorrect vehicle numbers in GST e-way bills, detailing various penalties for non-compliance, from minor fines to goods detention. It explains how vehicle details can be updated on the e-way bill portal to maintain GST adherence. Furthermore, the piece summarizes key judicial rulings that provide legal context and implications for such errors, emphasizing the importance of accuracy in e-way bill management.
This article clarifies the concept of pin-to-pin distance, which defines the physical separation between two locations via their postal PIN codes. It highlights the critical role this measurement plays in complying with e-Way Bill regulations under GST by accurately determining transit distances. The guide also details the process of using the official e-Way Bill portal's calculator, outlining its benefits for precision, efficiency, and adherence to tax norms.
The MSME Samadhaan portal provides micro and small enterprises with an online platform to address delayed payments by directly filing complaints with the Micro and Small Enterprise Facilitation Council (MSEFC). This system ensures transparency by making grievances visible to government bodies and monitors cases to pressure defaulting buyers. The MSMED Act of 2006 imposes significant penalties, including compounded interest, for late payments to MSMEs. The portal also details eligibility criteria, key features for online application and status checks, and relevant updates from the latest Union Budget.
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.
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 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 clarifies the process of Input Tax Credit (ITC) matching, reversal, and reclamation under GST in India. It explains what constitutes a credit mismatch, the communication methods used by tax officers for discrepancies, and the steps taxpayers can take in response to scrutiny notices. The guide also details the rectification procedures for excess or duplicate ITC claims and the conditions for reclaiming reversed ITC.