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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.
State Bank of India provides various debit cards, each with distinct ATM withdrawal limits ranging from Rs. 20,000 to Rs. 1 Lakh. This guide details daily and monthly limits for different card types, including Rupay, Visa, and Global cards, and explains the OTP requirement for withdrawals over Rs. 10,000. It also outlines the simple steps to withdraw cash and addresses associated charges.
This article explains prosecution and compounding of offenses under India's GST law, detailing acts that lead to criminal charges like tax evasion and fraudulent ITC claims. It outlines various penalties, including imprisonment terms, based on the tax amount involved, and specifies situations where offenses become non-bailable. Furthermore, the article describes the compounding mechanism as an alternative to litigation, listing conditions under which compounding is unavailable and how fees are calculated, incorporating recent Budget 2023 amendments.
The Profit and Loss (P&L) Statement is a key financial report summarizing a business's revenues and expenses over a specific period to determine its net profit or loss. It is crucial for assessing financial performance, informing decisions, and meeting statutory compliance. This article details the components of a P&L statement, outlines the steps for its preparation, and presents different formats for sole traders, partnership firms, and companies as per regulatory standards.
Errors on a Permanent Account Number (PAN) card can be rectified through a straightforward process available both online and offline. This article provides a comprehensive guide on how to update details like name, date of birth, or address using the NSDL or UTIITSL portals, including steps for application, required documents for various applicant types, applicable fees, and how to track the application status. Ensuring all information is accurate and supported by valid documentation is crucial to avoid delays in processing.
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 offers a comprehensive guide to SBI mobile banking, covering the registration and login processes for both YONO SBI and YONO Lite apps. It details various activation methods, including SMS, ATM, and branch visits, alongside step-by-step instructions for YONO SBI login. The guide also outlines a wide array of services available through the apps, SMS codes for specific functions, customer support options, and procedures for password resets and mobile number updates.
A No Objection Certificate (NOC) is a vital legal document issued by various entities to formally grant consent or confirm the absence of objections regarding specific actions or claims. It plays a crucial role in diverse Indian contexts, from property and vehicle transfers to business establishments and visa applications, ensuring legal compliance and preventing future disputes. The application process for a NOC varies by its purpose and issuing authority, with validity periods also differing accordingly.
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.
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.
Goods and Services Tax (GST) registration is a vital compliance requirement for many businesses and professionals across India. This article clarifies who needs to register for GST, the step-by-step online process, necessary documentation, applicable fees, and the consequences of non-compliance. It aims to demystify the intricacies of obtaining a GST Identification Number (GSTIN).
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.