Loading…
Loading…
Deep dives and practical guides written by the WFYI team.
Comprehensive explanations, FAQs, and updates about GST regulations, returns, and compliance.
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.
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 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.
This article explains the residual method for valuing supplies under India's GST regime. It highlights that this method applies when standard valuation rules cannot determine the supply's value, requiring registered persons to use reasonable and justifiable means. The content also cautions against misusing this approach to avoid GST liabilities due to strict penalties.
This comprehensive guide demystifies rental agreements in India, outlining their essential components and legal validation processes. It explains the distinction between rent, lease, and leave and license agreements, detailing their respective durations and key implications. The article also covers the procedural steps for drafting, signing, and registering these vital documents, emphasizing requirements for security deposits and crucial considerations for property owners before leasing.
The Indian government has introduced new schemes and revised classifications for Micro, Small, and Medium Enterprises (MSMEs) in Budget 2025. These changes aim to expand support for more businesses by increasing investment and turnover thresholds, eliminating distinctions between manufacturing and service sectors, and launching targeted programs. Key initiatives include credit cards for micro-enterprises, term loans for first-time women, SC/ST entrepreneurs, an expanded Fund of Funds for startups, and missions for manufacturing and clean technology development.
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).
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.
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.
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.
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.
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.