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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 critical procedures for inspection, search, and seizure under India's GST framework, designed to combat tax evasion. It details the conditions under which authorities can initiate these actions, the powers granted to officers, and the legal protocols involved. Key distinctions between inspection, search, and detention are clarified, alongside post-seizure processes and recent legislative updates affecting these enforcement measures.
The Indian textile industry is advocating for a consistent 5% GST rate across its entire value chain, with over 471 Tamil Nadu mill owners petitioning the Prime Minister. This move aims to standardize taxation, as current structures differentiate between cotton and man-made fibers. A uniform GST would enable domestic manufacturers to utilize input tax credits, fostering a more equitable market. The final decisions from the upcoming GST Council meeting are expected to shape the future landscape of India's textile sector.
The 2025 GST 2.0 rate reset has brought significant changes for wholesalers and retailers, introducing reduced tax slabs for many items and aiming for improved business growth. These revisions, enacted after the 56th GST Council meeting, include lower GST on various FMCG products, medicines, and vehicles. While the changes necessitate immediate adjustments to pricing and systems for businesses, they are expected to foster greater trade formalization and provide long-term benefits in pricing predictability and market consolidation.
This article clarifies various scenarios where multiple parties might be held accountable for unpaid Goods and Services Tax (GST) dues in India. It outlines the joint and several liabilities for transferors and transferees in business sales, agents and principals, and directors of private companies. The piece also details the responsibilities of partners in a firm, entities involved in mergers, and guardians or trustees managing businesses for others. These provisions collectively ensure the recovery of outstanding GST amounts through direct or indirect means.
This article provides a comprehensive guide to Goods and Services Tax (GST) for freelancers in India. It covers essential aspects such as registration requirements based on turnover and service types, eligibility for the composition scheme, and applicable tax rates. Additionally, it details invoicing rules, input tax credit mechanisms, and GST return filing obligations, emphasizing the importance of compliance for independent professionals.
This article explains how Goods and Services Tax (GST) is applied to stock transfers between different business locations of the same entity. It covers the definition of stock transfer, its taxability under GST compared to the pre-GST era, valuation methods, and the availability of Input Tax Credit (ITC). The text also discusses e-way bill requirements and the impact on free supplies, highlighting the financial implications for various industries.
The Revenue Neutral Rate (RNR) is a crucial component of India's Goods and Services Tax (GST) framework, designed to ensure stable government revenue. This article explores how the Dr. Arvind Subramanian committee calculated RNR using macro, indirect tax turnover, and direct tax turnover approaches, yielding different percentage estimates. It also highlights the complexities of distributing RNR between central and state governments, acknowledging the challenge as both an art and a science.
This article explains how various types of discounts are treated under India's Goods and Services Tax (GST) framework, as governed by Section 15 of the CGST Act, 2017. It details the conditions for deducting pre-supply and post-supply discounts from the taxable value, including requirements for invoice documentation and input tax credit reversal. The guide also provides examples and a summary of discount applicability, contrasting it with the pre-GST era's tax treatment.
The real estate sector in India is concerned about potential price increases due to the Goods and Services Tax (GST). Developers fear that if an 18% GST is applied without subsuming stamp duty, overall property costs will rise significantly. The National Real Estate Development Council (Naredco) advocates for a lower GST rate of 12% for the sector to prevent adverse impacts on property affordability.
This article elucidates crucial definitions and interest regulations pertaining to Goods and Services Tax (GST) refunds in India. It highlights recent budget amendments affecting refund applications and interest calculations, including provisions for the COVID-19 pandemic period and specific changes for UN agencies. The guide details various 'relevant dates' for different refund scenarios and illustrates how to calculate interest on delayed payments for both standard cases and those involving appellate authority directives.
This article outlines the Goods and Services Tax (GST) implications for broadband internet services in India. It details that telecommunication services, including broadband, are subject to an 18% GST rate, a significant change from the pre-GST tax structure. The content also explains the applicability of GST based on the place of supply, clarifies the HSN and SAC codes for these services, and discusses the availability of Input Tax Credit (ITC) for internet service providers (ISPs).
India's Goods and Services Tax (GST) regime incorporates two key mechanisms: Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) to enhance compliance and transparency. TDS applies to specific entities, primarily government bodies, making payments exceeding a threshold under business contracts. Conversely, TCS is collected by e-commerce operators on sales made through their platforms. Both provisions mandate timely tax remittance and impact various stakeholders, including government contractors and online sellers.