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 the GST refund process in India, detailing eligibility criteria, required documentation, and submission procedures for various refund types, including exports and inverted duty structures. It outlines the step-by-step application using Form RFD-01 on the GST portal, covering scenarios like excess cash balance and accumulated ITC. Additionally, it explains specific refund claims for unregistered persons, embassies, and international organizations, along with the post-application stages and officer actions.
The Goods and Services Tax (GST) in India streamlines indirect taxation into a unified system, aiming to foster a single national market. Key features include a simplified tax structure with varied rates, registration exemptions for small businesses, and a crucial Input Tax Credit mechanism to prevent cascading taxes. The system also employs digital compliance, invoice matching for transparency, and anti-profiteering measures to benefit consumers, enhancing India's competitive standing globally.
This article outlines the Goods and Services Tax (GST) payment process in India, detailing how registered taxpayers, excluding those under special schemes, calculate and remit their monthly tax liabilities. It explains the purpose and maintenance of the three electronic ledgers: Liability, Cash, and Credit, which are crucial for managing tax transactions. The guide also clarifies how Input Tax Credit (ITC) is utilized for tax fulfillment and highlights that interest and penalties must be paid in cash, not through ITC adjustments.
This article explores the cost method for valuing supplies under India's Goods and Services Tax (GST) law. It explains how this method is applied when other direct valuation rules are not applicable. The core principle involves calculating the supply value as 110% of the production, manufacturing, acquisition, or service provision cost. An illustrative example demonstrates its practical application in scenarios where an open market value is unavailable.
This article clarifies the tax implications of goods returns, with a special focus on e-commerce transactions under GST. It details the process for both registered and unregistered buyers, including credit note issuance and GSTR-1 reporting. The piece also covers how tax liabilities are adjusted and explains transitional provisions for goods returned after GST implementation, emphasizing compliance and the principle against unjust enrichment.
This article clarifies the Goods and Services Tax (GST) valuation framework as it pertains to pure agents. It defines what constitutes a pure agent and a principal under GST law, outlining specific conditions for excluding a pure agent's expenses from the value of supply. An illustrative example demonstrates how these rules apply in practical scenarios, ensuring clarity on taxable value in agent-assisted transactions.
GSTR-3 is a critical monthly GST return that consolidates sales, purchases, and tax liabilities. It's auto-generated from GSTR-1 and GSTR-2 data. This guide outlines its importance, filing implications, eligibility criteria, and detailed structure, including auto-populated and manually filled sections, along with provisions for interest and late fees.
The Goods and Services Tax Network (GSTN), responsible for India's GST IT infrastructure, faced scrutiny from the CBEC's service tax department over its tax liability. Initially, a summons was issued to the CEO, requesting financial documents and details of government grants and payments to Infosys. However, GSTN refuted receiving a formal summons, and CBEC clarified it was a routine inquiry, likely issued in error, focusing on whether government grants to GSTN are taxable.
GSTR 6 is a monthly GST return that Input Service Distributors must file to detail input service invoices and distribute Input Tax Credit (ITC). It is crucial for recording credit distribution and is mandatory even for nil returns, with a filing deadline of the 13th of the following month. While revisions are not permitted directly, corrections can be made in subsequent filings. The return auto-populates from GSTR 6A, a read-only form, and requires specific details across eleven sections, including ITC distribution, amendments, and late fees.
GSTR-7 is a crucial monthly return for entities deducting Tax Deducted at Source (TDS) under GST, due by the 10th of the following month. This comprehensive guide explains who is eligible to deduct TDS, the importance of filing GSTR-7 for both deductors and deductees, and the specific details required for submission. It also covers the penalties for delayed filing and the process for correcting errors in subsequent returns, ensuring compliance within the GST framework.
The Kerala jewellers' association is pushing for a fixed 1.25% GST rate on gold, urging the state minister to consider their pre-budget proposals which also include abolishing the local 'purchase tax'. This move comes as gold and jewellery taxation currently falls outside the standard GST tiers, with significant variations across states. While industry bodies propose differing rates, a final decision from the GST Council is awaited. Businesses are advised to prepare for GST implementation by ensuring compliance before the deadline.
GSTR-10 is a crucial final return for taxpayers whose GST registration has been canceled or surrendered, requiring submission within three months of the cancellation. This guide details its applicability, due dates, and the specific information needed, particularly regarding closing stock and input tax credit reversal. It also outlines the penalties for non-compliance and differentiates GSTR-10 from the regular annual GST return (GSTR-9).