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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 outlines the essential system requirements for businesses to access the GST Common Portal and comply with the revised GST laws, which mandate online invoice uploads for input tax credit. It details specific desktop browser versions and enabled features like CSS, JavaScript, and cookies, along with prerequisites for utilizing Digital Signature Certificates. Emphasizing the need for technological readiness, the guide aims to facilitate a smooth transition for businesses into the GST regime.
This article explains the Goods and Services Tax (GST) Input Tax Credit (ITC) provisions applicable to stock transitions. It details which categories of registered taxpayers are eligible to claim ITC on duties and taxes related to their stock, including raw, semi-finished, and finished goods. The piece also outlines the essential conditions that must be met to avail these credits under the GST framework, ensuring a clear understanding of the transition process for businesses.
This article outlines the essential forms and electronic ledgers taxpayers must maintain for GST compliance. It details the electronic tax liability register (Form GST PMT-01) for recording all tax dues, the electronic credit ledger (Form GST PMT-02) for managing input tax credit, and the electronic cash ledger (Form GST PMT-05) for monetary deposits. Additionally, it clarifies the conditions for Over-the-Counter payments and exemptions to these rules for specific entities.
This article clarifies the transition provisions for Input Tax Credit (ITC) under India's Goods and Services Tax (GST) framework. It details how CENVAT credit from the prior tax regime is carried forward and the essential conditions for its eligibility. The piece also incorporates recent legislative updates that have significantly influenced ITC claims, ensuring businesses understand the requirements for a smooth financial transition.
The GST Council is considering implementing a single, uniform tax rate for each product group to simplify the tax system and reduce complexity. Experts believe this approach will prevent variable tax rates within the same product category, addressing issues like differing VAT rates across states. This move aims to minimize classification disputes and other litigations, with hopes that tax will be based on HSN codes rather than MRP.
Finance Minister Arun Jaitley introduced four Goods and Services Tax (GST) bills in the Lok Sabha on Monday. These bills, slated for discussion the following day, represent the final phase of India's largest tax reform. They cover crucial aspects such as anti-profiteering measures, rules for tax evasion arrests, and a 40% maximum tax rate cap.
The Indian government planned to table the Goods and Services Tax (GST) Bills in the Rajya Sabha on April 5, 2017. This move was part of a larger effort to enact the country's most significant tax reform. Although lengthy debates were expected, the bills, being money bills, were anticipated to pass with minimal changes. This marked a crucial step towards implementing GST across the nation.
The GST Council has approved key regulations and bills for India's indirect tax reform, paving the way for its implementation by July 1. This includes the UTGST and SGST bills, which now await legislative clearance. While most rules are set, minor adjustments are pending, and businesses are advised to begin preparations. The government considers GST a priority reform aimed at streamlining India's tax structure and boosting economic appeal.
The Goods and Services Tax (GST) has significantly altered the taxation framework for works contracts in India. Unlike the prior regime, which involved multiple taxes like VAT and service tax, GST now classifies works contracts primarily as a supply of service, simplifying compliance. This article explores how works contracts are defined under GST, detailing their taxability, the availability of Input Tax Credit, applicable GST rates, and specific rules for record maintenance, valuation, and place of supply. It also highlights the extension of the composition scheme to works contractors.
The 56th GST Council meeting, introducing GST 2.0 effective September 22, 2025, significantly reshapes India's automobile taxation landscape. This reform lowers taxes on smaller vehicles and mass-market motorcycles, making them more affordable, while luxury cars and high-engine capacity bikes face a simplified yet slightly increased tax structure. Tractors and commercial vehicles also see reduced rates, benefiting farmers and logistics. Electric vehicles retain their 5% concessional rate, reinforcing green initiatives, ultimately aiming for clearer pricing and smoother compliance across the sector.
This article details the Goods and Services Tax (GST) demand and recovery procedures initiated by tax authorities for unpaid tax, short payments, or incorrect input tax credit utilization. It differentiates between demands raised without fraudulent intent (Section 73) and those involving fraud (Section 74), outlining their respective time limits, penalties, and voluntary payment options. Recent legislative updates regarding waiver conditions and amendments to demand applicability are also discussed, alongside general provisions for tax determination and interest rates on GST shortfalls.
This article explains the Goods and Services Tax (GST) implications and Input Tax Credit (ITC) rules for goods sent for job work. It details the conditions for claiming ITC, including time limits for goods return and rules for selling directly from a job worker's premises. The guide also covers the specifics of filing Form GST ITC-04, outlining its revised due dates and required details.