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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 process for restoring a Goods and Services Tax (GST) registration that has been canceled by a tax officer. It details the steps for filing Form GST REG-21 to apply for revocation, including prerequisites like filing pending returns. The content also covers recent time extensions for such applications and outlines the procedures for responding to a show-cause notice (Form GST REG-23) with Form GST REG-24, leading to either approval or rejection of the revocation request.
The GSTR-9C reconciliation statement underwent major reforms starting from FY 2020-21, shifting from mandatory external audits to self-certification for businesses with an annual turnover exceeding Rs. 5 crore. These changes, introduced by the Union Budget 2021 and subsequent notifications, simplified compliance but increased the onus on company finance heads for accurate reporting. Taxpayers must now ensure their reconciliation statements align with financial records to avoid potential scrutiny and penalties from GST authorities.
The Reverse Charge Mechanism (RCM) for motor vehicle rental services under GST aims to improve liquidity for small service providers by shifting tax liability to the service recipient. Introduced in the 37th GST Council Meeting, RCM applies specifically when a non-corporate supplier charges 5% GST to a corporate body, excluding cases where 12% GST with full Input Tax Credit is levied. This framework clarifies definitions of motor vehicles and outlines applicability conditions, ensuring smoother tax collection and compliance.
This article clarifies the Goods and Services Tax (GST) implications for individuals earning income through platforms like YouTube and blogging in India. It defines how such earnings qualify as 'supply' under GST law, outlines the thresholds and conditions for mandatory GST registration, and explains the specific rules for classifying and taxing exported digital services. Additionally, it details the applicable GST rates and the essential compliance requirements, including invoicing and return filing, for digital content creators.
The GSTN introduced an auto-population feature for GSTR-3B, automatically filling data from GSTR-1 and GSTR-2B to simplify return filing. This facility provides a PDF summary for registered taxpayers, operational since August 2020. While initial values were editable, recent updates include 'hard locking,' requiring amendments to outward supplies before submission. The system consolidates details for various tables, including outward supplies and ITC, aiming to minimize errors and improve reconciliation.
The MAHAGST portal, an initiative by the Maharashtra government, simplifies GST compliance for taxpayers. This digital platform at mahagst.gov.in allows users to easily register, file returns, and make e-payments for various taxes including GST, VAT, and Profession Tax. The article details step-by-step processes for new dealer registration, logging into the portal, and conducting online tax payments, highlighting its role in streamlining tax administration in the state.
This article clarifies the circumstances under which interest is levied under India's GST law, detailing the applicable rates for delayed payments and other infringements like incorrect ITC claims. It explains the calculation methodology, including examples, and discusses the Supreme Court's stance on interest for delayed GST refunds. Furthermore, the guide outlines the steps for managing interest and late fees within the GST portal and reviews key advance rulings regarding interest accrual.
This article outlines the historical journey and evolution of the Goods and Services Tax (GST) in India, a significant reform that unified various indirect taxes. It details the timeline of its introduction, key legislative milestones, and the central figures involved in its implementation. The content also compares the pre-GST tax system with the current landscape, highlighting the transformative changes and components introduced post-GST.
This article outlines the process for obtaining a temporary user ID on the Goods and Services Tax (GST) portal for individuals not yet registered. It details a step-by-step application guide, covering everything from initial portal access to updating profile information. The temporary ID enables unregistered persons to utilize specific functionalities within the GST system. This guide is essential for those who undertake occasional transactions requiring GST compliance without a fixed business address.
The Finance Bill 2022 introduces an updated Section 38 of the CGST Act, aiming to strengthen input tax credit (ITC) regulations and combat fraud from fake invoices and entities. This revised section, titled ‘Communication of details of inward supplies and input tax credit,’ outlines eligible and ineligible ITC claims through the GSTR-2B statement. It imposes new restrictions, particularly impacting taxpayers whose suppliers are newly registered or non-compliant, necessitating stricter vendor verification and automated reconciliation processes to avoid increased GST cash liability.
Automatic GST registration cancellation, known as *suo moto* cancellation, occurs when tax authorities revoke a taxpayer's registration without their direct request. This article outlines the specific conditions under which such cancellation can be initiated, including non-compliance, fraud, or business cessation. It also details the procedure for responding to a show-cause notice and the steps required to reactivate a cancelled GST registration, along with the various implications for the taxpayer.
Importers can easily find their Bill of Entry (BoE) on the GST portal to claim Input Goods and Services Tax (IGST) and cess on imports. The GST Network provides a dedicated search functionality that automatically populates BoE data from ICEGATE into GSTR-2A and GSTR-2B. This guide outlines the step-by-step process, from logging in and entering details to querying ICEGATE or raising a support ticket if issues arise.