Guide to .. Tax Management ,Tax Planning and Tax Saving

GST (A Practical Knowledgebase)

Income Tax Management (India)

Who Needs To File GST Return ?
Every registered person as specified under sec. 22 and classified under sec. 24 of Chapter VI of the CGST Act, 2017, which is mutatis-mutandis applicable to IGST/UTGST Act and SGST Act is required to file a return for the prescribed tax period...

Types And Periodicity Of GST Return For Different Categories Of Taxpayers
Common periodicity of returns for a class of taxpayers has been prescribed. There will be different frequency for filing of returns for different classes of taxpayers, after payment of due taxes, by the stipulated time as prescribed under law....

Outward Supply Statement (GSTR 1/GSTR 1A) [Section 37 of CGST Act]
To understand the process of filing return, we have to appreciate the legal processes as specified under sections 37, 38 and 39 of the CGST/ UTGST Act, 2017..

Inward Supply Statement (GSTR-2A/GSTR-2) [Section 38 of CGST/ UTGST]
As per section 38 of CGST/UTGST Act, 2017 the taxable person, other than ISD, TCS, TDS, taxpayer in composition levy and non-resident taxpayer, on receipt (auto-population) of invoice/debit note/credit note/ voucher of advance payment data of GSTR 1 filed by the supplier, in his GSTR-2A (Inward Supply Statement), shall:

Furnishing of Return (GSTR-3) [Section 39 of CGST Act]
As per sec. 39 of the CGST Act, 2017, the taxable persons other than ISD/TCS/TDS/Non-resident and composition levy tax persons shall for every calendar month or part thereof, furnish GSTR-3 Return electronically...

Information in the Monthly GSTR-3 Return Form
The GST Monthly Return form would capture the following information: ....

Quarterly GST Return For Taxpayers Under Composition Scheme-GSTR 4
After crossing the threshold exemption limit, the taxpayers may opt for composition levy wherein they would be required to pay taxes at fixed rate on their turnover as per section 10 of the CGST Act, 2017 which is applicable to IGST/UTGST Acts and SGST law mutatis mutandis...

Non-Resident Foreign Taxpayers (GSTR-5) under GST Act. 2017
Non-Resident foreign taxpayers are those suppliers who do not have a business establishment in India and have come for a short period to make supplies in India.....

Input Service Distributor (ISD) Return (GSTR 6) under GST Act. 2017
Input Service Distributors (ISD), as a specified category, only distribute credit on tax invoices received centrally on services to units that actually use those services in the course of their business....

Tax Deduction at Source (TDS) - GSTR-7 under Section 51 of CGST Act
Section 51 of the CGST Act bill mandates some specified recipients to deduct tax at source on certain supplies while making payment for such supplies. They shall deduct an amount at a specified percentage of the payment being made and credit it to the Government as tax paid on behalf of the supplier.....

Tax Collection at Source (TCS) GSTR-8 under Section 52 of CGST Act
The details furnished by the operator in GSTR-8 shall be made available electronically to each of the suppliers in Part D of Form GSTR-2A on the Common Portal after the due date of filing of Form GSTR-8....

Mismatch, Reversal And Re-Claim Of ITC And Reduction In Claim Of Output Tax Liability [ Secs. 42 And 43 Of CGST/UTGST]
Details of every inward supply of Recipient and claim in reduction in output tax liability (invoices or the credit notes) for a tax period shall will be matched....

Discrepancy In The Claim Of Input Tax Credit in Form GST MIS-1 and GST MIS-2
Any discrepancy in the claim of input tax credit in respect of any tax period, as per above shall be made available...

Discrepancy In The Claim Of Reduction In Output Tax Liability in Form GST MIS-3
The final acceptance of claim of reduction in output tax liability in respect of any tax period, shall be made available electronically to the person making such claim in Form GST MIS-3....

General Note On Contents Of GSTR-1 , GSTR-2 and GSTR-3
Note the few important points for GSTR 1, 2 and 3 are described here...

Annual Return in FORM GSTR-9 And Audit Report in FORM GSTR-9B [Section 44 Of CGST/UTGST]
Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an annual return as specified under sub-section (1) of section 44 electronically in FORM GSTR-9 through the Common Portal either directly or through a Facilitation Centre notified by the Commissioner:...

Levy Of Late Fee under GST [Section 46 OF CGST/UTGST]
Any registered person who fails to furnish the details of outward or inward supplies required under section 37 or section 38 or returns required under section 39 or section 45 by the due date shall pay a late fee of 100 for every day during which such failure continues subject to a maximum amount of 5000...

INVALID RETURN in case GSTR-3 is Filed without Payment under GST Portal
GSTR-3 is filed only on payment of tax liability using ITC and cash from both the ledgers. In case GSTR-3 is filed without payment of tax, it is called Invalid Return.....

IT Enablement For Filing Of GST Returns
The GST IT Common Platform of GSTN provides multiple ways to file/upload the invoice level details depending on the convenience and the size of taxpayer. ....

Payment Of Taxes And Submission Of GST Return
GST follows a system of ledgers for ITC and Cash. Both the Ledgers and Liability Register etc. are maintain online at GST common portal...

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Deductions [Sections 80A to 80U (Chapter VIA)]
Deductions [Sections 80A to 80U (Chapter VIA)]

Deductions to be made in Computing Total Income [Sections 80A to 80U (Chapter VIA)]

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List of Exempted Incomes (Tax-Free) Under Section-10
List of Exempted Incomes (Tax-Free) Under Section-10

Section-wise Index of Exempted Incomes Under Section 10

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TDS, TCS, Advance Tax & Refunds
TDS, TCS, Advance Tax & Refunds

Guide & Taxation with Amendments made by the Finance Act. 2018 and the Rules as amended till Date.

Advance Tax & Refund
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