Marketplace seller: GSTR-1 and 3B
₹2,800 TCS credit used, ₹30,880 cash to pay
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- GSTR-1 and GSTR-3B monthly filing
- Monthly health check: books vs GSTR-1 vs GSTR-3B vs GSTR-2B
- Compliance Pack onboarding
- Pre-filing reconciliation of AIS, TIS, 26AS and Form 16
Send any one of these to start
- GST returns
- Bank statement
The jobs people like you bring us
Business owner? Books to ITR, one CA, one fee.
We close your books, check audit need and file the business return.
Fixed price, shown before you payYearly, before the due dateIf you wait: Audit missed: ₹75,000 fee, ₹1.5 lakh after a month (Sec 428(c), old 271B)
Free first stepSee every filing and due dateGST returns every month, filed before you remember.
We file GSTR-1 and GSTR-3B on time and use every rupee of credit.
GSTR-1 by the 11th, GSTR-3B by the 20thIf you wait: Late fee ₹50 a day, ₹20 for nil, plus 18% interest (CGST Sec 47 and 50)
Free first stepRead the GSTR-1 basicsCredit not in GSTR-2B? Stop losing input tax credit.
We reconcile purchases with GSTR-2B and IMS and chase the suppliers.
Every month, 14th to 18thIf you wait: Excess credit reversed with 18% interest (CGST Sec 50(3))
Free first stepRead about 2A and 2B mismatch
Questions, answered the CA way
Facts, Provisions and law, Analysis, Conclusion.
GSTR-1: Outward Supplies Return (Due 11th)
- Facts
- GSTR-1 is the source of truth for the GST system. It feeds your customers' GSTR-2B, which they use to claim ITC. File it wrong or late, your customers lose ITC credit, they call you, you lose the client. Every B2B invoice must be declared invoice-by-invoice.
- Provisions and law
- Sec 37; Rule 59; Sec 37(3); Rule 59(6); Notification 89/2020
- Analysis
- What goes in GSTR-1 table by table: Table 4A: B2B invoices (every invoice to a GSTIN holder, must have buyer's GSTIN, invoice number, date, taxable value, GST amount). Table 5: B2C interstate invoices above ₹2.5L (state-wise). Table 6: Exports, type of export, shipping bill number if zero-rated. Table 7: B2C supplies (domestic, below ₹2.5L interstate or any intrastate). Table 8: Nil-rated/exempt/non-GST supplies. Table 9/10: Amendments to previous months' invoices. Table 11: Advances received. HSN summary (Table 12): If turnover above ₹5Cr: 6-digit HSN mandatory. ₹1.5Cr to ₹5Cr: 4-digit HSN. Below ₹1.5Cr: 2-digit HSN. From FY 2021-22: all B2B invoices must carry HSN/SAC code. Wrong HSN = input GSTR-2B data for buyer is wrong → buyer's ITC is blocked. Why GSTR-1 accuracy matters for your client: Every B2B invoice you declare in GSTR-1 flows into your buyer's GSTR-2B automatically.
- Conclusion
- Compile all outward invoices for the month: B2B (with buyer GSTIN), B2C, exports, debit/credit notes
- Verify every B2B invoice has: correct buyer GSTIN, correct invoice number/date, correct HSN/SAC, correct tax amount
- Check: any amendments needed to previous months' invoices? Declare in Table 9/10
- Check: any exports in the month? Attach shipping bill number and Bill of Lading details
GSTR-2A / 2B mismatch notices: ITC reversal demands
- Facts
- The most common GST notice: your GSTR-2B shows less ITC than what you claimed in GSTR-3B. Reasons: vendor didn't file GSTR-1, vendor filed after your return date, invoice uploaded incorrectly.
- Provisions and law
- CGST Act, Sec 16(2)(aa), 16(4) | Rule 36(4)
- Analysis
- Sec 16(2)(aa): ITC is available only on invoices appearing in GSTR-2B. If not in GSTR-2B, ITC must be reversed with interest (18% per annum). Defence: Get vendor to file/amend their GSTR-1. Once vendor files, the invoice appears in your GSTR-2B and ITC can be claimed. Chasing vendors is now a mandatory compliance activity.
Blocked Credits: Section 17(5) Complete List
- Facts
- Section 17(5) is the ITC blacklist, goods and services on which you CANNOT claim GST credit even if you paid GST on them. Most businesses unknowingly claim blocked credits, which then get reversed in GST audit. Know the list before filing GSTR-3B.
- Provisions and law
- Sec 17(5); Sec 17(5)(a); Sec 17(5)(b); Sec 17(5)(c); Sec 17(5)(d)
- Analysis
- Most commonly wrongly claimed ITC (and then reversed): (1) Company car purchase, ITC blocked. Many businesses claim ₹3-5L ITC on car purchase and then face reversal. (2) Employee entertainment / team lunch, blocked. (3) Health insurance premium for employees, blocked (unless legally mandated). (4) Construction and renovation of office building, blocked on works contract. (5) Membership fees (gym, club), blocked. Exceptions that ARE allowed: Goods transport vehicle (truck, tempo), ITC available. More than 13-seat vehicles (bus for employee transport), ITC available. Motor vehicles for a driving school, available. Catering service buying food to serve clients, available. Insurance company buying health insurance (to reinsure/sell), available. Plant and machinery vs building: ITC on plant and machinery installation = allowed.
- Conclusion
- Before claiming any ITC, check if the supply falls under Section 17(5) blocked list
- Motor vehicle: check seating capacity and use, >13 seats or goods transport = allowed; company car = blocked
- Employee expenses: food/entertainment/health insurance/club membership, all blocked
- Construction and renovation of building: works contract ITC, blocked
LRS, Liberalised Remittance Scheme: $250K Limit and TCS
- Facts
- Every Indian resident can send up to $250,000 abroad per year under LRS. But from October 2023, a 20% Tax Collected at Source (TCS) applies on remittances above ₹7L (except education loans). That's ₹4L TCS on ₹20L sent abroad. You can claim it back in ITR, but it's a cash flow hit. Plan ahead.
- Provisions and law
- FEMA, LRS 2004; Sec 394 (old 206C(1G)), TCS; TCS credit; Prohibited purposes
- Analysis
- The 20% TCS cash flow hit: Sending ₹20L for property abroad? TCS = (₹20L − ₹7L) × 20% = ₹2.6L upfront to the bank. You get it back in ITR, but it's locked for up to 12 months. Education loan exception: Paying university fees abroad via education loan from Indian bank: 0% TCS. Paying from own funds: 5% above ₹7L. Structuring through education loan saves 5% cash flow. LRS aggregation: The ₹7L threshold is per person per FY across ALL banks combined. Sending ₹4L through HDFC and ₹4L through ICICI = ₹8L total = ₹1L taxable at 20% = ₹20,000 TCS. Banks report to IT department, no splitting benefit. Minor children: LRS applies to minors too ($250K limit per person). Parents can remit through child's LRS for education. Child's PAN used, TCS collected against child's PAN. Child claims credit in their ITR.
- Conclusion
- Determine purpose: 0% (education loan), 5% (education self/medical), 20% (all other)
- Check annual total: all LRS remittances this FY across all banks, keep below ₹7L if possible to avoid TCS
- If TCS unavoidable: budget for TCS amount at bank (bank collects it upfront)
- For education: structure via education loan (0% TCS) rather than self-finance
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