GSTR-6 is the monthly return filed by entities registered as Input Service Distributors (ISDs) under the GST framework. An ISD is typically the head office or a branch of a business that receives Input Tax Credit on invoices for services used by multiple branches and distributes this credit proportionately to the recipient units. GSTR-6 must
Form GST ITC-03 is used to reverse Input Tax Credit (ITC) that was previously claimed but must now be returned to the government. This situation arises when a taxpayer transitions from the regular GST scheme to the Composition Scheme or when goods and services on which ITC was claimed become exempt from GST. The reversal
FASTag is India’s electronic toll collection system that uses Radio-Frequency Identification (RFID) technology for contactless toll payments at highway plazas. Managed under the National Electronic Toll Collection (NETC) program by the National Payments Corporation of India (NPCI), FASTag is linked to a prepaid wallet or bank account and enables automatic toll deduction as vehicles pass
How to Download Filed GSTR-3B from the GST Portal is a common requirement for taxpayers who need return copies for audits, GST reconciliation, annual return filing, and compliance records. GSTR-3B is the monthly or quarterly summary return that all regular and casual GST-registered taxpayers must file. Downloading previously filed GSTR-3B returns from the GST portal
A Credit Transfer Document (CTD) is an official document issued by a manufacturer under the GST framework to verify that Excise Duty was paid on goods produced and dispatched before July 1, 2017. CTDs enabled dealers who were not registered under the Central Excise Act but held GST registration to claim CENVAT credit on pre-GST
GSTR-9 is the annual return filed by all registered taxpayers under GST, consolidating details of outward supplies, inward supplies, tax payments, Input Tax Credit (ITC) availed and utilised, refunds claimed, and demands raised during the financial year. Tables 6 through 13 are the most critical sections for ITC reporting, covering credit availed, reversals, reconciliation with
Section 80D of the Income Tax Act allows taxpayers to claim deductions on health insurance premiums paid for themselves, their spouse, dependent children, and parents. The maximum deduction ranges from Rs. 25,000 to Rs.1,00,000 depending on the age of the insured persons. Schedule 80D in the Income Tax Return form is where these deductions are
Chartered Accountants play a central role in GST compliance for businesses of all sizes. From guiding clients through GST registration to managing return filing, invoice reconciliation, and Input Tax Credit claims, CAs must ensure their own practice is GST-ready before they can advise clients. This guide covers the essential steps for CAs to achieve full
An Aadhaar card is a unique 12-digit identification number issued by the Unique Identification Authority of India (UIDAI) to Indian residents. It serves as a universally accepted proof of identity and address for accessing government welfare programs, financial services, and digital authentication processes. With over 138 crore cards issued, Aadhaar is India’s most widely used
Compounding of offences under the CGST Act allows a person accused of a GST offence to avoid criminal prosecution by paying a specified monetary amount. Section 138 of the CGST Act, read with Chapter 19 of the CGST Rules, governs this process. The accused must apply to the Commissioner using FORM GST CPD-01, who may
ITR-5 is the Income Tax Return form designed for entities that are neither individuals, HUFs, nor companies. It covers partnership firms, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), artificial juridical persons, estates of deceased or insolvent persons, business trusts, and investment funds. Entities required to undergo a tax audit under
Selecting the correct Income Tax Return form is critical for successful filing. ITR-1 (Sahaj) is designed for resident individuals with straightforward income from salary, one house property, and other sources, with total income up to Rs.50 lakh. ITR-2 applies to individuals and HUFs with income from capital gains, foreign assets, multiple house properties, or total
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