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Indirect Tax & Compliance Hub

GST Resources & Compliance Reference

Structured reference guides on statutory GST return timelines, GSTR-2B input tax credit reconciliation, e-invoicing mandates, and lender turnover verification.

01 / Statutory GST pillars

Why disciplined GST compliance matters for both tax and banking.

Commercial banks and subsidy authorities routinely verify GSTR-1, GSTR-3B and GSTR-9/9C filings against audited financial statements before sanctioning credit limits or releasing industrial incentives.

Input Tax Credit

GSTR-2B vs. Purchase Register Reconciliation

Under Section 16(2)(aa) of the CGST Act, Input Tax Credit (ITC) can only be availed when supplier invoices appear in GSTR-2B and satisfy section 16 conditions. Monthly vendor tracking prevents working capital blockages and DRC-01C intimations.

GST Consultancy details
Annual Reconciliation

GSTR-9 & GSTR-9C Audit Readiness

Annual reconciliation between audited financial statements and GST returns (GSTR-9 and GSTR-9C for turnover above ₹5 crore) resolves rate-wise outward liability differences, credit notes and unavailed ITC before departmental scrutiny.

Audit & Assurance details
Exporters & Manufacturers

LUT Exports, Refunds & Inverted Duty Claims

Timely filing of Letter of Undertaking (LUT), shipping bill IGST validation and RFD-01 refund applications releases locked working capital for exporters and inverted-duty manufacturers.

Customs & DGFT advisory
02 / Statutory return matrix

Standard GST return compliance schedule

Form / Return Applicability Purpose Standard Due Date
GSTR-1 Regular Taxpayers (Monthly) Statement of outward supplies of goods and services 11th of the succeeding month
GSTR-1 (IFF / QRMP) QRMP Scheme Taxpayers Invoice Furnishing Facility (M1/M2) & Quarterly GSTR-1 13th of succeeding month / quarter
GSTR-3B Regular Taxpayers (Monthly) Summary return of outward supplies, ITC claimed and tax payment 20th of the succeeding month
GSTR-9 Turnover above ₹2 Crore Consolidated Annual Return for the financial year 31st December following the end of FY
GSTR-9C Turnover above ₹5 Crore Annual Reconciliation Statement with Audited Financials 31st December following the end of FY
ITC-04 Manufacturers sending goods for Job Work Details of inputs/capital goods dispatched to and received from job workers Half-yearly / Annual based on turnover
03 / Borrower & promoter checklist

6 GST checkpoints before submitting a loan or subsidy file

  • Turnover Alignment: Ensure 12-month GSTR-1 and GSTR-3B taxable turnover matches the revenue declared in audited/provisional financial statements.
  • Timely Filing Track Record: Credit bureaus and bank portals flag frequent late fees under Section 47 or interest payouts under Section 50.
  • 180-Day Vendor Payment Rule: Verify that supplier invoices on which ITC is availed are paid within 180 days to prevent Rule 37 ITC reversals.
  • Capital Goods ITC vs. Depreciation: For project finance and subsidy claims, confirm that GST on plant & machinery is either claimed as ITC or capitalised—never both.
  • Additional Place of Business (APOB): Ensure all factory units, warehouses and cold storages funded by banks are endorsed on the GST Registration Certificate.
  • SGST Subsidy Linkage (PSI): For units claiming Industrial Promotion Subsidy (IPS) linked to SGST paid on finished goods, maintain separate product-wise tax ledgers.
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