GSTR-1 filing: ensure correct reporting to prevent mismatches and recovery proceedings by reconciling returns timely.
GSTR-1 filing requires precise classification and invoice-level accuracy to avoid mismatches with GSTR-3B and related consequences. Report inter-state supplies exceeding the threshold under B2CL, classify exports correctly under LUT/payment, treat SEZ sales as zero-rated supplies, and ensure invoice totals equal taxable value plus tax including applicable cess and charges. Perform state-wise advance adjustment, apply credit notes rather than B2CL amendment when invoice values fall below the threshold, and complete a final reconciliation of B2B, B2Cs, B2CL, zero-rated supplies, advances, credit notes and the HSN summary before submission. (AI Summary)

GSTR-3B compliance: reporting and ITC practices to prevent reconciliation errors, incorrect claims, and interest liabilities.
GSTR-3B filing requires precise classification and reporting to avoid payment, reconciliation and compliance exposures. Exports, exempt supplies, import IGST and reverse charge inputs must be shown in their dedicated columns to prevent unreconciled GSTR-2A entries. Reversals for debit notes, short 2A matches and ineligible claims should be recorded under reversal provisions and proportionate reversals applied for exempt supplies. Cess is adjustable only against cess input. Cross utilisation rules mandate using IGST credit before CGST and SGST, with leftover IGST split for central and state liabilities. Interest is calculated on net payable after deducting ITC, and prior-year ITC claims are limited to the statutory return window. (AI Summary)

GST on development rights and construction services affects valuation, timing and reverse charge liability for collaboration agreements.
GST on collaboration agreements addresses taxability of transfer of development rights, construction services and pre /post completion flat sales across three phases. Earlier phases treated construction as continuous composite supply with taxable value based on cost plus margin or deemed fractions of sale value; timing was tied to completion events or sale agreements. The later framework differentiates taxable and exempt sales, prescribes reduced effective rates for specified residential projects, requires valuation of construction supplied to landowners by reference to prices charged to independent buyers less deemed land value, fixes time of supply to completion certificate or first occupation, and imposes reverse charge and cash payment/no ITC conditions in certain cases. (AI Summary)