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Professionals in India review the old and new tax regimes every financial year to ensure their tax outgo is optimised under the Income Tax Act, 1961. This decision depends on income level, eligibility for deductions and exemptions, and recent slab changes announced in Budget 2025. While the new tax regime is now the default option with lower slab rates and a higher rebate threshold, the old regime continues to benefit those with substantial deductions. A yearly evaluation hel

GSTR-2B serves as a static, monthly ITC statement that lists all invoices, debit notes, ISD credits, and import-related data reported by suppliers. Its accuracy directly determines how much Input Tax Credit can be claimed in GSTR-3B. Businesses depend on GSTR-2B to prevent excess claims, avoid mismatches, and ensure compliance with GST rules. TaxBuddy uses this monthly dataset to simplify reconciliation, highlight discrepancies before filing, and reduce the risk of interest

E-commerce sellers face some of the most complex GST obligations in India, primarily due to platform-based transactions, automated TCS deductions, and strict reporting rules under GSTR-1 and GSTR-3B. Every sale, return, commission, and fee flows through digital records that must match the GST portal’s ledgers exactly, making reconciliation essential for avoiding mismatches and notices. Since e-commerce operators collect TCS under Section 52 and deposit it through GSTR-8, sell

The GST Composition Scheme reduces compliance pressure for small businesses by offering simplified tax reporting and fixed-rate payments for eligible traders, manufacturers, restaurants, and service providers. Its two core filings—CMP-08 every quarter and GSTR-4 annually—form the backbone of compliance under this scheme. Each filing captures taxable outward supplies, tax payable, and yearly consolidated records without involving Input Tax Credit calculations. Missing these fi

Freelancers and consultants registered under GST must manage invoice reporting, tax payments, and input tax credit claims with precision to avoid notices and blocked credits. GSTR-1 and GSTR-3B form the backbone of monthly or quarterly compliance, while ITC reconciliation ensures accuracy across suppliers and expenses. The rules apply whether services are offered within India or to overseas clients, and even voluntary registrants face the same filing obligations. TaxBuddy p

Accurate GST filing depends on clean data, consistent records, and timely reconciliation. Even small discrepancies between GSTR-1, GSTR-3B , and GSTR-2B can lead to scrutiny, ITC reversals, or interest demands. Businesses often receive notices due to supplier-side errors, mismatched invoices, unreported outward supplies, or incorrect tax payments. Automated platforms reduce these risks by removing manual guesswork. TaxBuddy brings structured checks into the filing process, e

Late GST filing triggers daily late fees and interest that continue to accumulate until the return and tax payment are completed. The law sets fixed rates for GSTR-1, GSTR-3B, and GSTR-9, which can quickly become significant for businesses with regular outward supplies. Even NIL filers are not exempt from penalties, and delays also affect input tax credit flow for buyers. Automated GST platforms such as TaxBuddy minimise these risks by ensuring timely filing and accurate rep

GSTR-9 and GSTR-9C form the backbone of year-end GST compliance, bringing together the full record of outward supplies, inward supplies, ITC claims, and audited financial data for the financial year. These annual returns help businesses confirm whether their monthly and quarterly filings match the books, preventing mismatches that may trigger notices. As FY 2024–25 closes, accurate reconciliation becomes essential for avoiding penalties and ensuring transparent reporting. Ma

GSTR-1 and GSTR-3B sit at the heart of GST compliance, and both returns must mirror each other for accurate tax reporting. GSTR-1 captures outward supplies in detail, while GSTR-3B presents a monthly summary of tax liabilities and eligible input tax credit. When these two returns fall out of sync, automated notices, mismatches in ITC flow, and potential penalties begin to surface. Businesses rely on timely reconciliation to ensure that sales data, tax liability, and ITC clai

The GST system makes no exception for months with no business activity. Registered taxpayers must file nil returns for GSTR-1 and GSTR-3B even when outward supplies, inward supplies, and ITC remain at zero. This requirement keeps the GSTIN active, prevents penalty accumulation, and ensures smooth compliance when operations resume. With increasing automation on the GST portal and stricter enforcement of deadlines, timely nil filing has become essential for every business, rega