GST & Indirect Tax — Cheatsheets
GST components
| Component | Applies to | Collected by |
|---|
|---|---|---|
| CGST | Intra-state transactions | Central government |
|---|
| SGST | Intra-state transactions | State government |
| IGST | Inter-state transactions | Central government (apportioned to destination state) |
(needs verification — recheck against current source: GST rate slabs periodically revised by GST Council.)
Input Tax Credit (ITC) conditions
|---|---|
| Valid tax invoice | Business must possess one |
|---|
| Goods/services received | Must have actually been delivered |
| Supplier compliance | Supplier must have paid GST and filed returns |
| Buyer compliance | Business must have filed its own returns |
GSTR return types (common)
|---|---|---|
| GSTR-1 | Reports outward supplies (sales) | Standard-scheme registered businesses |
|---|
| GSTR-3B | Summary return — tax liability and ITC claimed | Standard-scheme registered businesses |
(needs verification — recheck against current source: GSTR forms and filing frequency have changed multiple times since 2017 and continue to evolve.)
Standard scheme vs. composition scheme
| Property | Standard scheme | Composition scheme |
|---|
|---|---|---|
| ITC claimable | Yes | No |
|---|
| Tax calculation | GST on sales, ITC credited | Flat rate on turnover |
| Compliance burden | Higher (monthly/quarterly filing) | Lower (reduced filing) |
| Best suited for | B2B (customers want ITC) | B2C (customers don't need ITC) |
(needs verification — recheck against current source: composition scheme thresholds and rates periodically revised.)
Place of supply — quick logic
|---|---|
| Goods | Location of delivery |
|---|
| Services (general) | Recipient's location |
| Services (varies by category) | Location of performance, or property location for immovable-property-related services |
Reverse charge mechanism (RCM)
| Standard GST | Reverse charge |
|---|
|---|---|
| Seller collects and remits GST | Buyer directly liable to pay GST |
|---|
| Default mechanism | Applies to specific notified categories (e.g. certain unregistered-supplier transactions) |
Compliance tools
|---|---|
| GSTIN | GST Identification Number — issued upon registration |
|---|
| E-way bill | Required for goods movement above value threshold; tax-evasion prevention |
(needs verification — recheck against current source: e-way bill thresholds and RCM categories periodically revised.)
