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Library / Goods and Services Tax: The Professional's Master Guide

How to Use This Guide

Each chapter follows the same pattern:

  • The law in plain words, with references to the CGST Act, the IGST Act and the CGST Rules.
  • Illustrations with real numbers. Every calculation is shown step by step and numbered through the book.
  • Key point boxes for the issues that most often go wrong in practice.
  • Practice notes for client work, audits, notices and documentation.
  • Judicial view boxes summarising the rulings that matter, collected again in the Digest of Rulings (Appendix E) and the Table of Cases.
  • Chapter summary boxes for quick revision.

The guide is arranged in ten parts and a set of appendices:

  • Part A, Foundations: GST at a glance, the Constitution and the GST Council, GST 2.0 and recent reforms, and key definitions.
  • Part B, Supply and Levy: supply, composite and mixed supply, levy, exemptions and reverse charge, classification and rates, and the composition scheme.
  • Part C, Time, Value and Place of Supply: time of supply, valuation, place of supply for domestic and cross-border transactions, imports, exports, SEZ and deemed exports.
  • Part D, Input Tax Credit: conditions, blocked credits, apportionment and reversal, special cases, ISD, job work, and ITC matching through IMS.
  • Part E, Registration, Invoices and Records: registration, invoices and notes, e-invoicing, e-way bills and records.
  • Part F, Returns, Payment and Refunds: returns, payment, interest, TDS and TCS, and refunds.
  • Part G, Sector and Special Topics: real estate, e-commerce, financial services, employees and group companies, hospitality and logistics, education, health and charities, MSMEs and restructuring.
  • Part H, Assessment, Investigation and Disputes: assessment and audit, demands, search and arrest, advance rulings, appeals, penalties and anti-profiteering.
  • Part I, Accounting, Reconciliation and Practice: GST in the books, reconciliations and year-end closing, and handling notices.
  • Part J, Comprehensive Case Studies: fifteen complete computations and compliance walk-throughs.

Key point

Rates in the illustrations are those in force after GST 2.0 (22 September 2025) unless an earlier period is stated. Confirm the HSN or SAC specific entry in the current rate notification before advising a client.

Some Finance Act, 2026 amendments (post-sale discounts and provisional refunds) are enacted but not yet notified. The text flags each one.

Contents

Page

PART A: FOUNDATIONS 12

1. GST at a Glance 12

2. Constitutional Framework and the GST Council 17

3. GST 2.0 and Recent Reforms (2025 to 2026) 23

4. Key Definitions (Section 2) 30

PART B: SUPPLY AND LEVY 37

5. Meaning and Scope of Supply (Section 7 and Schedules I, II and III) 37

6. Composite and Mixed Supply (Section 8) 46

7. Levy, Exemptions and Reverse Charge (Sections 9 and 11; IGST Section 5) 50

8. Classification and Rates 55

9. Composition Scheme (Sections 10 and 10(2A)) 59

PART C: TIME, VALUE AND PLACE OF SUPPLY 64

10. Time of Supply (Sections 12, 13 and 14) 64

11. Value of Supply (Section 15 and Rules 27 to 35) 69

12. Place of Supply: Domestic Transactions (IGST Sections 7, 8, 10 and 12) 76

13. Place of Supply: Cross-Border Services (IGST Section 13) and OIDAR 83

14. Imports, Exports, SEZ and Deemed Exports 88

PART D: INPUT TAX CREDIT 93

15. Input Tax Credit: Concept and Conditions (Section 16) 93

16. Blocked Credits (Section 17(5)) 100

17. Apportionment and Reversal of Credit (Sections 17 and 18; Rules 42, 43 and 44) 105

18. Special Cases of Input Tax Credit (Sections 18, 19, 20 and 143) 111

19. ITC Matching, IMS and Credit Restrictions 115

PART E: REGISTRATION, INVOICES AND RECORDS 120

20. Registration (Sections 22 to 30) 120

21. Tax Invoice, Credit and Debit Notes (Sections 31 to 34) 126

22. E-Invoicing and E-Way Bills 130

23. Accounts and Records (Sections 35 and 36) 135

PART F: RETURNS, PAYMENT AND REFUNDS 137

24. Returns (Sections 37 to 48) 137

25. Payment of Tax, Interest, TDS and TCS (Sections 49 to 53) 141

26. Refunds (Sections 54 to 58) 144

PART G: SECTOR AND SPECIAL TOPICS 149

27. Real Estate and Construction 149

28. E-Commerce, Digital Services and Online Gaming 156

29. Financial Services, Banking and Insurance 160

30. Employees, Directors and Group Companies 163

31. Hospitality, Travel, Transport and Logistics 166

32. Education, Healthcare, Charities, Grants and Government 169

33. MSMEs, Professionals and Startups 172

34. Business Restructuring, Transfers and Insolvency 175

PART H: ASSESSMENT, INVESTIGATION AND DISPUTES 178

35. Assessment, Scrutiny and Audit (Sections 59 to 66) 178

36. Demands and Recovery (Sections 73 to 84, 128A) 186

37. Inspection, Search, Seizure, Summons and Arrest (Sections 67 to 72, 132) 193

38. Advance Rulings (Sections 95 to 106) 197

39. Appeals and Revision (Sections 107 to 121) 200

40. Offences, Penalties, Late Fees and Prosecution (Sections 122 to 138) 204

41. Anti-Profiteering (Section 171) and Rate-Cut Pricing 207

PART I: ACCOUNTING, RECONCILIATION AND PRACTICE 210

42. GST in Books of Account and Financial Statements 210

43. Reconciliations and Year-End Closing 213

44. Handling Notices and Managing Litigation 216

PART J: COMPREHENSIVE CASE STUDIES 219

45. Case Study 1: Monthly GSTR-3B of a Trading Company 219

46. Case Study 2: Manufacturer with Taxable and Exempt Supplies 223

47. Case Study 3: IT Services Exporter and Refund under Rule 89(4) 226

48. Case Study 4: Textile Unit with Inverted Duty Structure after GST 2.0 229

49. Case Study 5: Residential Real Estate Project 232

50. Case Study 6: Hotel with Restaurant, Banquet and Catering 235

51. Case Study 7: E-commerce Seller on a Marketplace 238

52. Case Study 8: Startup Incubator as a Section 8 Company 241

53. Case Study 9: Group Cross Charge, Corporate Guarantee, Secondment and Directors 244

54. Case Study 10: Importer and Distributor 247

55. Case Study 11: Transport Operator Choosing the GTA Option 250

56. Case Study 12: Show Cause Notice under Section 74A 252

57. Case Study 13: Annual Return and Reconciliation for FY 2025-26 255

58. Case Study 14: Going Concern, Slump Sale or Itemised Sale 258

59. Case Study 15: Composition or Regular Scheme for Small Businesses 261

Appendix A: Section Map of the CGST Act, 2017 263

Appendix B: Key CGST Rules at a Glance 267

Appendix C: GST Rate Chart after GST 2.0 270

Appendix D: Compliance Calendar 273

Appendix E: Digest of Rulings 275

Appendix F: GST Forms Guide 280

Appendix G: Practice Questions with Answers 283

Appendix H: Common Mistakes and How to Avoid Them 291

Appendix I: Glossary 293

Appendix J: Checklists 295

Appendix K: Specimen Formats 297

Appendix L: Time Limits Ready Reckoner 299

Appendix M: Interest, Late Fee and Penalty Ready Reckoner 301

Appendix N: HSN and SAC Quick Guide 303

References 304

Table of Cases 305

Index 307

© Vipin Nair. This guide is for reading online only. Copying, downloading, printing and redistribution are not permitted. For study and general reference; not legal, tax or investment advice.