Treatment under the GST Act
Services provided from India to a client located outside India is treated as Inter-state supply of services. In such cases, GST registration is mandatory after crossing threshold limit of Rs. 20 lacs in a financial year. In your case, all conditions specified for export of services are fulfilled therefore services provided by you shall be treated as "export of services". Under the GST Act, export of services is treated as "zero rated supply".
- As total receipts would exceed Rs. 20 lacs in a current financial year 2021-22, it is mandatory for you to obtain GST registration. Firstly check on which date you crossed the limit of receipts of Rs. 20 lacs. From that date you were liable to obtain GST registration within 30 days.
- After obtaining GST registration, file LUT to avail the benefit of export without payment of taxes.
- Obtain FIRC (Forsign Inward remittance certificate) from the banks against each receipt from foreign company.
- There should be proper agreement with the foreign company covering all substantial clauses
- Invoices should be raised with a proper format for export of services before each payment
- As your turnover is less than Rs. 5 cr, you can opt to file quartrely GST returns.
- You can claim the refund of unutilized input tax credit.
Treatment under the Income Tax Act
Section 44ADA is available to sepcified professionals. Such professionals are clearly mentioned in the Act. As you have mentioned you are providing technical services which is a broad term. Please mention the exact nature of services provided by you.
In any case, pay advance tax for the current financial year income (AY 2022-23)
For saving income tax, you should go for investments and payments u/s 80C, 80CCD(1B), 80D etc. If you having housing loan you can avail the benefit of deduction of interest on housing loan.
Ensure proper tax treatment on gains/losses arising from the timing difference between issue of invoice and actual receipt of sale consideration.
For detailed discussion, you may opt for phone consultation.