GST

Reports

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GSTR-1

In order to comply with GST requirements, it is important for all those part of the GST regime to file GST returns. These returns specify income details for clarity and are used to calculate the amount of tax that you are required to pay to the government. It is important to remember that you will require GST-compliant invoices for sales and purchase if you wish to File GST Returns  as well. 

GSTR 1 is a form that accounts for the outward supply of goods. This is a monthly, or sometimes quarterly, return that you have to file to account for the same with regards to your business.

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GSTR-2

Every registered taxable person is required to give details of Inward Supply, i.e., purchases for a tax period in GSTR-2.

GSTR-2 contains details of all the purchases transactions of a registered dealer for a month. It will also include purchases on which reverse charge applies.

The GSTR-2 filed by a registered dealer is used by the government to check with the sellers’ GSTR-1 for buyer-seller reconciliation.

GSTR 2 once filed cannot be revised. Any mistake made in the return can be revised in the next month’s return. It means that if a mistake is made in September GSTR 2, rectification for the same can be made in October’s GSTR 2.

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GSTR-2A

Every registered taxable person is required to give details of Inward Supply, i.e., purchases for a tax period in GSTR-2.

GSTR-2 contains details of all the purchases transactions of a registered dealer for a month. It will also include purchases on which reverse charge applies.

The GSTR-2 filed by a registered dealer is used by the government to check with the sellers’ GSTR-1 for buyer-seller reconciliation.

GSTR 2 once filed cannot be revised. Any mistake made in the return can be revised in the next month’s return. It means that if a mistake is made in September GSTR 2, rectification for the same can be made in October’s GSTR 2.

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GSTR-3B

GSTR-3B is a simple summary return that all normal taxpayers must file monthly for the nine-month period of July 2017 to March 2018.

On this form, taxpayers summarize and report the total values of purchases and sales, without needing to list invoice details.
Since taxpayers are not required to list invoice details on GSTR-3B, there is no process for matching invoices.

However, if the total values of purchases and sales reported on GSTR-3B don’t match the values later reported on forms GSTR-1, GSTR-2, and GSTR-3 for the corresponding months, taxpayers will be required to pay the additional GST, as well as penalties and interest.
GSTR-3B must be filed by the 20th of the following month. For example, the due date for the December 2017 GSTR-3B is 20 January 2018. 

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