GST Return

What is GST Return?

GST return refers to the document that a taxpayer is required to file with the tax authorities, providing details of income, expenses, and other pertinent information for the purpose of calculating and paying Goods and Services Tax (GST). GST is a value-added tax that is levied on the sale of goods and services at each stage of the supply chain.

GSTR-1

GSTR-1 mentions details of all outside supplies of taxable goods and services to be listed by registered taxable suppliers. The GSTR 1 due date to register this form is the 10th of the next month.

* Monthly, by 11th of every month – If the business either has an annual aggregate turnover of greater than Rs.5 crore or has not opted into QRMP Scheme.

* Quarterly, by 13th of the month after the quarter has ended – If QRMP Scheme has been opted by the business.

GSTR-2A

GSTR-2A is a document meant for buyers of goods and services, providing a dynamic and view-only snapshot. It includes details of purchases made during a specific tax period from suppliers who are registered under the Goods and Services Tax (GST) system. These details encompass the inward supplies of goods and services received by the buyer.

GSTR-2B

GSTR-2B is a static and view-only statement that holds vital information for buyers of goods and services. It serves to outline the eligible and ineligible Input Tax Credit (ITC) for each month. Much like GSTR-2A, it derives its data from the filed returns of corresponding suppliers in GSTR-1/IFF, GSTR-5, and GSTR-6.

GSTR-3B

GSTR-3B is a simplified summary form used for monthly self-declaration by registered dealers under the Goods and Services Tax (GST) system. It doesn’t require detailed information at the invoice level. Instead, it mandates the submission of total values for various fields, presenting a consolidated summary for the respective month of filing.