Various Goods and Services Tax forms
On July 1, the Goods and Services Tax was introduced by the government of India. Referred to by its short form GST, the tax has replaced the various taxes that are levied by the state as well as the central government. With GST, the process has been simplified as the consumers just have to pay one tax instead of many. In October, the Goods and Services Tax Council extended the deadline for filling the GSTR-2 and GSTR-3 forms for July by a month. The GSTR-2 forms can now be filled by November 30 and the last date for filling GSTR-3 forms is December 11.
There are various GST forms, but below is an analysis of the major ones.
In GSTR-1, the taxpayer has to provide the details regarding outward supplies that have been made to the buyer for the relevant period. The form has to be filled by the supplier on a detailed basis. For the return period, the Buyer has to furnish the invoice details of every transaction that has been made. Generally, the GSTR-1 for a particular month has to be filled by the 10th of the next month. For example, the GSTR-1 for the month of June has to be filled on or before July 10.
In the GSTR-2, the taxpayer has to give details of all the inward supplies. These are purchases for a tax period in GSTR-2. In this form, the recipients file the receipts of the goods and services purchased by them. GSTR-2 is filled by the recipients once the suppliers have filled all the information of the sales that have been made by them during a tax month in GSTR-1. A registered dealer’s details of all the purchases transactions for a month are included in GSTR-2. The GSTR-2 form has to be filled latest by the 15th of the next month. This form has to be filled five days after the filling of GSTR-1.
The third type of form that has to be filled is the GSTR-3, which is an auto-populated form. This form is based on the details of GSTR-1 and GSTR-2. The GSTR-3 represents a consolidated monthly return. This form also comprises the tax liability and the tax that has been collected on outward supplies, along with the tax that has been paid by a registered company or person on the inward supplies. The last date for filling the GSTR-3 form is the 20th of the next month.
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