Key components of GSTR 1, GSTR 2 and GSTR 3 – GST India Guide

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Key components of GSTR 1, GSTR 2 and GSTR 3, Check Key Key components of GSTR 1 (Outward supplies by Tax payers), Key components of GSTR – 2, Inward Supplies, and Key components of GSTR – 3. In this article you can find al details for GSTR-1, GSTR-2 and GSTR-3. Recently we provide complete details for Filing of GST Returns Revision of return, Short Filing of Return, Annual Return (GSTR-8) and Steps for Return Filing etc. Now you can scroll down below n check more details for Key components of GSTR 1, GSTR 2 and GSTR 3

Contents

Key components of GSTR 1, GSTR 2 and GSTR 3

Key components of GSTR-1 (Outward supplies by Tax payers)

Every registered taxable person required to furnish the details:

  • (a) of outward supplies of goods and/or services effected during a tax period under sub-section (1) of section 25; and
  • (b) of outward supplies of goods and/or services effected during an earlier tax period under sub-section (2) of section 25

shall furnish such details in FORM GSTR-1 electronically through the Common Portal either directly or from a Facilitation Centre, notified by the Board or Commissioner.

This return form would capture the following information:

  1. Basic details of the Taxpayer i.e. Name along with GSTIN
  2. Period to which the Return pertains
  3. Gross Turnover of the Taxpayer in the previous Financial Year. This information would be submitted by the taxpayers only in the first year and will be auto-populated in subsequent years.
  4. Final invoice-level supply information pertaining to the tax period separately for goods and services which has to be submitted as follows:
    • For all B2B supplies (whether inter-state or intra-state) invoice level specified details will be uploaded.
    • For all inter-state B2C supplies – invoice level details to be uploaded for invoices whose value is more than INR 2,50,000. For invoices below this value, state-wise summary of supply statement shall be filed.
    • Following parameters with respect to HSN code for goods and accounting codes for services will apply for submitting the information in return relating to invoice level information.
      • HSN code (4 digits) for goods and accounting code for services will be mandatory initially for all taxpayers with turnover in the preceding financial year above INR 5 crores.
      • HSN codes (8 digits) and accounting codes for services will be mandatory in case of exports and imports.
  5. Details relating to advance received against a supply to be made in future will be submitted in accordance with the Point of Taxation Rules as framed in the GST law.
  6. Details relating to taxes already paid on advance receipts for which invoices are issued in the current tax period will be submitted.
  7. Separate table for submitting details of revision in relation to outward supply invoices pertaining to previous tax periods.
  8. Separate table for effecting modifications/correcting errors in the returns submitted earlier.

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