{"id":34168,"date":"2018-10-30T16:10:27","date_gmt":"2018-10-30T10:40:27","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=34168"},"modified":"2018-10-30T16:10:27","modified_gmt":"2018-10-30T10:40:27","slug":"decoding-gst-forms","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/decoding-gst-forms\/","title":{"rendered":"Decoding GST forms:\u00a0"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/todays-paper\/tp-business\/decoding-gst-forms\/article19989353.ece\"><span style=\"font-weight: 400;\">Decoding GST forms<\/span><\/a><span style=\"font-weight: 400;\">:\u00a0<\/span><\/p>\n<p><b>Context<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Goods and Services Tax (GST) Council extended the deadlines for filing GSTR-2 and GSTR-3 forms for July by a month each to November 30 and December 11 respectively.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span><\/li>\n<\/ul>\n<p><strong>What is a GSTR-1 form?<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This serves as the master form for all subsequent forms for the return period. GSTR-1 assumes that a business transaction that needs to be recorded on it involves a supplier and a recipient.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The <\/span><b>GSTR-1 <\/b><span style=\"font-weight: 400;\">deals with outward supplies. That is, it needs to be filled out by the supplier on a detailed basis, providing the invoice details of every transaction for the return period.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Normally, the GSTR-1, for any month, has to be filled by the 10th of the subsequent month.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The recipient\u2019s form, detailing the inward supply, is to be auto-populated from the details provided by the supplier in his GSTR-1.<\/span><\/li>\n<\/ul>\n<p><b>What is the GSTR-2 form?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The GSTR-2 is to be filled by the recipient with details of all inward supplies<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Take the example of Company A supplying goods to Company B. Company A will log the details of the transaction in its GSTR-1. Company B will find these details auto-populated in its GSTR-2A.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">However, Company B will also have to provide other details \u2014 such as inward supplies from unregistered companies \u2014 to complete its GSTR-2. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This has to be done by the 15th of the subsequent month.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In case the recipient disagrees regarding the details in the GSTR-2A form, then he can communicate his concerns to the supplier who has the option to modify the GSTR-1 or leave it as it is.<\/span><\/li>\n<\/ul>\n<p><b>Are there any other major forms?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The GSTR-3 is simply an auto-populated form based on the details of the GSTR-1 and GSTR-2. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It represents a consolidated monthly return and contains the tax liability along with the tax collected on outward supplies and tax paid on inward supplies by a registered person or company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The GSTR-3 has to be filled by the 20th of the next month. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The GST Council allowed companies to file a summary GSTR-3B form every month up to December to ease their compliance burden.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Decoding GST forms:\u00a0 Context The Goods and Services Tax (GST) Council extended the deadlines for filing GSTR-2 and GSTR-3 forms for July by a month each to November 30 and December 11 respectively.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/decoding-gst-forms\/\">Continue reading <span class=\"screen-reader-text\">Decoding GST forms:\u00a0<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-34168","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704689859},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/34168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=34168"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/34168\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=34168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=34168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=34168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}