Salient Feature of Return Formats GSTR-1/GSTR-2 and GSTR-3
1. GSTR-1 and GSTR-2 would respectively contain outward supply i.e. sales and inward level supply details i.e. Goods for both goods and services separately. GSTR-3 would be the consolidated Monthly Return Containing Details of Tax Payable and Deposited.
This is a clear departure from the present practice being followed wherein the main return form was relating to the summary of transactions during the return period and details of purchases and sales formed sub-annexure of the main return form. Now these details of the Inward and Outward supplies have to be submitted in separate returns forms and separate due dates have been prescribed for the returns pertaining to Inward and Outward supplies.
2. Following are the major details which would be auto-populated from GSTR-1 in GSTR-3
A) Inter-state supplies to Registered taxpayers i.e. B2B
B) Intra-State Supplies to Registered taxpayers i.e. Within State Supply B2B
C) Inter-State Supplies to Consumers i.e. B 2 C
D) Intra-State Supplies to Consumers i.e. B 2 C
E) Exports (including deemed exports)
F) Revision of supply invoices pertaining to previous tax period (including post sales discounts or any clerical/other errors)
On the basis of the above details, Total Tax Liability of the dealer on outward supplies would be arrived at.
Following are the major details which would be auto-populated from GSTR-2 in GSTR-3
a) Inter-State supplies received (i.e. B2B and B2C )
b) Intra-State supplies received (i.e. B2B and B2C With in State)
d) Revision of purchase invoices pertaining to previous tax period (including post sales discounts received or any clerical / other errors
e) TDS credit received during the month.
3. In the case of Inward Supplies GSTR-2, it has been provided that the details of the Inward Supplies would be auto-populated from GSTR-1 of the supplier. However, dealer would have to in such cases select the appropriate action that whether he wants to claim the credit in respect of such inward supplies or not and if yes whether the same represents capital goods or not.