GST- Returns

Returns on inward, outward supplies and monthly tax liability

Inward and outward supply

As per Section 2 of the law:

“Inward supply” in relation to a person, shall mean receipt of goods

and/or services whether by purchase, acquisition or any other means and

whether or not for any consideration

“Outward supply” in relation to a person, shall mean supply of goods or

services, whether by sale, transfer, barter, exchange, licence, rental, lease or

disposal or any other means made or agreed to be made by such person in the

course or furtherance of business

Form	For	Due date
GSTR-1	Return of details of outward supplies furnished to the government.	10th of the following month
GSTR-2	Return of details of inward supplies furnished to the government.	15th of the following month
GSTR-3	Monthly return	20th of the following month
GSTR-2A	Details of inwards supplies auto-generated and made available to the purchaser based on GSTR-1.
GSTR-1A	Details of outward supplies auto-generated and made available to the supplier based on GSTR-2.

 

Return filing:

·         The supplier shall file the details of outward supplies in form GSTR-1on or before the 10^th date of following month.

·         On the 11^th day of the following month, the details of inward supplies are auto-generated and made available to the purchaser based on the GSTR-1 in the form GSTR-2A

·         Based on the details in the form GSTR-2A, the purchaser will furnish details of inward supplies to the government in the form GSTR-2 on or before 15^th of following month. The purchaser could accept/ modify/reject the details given in the form GSTR-2A to file form GSTR-2.

·         Based on the details in the form GSTR-2, form GSTR-1A containing details of  outward supplies will be available to the supplier.

·         The supplier could revise the form GSTR-1 based on the form GSTR-1A.

·         Both the purchaser and supplier would pay the final tax and submit the monthly return in form GSTR-3 on or before 20^th of the following month.