Difference Between GSTR-1, GSTR-2, and GSTR-3B, Get Practical GST Course in Delhi, 110032, by SLA Consultants India, New Delhi,

Difference Between GSTR-1, GSTR-2, and GSTR-3B

The Goods and Services Tax (GST) system in India requires businesses to file specific returns to maintain compliance with tax regulations. Three of the primary returns are GSTR-1, GSTR-2, and GSTR-3B, each serving a distinct purpose in the GST filing process. Here's a breakdown of their differences:

Difference Between GSTR-1, GSTR-2, and GSTR-3B, Get Practical GST Course in Delhi, 110032, by SLA Consultants India, New Delhi

1. GSTR-1 (Outward Supply Return)

GSTR-1 is a monthly or quarterly return that businesses must file to report details of outward supplies (sales) made during the given period. This includes the sale of goods and services to other registered taxpayers, consumers, and exports. The details required in GSTR-1 include:

• Invoice-level details of outward supplies

• HSN (Harmonized System of Nomenclature) code of the goods

• Details of supplies made to unregistered individuals, including B2C transactions

• Export and interstate supplies

• Amendments or corrections to previous returns

Filing Frequency: Monthly for businesses with a turnover exceeding 5 crore, and quarterly for others (under the QRMP scheme).

2. GSTR-2 (Purchase Return - Draft) (Currently Suspended)

GSTR-2 was originally designed for businesses to report the details of their inward supplies (purchases) during the relevant period. It was meant to provide a mechanism for claiming input tax credit (ITC). The key components of GSTR-2 included:

• Details of all purchases made during the month

• Input tax credit available on those purchases

• Supplier-wise purchase information

However, GSTR-2 has been suspended since October 2017, as the GST portal has shifted to an auto-population system where businesses claim input credit based on the supplier's GSTR-1 filings.

3. GSTR-3B (Self-Assessment Return)

GSTR-3B is a simplified monthly self-assessment return that businesses file to declare their GST liabilities and claim any available input tax credits (ITC). It is a summary return that consolidates the following:

• Total output tax liability (GST collected on sales)

• Input tax credit (GST paid on purchases)

• Net GST payable or refundable

• Details of outward and inward supplies, but in a summarized manner

GSTR-3B is typically filed by the 20th of every month (for the previous month’s transactions) and is crucial for businesses to pay taxes on time, avoid penalties, and reconcile their tax payments.

Filing Frequency: Monthly for all taxpayers, irrespective of turnover.

Difference Between GSTR-1, GSTR-2, and GSTR-3B, Get Practical GST Course in Delhi, 110032, by SLA Consultants India, New Delhi

Practical GST Course in Delhi by SLA Consultants India

For individuals looking to enhance their understanding of GST and the filing process, SLA Consultants India offers practical GST Course in Delhi, specifically tailored for professionals. Located in New Delhi, postal code 110032, SLA Consultants India provides hands-on training that covers:

• Practical aspects of filing GSTR-1, GSTR-2, and GSTR-3B

• Understanding GST returns and their impact on businesses

• Detailed explanations of ITC claims, reconciliation, and compliance

• Live demonstrations of GST filing on the GST portal

These courses are ideal for individuals seeking career advancement in the finance, accounting, or taxation fields, as they provide the skills needed to navigate the complex GST system.

SLA Consultants Difference Between GSTR-1, GSTR-2, and GSTR-3B, Get Practical GST Course in Delhi, 110032, by SLA Consultants India, New Delhi Details with "New Year Offer 2025" are available at the link below:

https://www.slaconsultantsindia.com/certification-course-gst-training-institute.aspx

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