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key components of GSTR-2 and GSTR-3

Key components of GSTR-2 and GSTR-3

key components of GSTR-2

  • The information in GSTR-1 shall be auto-populated in concerned tables in GSTR-2. It can be modified by the taxpayer while filing GSTR-2.
  • The details of inwards supplies would be auto-populated in the Input Tax Credit (ITC) ledger on submission of return.
  • GST law should provide that ITC with respect to capital goods will be allowed over a period of 2 years in equal instalments. Further GST law should make appropriate provisions for availment of ITC in case of inputs received in one lot or in multiple lots.
  • Separate table for submitting details in relation to ITC received on an invoice on which partial credit has been availed earlier.
  • Separate table for ISD credit and TDS credit received by taxpayer.

Key components of GSTR-3

  • It would capture the aggregate level outward and inward supply information which will be auto populated through GSTR-1 and GSTR-2.
  • Information about ITC ledger, cash ledger and liability ledger would be updated in real time on an activity in connection with these ledgers by the taxpayer.
  • Details of payment of tax under various tax heads of CGST, SGST, IGST and Additional tax separately would be populated from the debit entry in credit/cash ledger. GST law may have provision for maintaining 4 head-wise account for CGST, SGST, IGST and Additional tax and at associated minor heads for interest, penalty, fee etc.
  • Taxpayer will have the option of claiming refund of excess payment through the return for which appropriate field will be provided in the return form.
  • Details of ITC balance (CGST, SGST and IGST) at the end of the tax period will be auto-populated in the ITC ledger irrespective of mode of filing return.
  • The return would have a field to enable the taxpayer to claim the refund or to carry forward the ITC balance (CGST, SGST and IGST). GST law may provide that the refund will be processed quarterly.
  • It will be auto-populated through GSTR- 1 (of suppliers), own GSTR-2, ISD return, TDS return of deductor, own ITC ledger, own cash ledger and own tax liability ledger.

key components of GSTR-2 and GSTR-3

Gujarat VAT department has issued circular

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