GSTR-2 and GSTR-3

GSTR-2 and GSTR-3

For the time being, the GST Council has suspended the requirement to file forms GSTR-2 and GSTR-3. Filing is expected to resume after March 31, 2018.

GSTR-2 will contain details of inward supplies (purchases) of taxable goods and/or services that affect the input tax credit (ITC) claimed. This form will need to be filed by the 15th of the following month. 

Form GSTR-2 will require the following details:

• Invoice-wise details of all interstate and intrastate supplies received from registered or unregistered persons
• Goods that have been imported and services rendered 
• Debit and credit notes, if any, received from supplier
• Amount of ineligible ITC on inward supplies when the taxable status of the supplies could not be determined at the invoice level in form GSTR-2

GSTR-3, a monthly return, will finalize the details of outward and inward supplies and be sent along with payment of tax. The form must be filed by the 20th of the following month.

GSTR-3 is divided into two parts, i.e., part A and part B.

• Part A will be electronically generated based on information furnished in forms GSTR-1 and GSTR-2, as well as other liabilities of preceding tax periods
• Part B will contain the tax liability, interest, and penalty paid and refund claimed from a company’s cash ledger, if any. The system will compute the tax liability based on GSTR-1, minus any ITC claimed in GSTR-2