Features

GSTR-1

GSTR-1 return form has to be filed by a registered taxable supplier with details of the outward supplies of goods and services. This form is filled by the supplier. The buyer has to validate the auto-populated purchase information on the form and make modifications if required. The form will contain the following details:


  • Business name, period for which the return is filed, Goods and Services Taxpayer Identification Number (GSTIN).
  • Invoices issued in the previous month and the corresponding taxes collected.
  • Advances received against a supply order that has to be delivered in the future.
  • Revision in outward sales invoices from the previous tax periods.

GSTR-1 has to be filed by 10th of the following month.



GSTR-2

GSTR-2 return form has to be filed by a registered taxable recipient with details of the inward supplies of goods and services. The form will contain the following details:


  • Business name, period for which the return is filed, Goods and Services Tax Identification Number (GSTIN).
  • Invoices issued in the previous month and the corresponding taxes collected.
  • Advances received against a supply order that has to be delivered in the future.
  • Revision in outward sales invoices from the previous tax periods.

GSTR-2 has to be filed by 15th of the following month.



GSTR-3

GSTR-3 return form has to be filed by a registered taxpayer with details that are automatically populated by from GSTR-1 and GSTR-2 returns forms. The taxpayer has to verify and make modifications, if any. GSTR-3 return form will contain the following details:


  • Details about Input Tax Credit, liability, and cash ledger.
  • Details of tax paid under CGST, SGST, and IGST.
  • Claim a refund of excess payment or request to carry forward the credit.

GSTR-3 has to be filed by 20th of the following month.



LEDGER

The taxpayers will also get three ledgers namely Cash Ledger, Credit Ledger & Liability Ledger. These ledgers will reflect the amount of tax payable, input credit balance, and on adding money to the cash ledger the taxpayer will also be able to settle the tax liability online.


Types Of Ledger :


Cash Ledger:

This ledger will serve as an electronic wallet. Where, the taxpayer needs to make any payment such as tax, interest, penalty etc and he does not have enough credit in his Credit ledger, he will have to simply add money to the wallet and the money will be utilized to make the payment.

This ledger will basically reflect all the deposit made in cash using various modes.


Credit Ledger:

The input tax credit that is self-assessed in the monthly returns will be reflected here under three categories i.e IGST, CGST & SGST. The taxpayer will be able to utilize the balance shown in this account only for payment of tax as per the credit utilization rules and no other amount such as interest, penalty etc.


Liability Ledger:

This ledger will show the total tax liability of a taxpayer after netting off for the particular month. This ledger will be auto populated.