To facilitate trade, last date for filing GSTR-2 & GSTR-3 for July 2017 extended to 30th Nov & 11th Dec 2017 respectively.

Every registered taxable person is required to give details of Inward Supply, i.e., purchases for a tax period in GSTR-2. It will also include purchases on which reverse charge applies. The GSTR-2 filed by a registered dealer is used by the government to check with the sellers’ GSTR 1 for buyer-seller reconciliation.If GSTR-2 return is not filed then the next return GSTR-3 cannot be filed.  Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty. Every registered person is required to file GSTR-2 irrespective of whether there are any transactions during the month or not with few exceptions.

GSTR-3 is a monthly return with the summarized details of sales, purchases, sales during the month along with the amount of GST liability. This return is auto-generated pulling information from GSTR 1 and GSTR 2. GSTR-3 will show the amount of GST liability for the month. The taxpayer must pay the tax and file the return. If GSTR-3 return is not filed then the GSTR-1 of the next month cannot be filed.  Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty.

We have launched Single Platform on GST Compliances In India, assisting in 4 areas – 1) Migration, 2) GST Compliance, 3) Training and 4) Transition & Implementation. Click this link for any assistance.