What is GSTR-2 Return?
GSTR-2 return will include details of the inward supplies or purchases of goods and services by the taxpayer. GSTR-2 is prefilled for a buyer based on the GSTR-1 filed by his supplier. You just have to validate this prefilled information and make modifications if required. For example, if you are buying goods from company B, then the company B would have filed its GSTR-1 and included your name as the buyer.
Now the same information will be reflected in your GSTR-2 as purchases which you need to validate. GSTR-2 will thus include the details of auto-populated purchases.
What is GSTR-3B Return?
One can say that GSTR-3 is a combined version of GSTR-1 and GSTR-2. As in the case of GSTR-2,
GSTR-3 is also prefilled for a taxpayer based on the GSTR-1 and GSTR-2. You just have to validate
this prefilled information and make
modifications if required. GSTR-3 return will include the following details:.
What is GST Quarterly Return? (GSTR-4)
A taxpayer with a turnover of up to Rs. 75 Lakhs has the option to opt for the composition scheme. In such a case, he would be required to pay taxes at a fixed rate depending on the type of his business (2% for manufacturers, 5% for restaurant service sector and 1% for other suppliers). Although no input tax credit facility would be available. A taxpayer opting for the composition scheme would be required to file a simplified quarterly return that is GSTR-4. He is required to provide only the following details:
- The total value of consolidated supply made during the period of return
- Details of payment of tax in the return
- Declare invoice-level purchase information.