GSTR 1 is the form that is used to report the details of all external supplies of products or services. In other words, it is a record of the sales and income generated from it in a financial year. Besides, it is also used to report credit and debit notes issued. Also, any changes made to the invoices even belonging to a previous tax period can be furnished through GSTR 1.
Like GSTR 1 is used to report the earnings or outward sales transactions of products and services, GSTR 2A is the return form that contains the details of inward sales transactions of products and services or in simpler terms it reports the expenses made during a taxable period or financial year. It is to be noted that the purchases listed out in GSTR 2A should be from registered vendors/service providers.
Another important point to note is that the data in GSTR 2A is automatically inferred from the data submitted by the suppliers in GSTR 1. GSTR 2A is non editable and read only return that can be simply viewed.
GSTR 2 is similar to GSTR 2A in every sense except that it can be edited.
GSTR-2 is to be filed by all normal taxpayers registered under GST, however, the filing of the same has been suspended ever since the inception of GST.
GSTR 3 is a monthly return form consisting of combined details of outward supplies made, inward supplies received and input tax credit claimed. Also, GSTR 3 is used to file details of 0 returns filed. GSTR 3 is also an auto generated form based on the data filed in GSTR 1 and GSTR 2.
GSTR 3B is a monthly self-declaration to be filed, for furnishing summarized details of all outward supplies made, input tax credit claimed, tax liability ascertained and taxes paid.
GSTR-3B is to be filed by all normal taxpayers registered under GST.
6. GSTR-4 / CMP-08
GSTR 4 concerns the taxpayers who have opted for the composition scheme under GST. Recently, GSTR 4 has been replaced by CMP 08. The scheme of Composition is a provision for taxpayers with turnover above Rs.1.5 crore who can opt into and pay taxes at a fixed rate on the declared turnover. The CMP-08 return is to be filed on a quarterly basis.
GSTR-5 is the return to be filed by non-resident foreign taxpayers, who are registered under GST and carry out business transactions in India. The return contains details of all outward supplies made, inward supplies received, credit/debit notes, tax liability and taxes paid.
The GSTR-5 return is to be filed monthly for each month that the taxpayer is registered under GST in India.