#2 What is GSTR-1, GSTR-2, GSTR-3B,ITC In detail | Free GST Course 2025 with Tally Prime -

GSTR-1: This return captures details of outward supplies (sales) made by a taxpayer. Filed monthly (by the 11th) or quarterly (by the 13th), it ensures that sales data is shared with buyers, helping them claim Input Tax Credit (ITC).

GSTR-2: An auto-generated statement showing inward supplies (purchases) based on the supplier's GSTR-1. It helps taxpayers verify and reconcile ITC.

GSTR-3B: A summary return that reports total sales, tax liability, and ITC claims. Filed monthly or quarterly, it is crucial for making GST payments and maintaining compliance.

Input Tax Credit (ITC): ITC allows taxpayers to claim credit for GST paid on purchases used for business. To claim ITC, ensure the supplier has filed returns, and the purchases are eligible under GST rules.

Together, these ensure smooth GST compliance and minimize tax burdens.

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