Understanding GSTR1, GSTR2, and GSTR3B in Tally Prime: A Comprehensive Guide

GSTR1, GSTR2, GSTR3B

As a business owner in the UK, it is important to understand the various types of Goods and Services Tax Returns (GSTR) that need to be filed with HM Revenue and Customs (HMRC). GSTR1, GSTR2, and GSTR3B are the three main types of GST returns that need to be filed in India. In this article, we will explore what GSTR1, GSTR2, and GSTR3B are, and how they can be filed using Tally Prime.

What is GSTR1?

GSTR1 is a monthly or quarterly return that needs to be filed by registered businesses to report their outward supplies. Outward supplies refer to the sales made by a business during a particular period. GSTR1 includes details such as the name and address of the supplier and recipient, the amount of the transaction, and the applicable GST rate. The due date for filing GSTR1 is the 10th of the following month for monthly filers and the 13th of the following month for quarterly filers.

How to File GSTR1 in Tally Prime?

To file GSTR1 in Tally Prime, follow the steps below:

1. Go to the Gateway of Tally, and select ‘GSTR-1’ under ‘GST’.
2. Click on ‘Create’ to generate a new GSTR1 return.
3. Fill in the necessary details, such as the financial year, period, and GSTIN.
4. Enter the details of outward supplies made during the period.
5. Review the return and make any necessary corrections.
6. Click on ‘Save’ to save the return and ‘Generate’ to file it with HMRC.

What is GSTR2?

GSTR2 is a monthly or quarterly return that needs to be filed by registered businesses to report their inward supplies. Inward supplies refer to the purchases made by a business during a particular period. GSTR2 includes details such as the name and address of the supplier and recipient, the amount of the transaction, and the applicable GST rate. The due date for filing GSTR2 is the 15th of the following month for monthly filers and the 18th of the following month for quarterly filers.

How to File GSTR2 in Tally Prime?

To file GSTR2 in Tally Prime, follow the steps below:

1. Go to the Gateway of Tally, and select ‘GSTR-2’ under ‘GST’.
2. Click on ‘Create’ to generate a new GSTR2 return.
3. Fill in the necessary details, such as the financial year, period, and GSTIN.
4. Enter the details of inward supplies received during the period.
5. Review the return and make any necessary corrections.
6. Click on ‘Save’ to save the return and ‘Generate’ to file it with HMRC.

What is GSTR3B?

GSTR3B is a monthly return that needs to be filed by registered businesses to report their summary of outward supplies, inward supplies, and GST payable for a particular period. GSTR3B is a summary return and is filed in addition to GSTR1 and GSTR2. The due date for filing GSTR3B is the 20th of the following month.

How to File GSTR3B in Tally Prime?

To file GSTR3B in Tally Prime, follow the steps below:

1. Go to the Gateway of Tally, and select ‘GSTR-3B’ under ‘GST’.
2. Click on ‘Create’ to generate a new GSTR3B return.
3. Fill in the necessary details