GST returns filing: Know the difference between GSTR-1, GSTR-2, GSTR-3

The government has waived the penalty of Rs per day for taxpayers who failed to file the first Goods and Service Tax returns within the deadline. However, the taxpayers will have to bear the interest on late payment of dues.

Earlier, Finance Minister Arun Jaitley had said that the taxpayers who failed to meet the deadline will have to bear a penalty of Rs 200 per day -- Rs 100 for Central GST and Rs 100 for State GST.

This is just an initial stage for taxpayers to get used to the GST return filing. The taxpayers need to file 37 returns every year. Thus, having confusions related to the filing is unavoidable. 

Ministry of Finance, on Saturday tweeted saying, "GSTR 1 is to be filed by all taxpayers by 5th of September 2017. GSTR 2&3 to be filed by all taxpayers by 10th and 15th of Sept 2017 respectively.

This means, taxpayers have only two days to file GSTR1, seven days for GSTR-2 and 12 days for GSTR-3. These returns are for the month of July. 

To make it simple, a taxpayer needs to know difference between the three returns. Here's a simple guide to them: