Changing face of filing returns under GST

Original Model

Three forms are to be filed in a month and one additional annual return. So, total 37 returns are to be filed. 

• GSTR1 is to be filed by the seller by 10th of next month. This gets auto-populated to the buyer who corrects it and then files GSTR2 by 15th of the month. After that,             
• GSTR3 contains tax liability of an assesse as the seller and input tax credit as the buyer. So, the assesse can net the two.         
• For the first quarter(July-Sept, 2017), GSTR3B, the summary of input-output, is to be