Wednesday, 4 October 2017

Easy Guide of GSTR 3B with Step by Step Return Filing Procedure

The GSTR 3B form is a return form declared by the Indian government for the return filing only for initial 6 months of GST implementation. The GSTR 3B form will be filled up for the month of July to December 2017 in the place of normal return forms – GSTR 1, 2 and 3.
You can read entire help guide for filing GSTR-3B on Indian government portal here: GSTR 3B Creation-Submission PDF
A Registered dealer is mandated to file average three Returns in every month and 1 return annually under the GST. So, that total comes at 37 Returns every year for the registered taxpayer. Initially, the GSTR 1, 2 and 3 are discarded for the filing by the taxpayers for the month of July to December 2017.

Some of the Features of Return Form GSTR-3B

  • GSTR 3B to be filed mandatorily by all normal registered taxpayers
  • Nil returns to be filed in case of no business
  • Summary of information about sale and purchase, available input tax credit, tax payable, tax paid is to be furnished
  • All input tax credit availed and utilised will be posted in the ITC ledger
  • Unutilized ITC can be used in subsequent months
  • While filling up form GSTR 3B, don’t forget to Save partially filled form by clicking save GSTR 3B button
  • After pressing submit, no modification is possible therefore check the details carefully before pressing submit
  • If form GST TRAN-1 is submitted Click Check balance button to view the balance available for credit under integrated tax, Central tax, State tax and Cess ( including transitional credit also)

Who all don’t have to submit GSTR 3B return form?

  • (ISD) input service distributor
  • Composition supplier
  • TDS deductor
  • TCS collector
  • OIDAR (online information data access and retrieval)

Let’s See the Deadlines for Return Filing for July and August:

FormsFor July 2017For August 2017
GSTR 3B25th August20th September
GSTR 110th October
GSTR 231st October
GSTR 310th November
Note:  The GST council has decided in 21st meeting that GSTR-3B to be filed regularly from month August to December 2017

Interest on Late GST Payment & Missing GST Return Due Date Penalty

Those taxpayers, who do not pay their taxes on time as per the date scheduled by the GST Council, will have to pay an additional late fee amount at 18 percent per annum, depending on the number of days they delay the payment.
For example, If you fail to pay your tax liability on the due date, you will have to pay additional 1000*18/100*1/365 = Rs. 0.49 per day as late fee Where Rs. 1000 is the tax liability amount, 1 is the number of delayed days and 18 is the rate of interest (annual). See the official doc attached below for complete details of GST interest late fee and penalties
For delay in filing GSTR-3B tax return online on GSTR portal, a late fee of Rs.100 for CGST and Rs.100 for SGST per day (not exceeding Rs. 5,000) would be charged from the particular taxpayer.

Step by Step Procedure of Filing GSTR 3B Form Online

Step:1 First of all the taxpayer will have to enter his GSTIN ID very precisely with no errors. And in the second point, the legal of registered individual.
Step 2: Coming to the second box, including Details of Outward Supplies and inward supplies liable to reverse charge:

In the name of supplies column, it is given-
  • Outward taxable supplies (other than zero-rated, nil rated and exempted) – In this column, fill out all the general and non-taxable items which are sold by the business on regular basis.
  • Outward taxable supplies (zero-rated ) – In the column, only zero rate tax items will be included, if any.
  • Other outward supplies (Nil rated, exempted) – In the column, only exempted tax items will be included, if any.
  • Inward supplies (liable to reverse charge) – All the supplies of inward supplies must be mentioned here which are liable for the reverse charge.
  • Non-GST outward supplies – Include all the Non-GST outward supplies which are not covered by the GST tax scheme.
All the details must be filled along with Nature of Supplies, Total Taxable value, Integrated Tax Central Tax, State/UT Tax and Cess.
Step 3: Now the box, Of the supplies shown in above, details of inter-State supplies made to unregistered persons, composition taxable persons and UIN holders.
  • Supplies made to Unregistered Persons – All the supplies details with the item name and HSN codes in the column which has been done to an unregistered dealer or individual.
  • Supplies made to Composition Taxable Persons – All the supplies details with the item name and HSN codes in the column which has been done to a composition scheme dealer or individual.
  • Supplies made to UIN holders – All the supplies details with the item name and HSN codes in the column which has been done to a UIN holder.
All the supplies must be entered with details of Place of Supply (State/UT), Total Taxable value, Amount of Integrated Tax.
Step 4: Now, the 4th box is of Eligible ITC containing all the input tax credit demand from the taxes paid:
(A) ITC Available (whether in full or part)
  • Import of goods
  • Import of services
  • Inward supplies liable to reverse charge (other than 1 & 2 above)
  • Inward supplies from ISD
  • All other ITC
(B) ITC Reversed
  • As per rules 42 & 43 of CGST Rules
  • Others
(C) Net ITC Available (A) – (B)
been(D) Ineligible ITC
  • As per section 17(5)
  • Others
The required details must be filled up with Details of individual taxes to be paid accordingly, Integrated Tax, Central Tax and State/UT Tax Cess.
Step 5: Now coming to the box 5, it includes Values of exempt, nil-rated and non-GST inward supplies:
  • From a supplier under composition scheme, Exempt and Nil rated supply – Include all the purchases made from unregistered dealers and composition dealers in the list.
  • Non-GST supply – Include all the non-GST applicable items and products of the similar category.
The taxpayer has to include all the relevant details of Nature of supplies, Inter-State supplies, Intra-State supplies and its calculations.
Step 6: Now comes the important box for the payment of taxes, which included a number of significant data which has to be filled up with accurate details:
  • Integrated Tax
  • Central Tax
  • State/UT Tax Cess
The details must be Tax payable, Tax paid- (TDS./TCS) Tax/Cess paid in cash, Interest Rate Paid through ITC – (Integrated Tax Central Tax State/UT Tax Cess)
Note: Columns which are filled in black colour must not be filled up.
Step 7: In the next box, it comes the details of TDS/TCS Credit
A proper format in which it has been mentioned all the TDS and TCS deducted for all the tax scenario including Integrated Tax, Central Tax, State/UT Tax.
Overall the Government has chosen to implement GSTR 3B form in the starting phase of GST return filing for the easy and convenient taxpaying experience for the dealers.

Latest Update on GSTR 3B: Total Numbers of Filing done:

For July month, a total of 47 lakh people filed the GSTR-3B form and the government has received a huge revenue of INR 95,000 Crore in the treasury department. While for the August Month, the expectation is higher as at least to get an equivalent number of taxpayers in the month of August. But, until September 20, the last date of filing GSTR-3B form, there were only 30 lakh returns filed by the taxpayers in which 21.83 lakh returns were filed on the last date only. The last day rush on GSTN portal has created the impression of filing the highest return in a day under GST.

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