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GSTR-3B – Things You Must Know Before Filing

GST law came into existence with effect from July 1st, 2017. However, anticipating the lack of IT infrastructure preparedness and to calm the initial taxpayer anxieties, the union finance minister Mr. Arun Jaitley on June 18th, 2017 announced that the GST return filing requirements have been relaxed for the first two months.

Therefore, through a government notification, GSTR-3B was conceptualized. Further, for ensuring a smooth rollout of the GST taxation system, government of India also extended the filing dates of GSTR-1 and GSTR-2 for the first two months (July and August 2017). 

The article aims to apprise you of the 4 most sought after queries, you must also know about GSTR-3B:

  • Important pointers about GSTR-3B.
  • Can GSTR-3B be amended?
  • GSTR-3B due date.
  • In case of a nil turnover, does GSTR-3B need to be filed?

Important pointers about GSTR-3B:

Although, GSTR-3B is a temporary GST return, there are some bullet points, which you must be aware about:

  • GSTR-3B is to filed at the GST portal only http://gst.gov.in
  • Each GSTIN should file an individual GSTR-3B. No two GSTIN’s can be clubbed.
  • Even if it is a nil return, GSTR-3B needs to be filed.
  • GSTR-3B is not meant for the composition dealers.
  • GSTR-3B cannot be amended until Government notify it.
  • GSTR-3B is just a provisional return and not the final return. GSTR-1/2/3 would be filed as in routine.
  • GSTR-3B will not use any transitional credits available from the previous VAT/Service tax/Excise duty. Form TRAN-1 will be used to show and use such credits.
  • GSTR-3B does not allow to claim any refunds and any excess credit will slide to the ITC ledger.
  • GSTR-3B can only be filed, once the overall tax liability is duly paid.
  • Any additional tax liability arising due to any change in GSTR-1/2/3 should be duly settled before fling of GSTR-3B.
  • GSTR-3B is a simplified return capturing only total figures of purchases, sales input tax credits and payments. GSTR-3B will not capture each sale invoice.
  • Input Tax Credit cannot be paid to set off the amount payable on reverse charge.
  • GSTR-3B is to be filed from the period of the registration. Hence, if registration is done in the month of August’2017, the option for filing GSTR-3B for July’2017 will not be available and the no GSTR-3B is to be filed for July’2017.
  • GSTR-3B can only be submitted through digital signature [DSC] or electronic verification code [EVC] other than for companies, which will compulsory use DSC.

GSTR-3B captures the following details:

1

GSTIN of the registered person

2

Legal name of the registered person

3.1

Summarized outward supply and inward supply under reverse charge

3.2

Bifurcation  of Inter-state outward supplies to [unregistered person, composite tax payer, UIN holder

4

Summary of eligible ITC available and the ITC to be reversed and ITC which is ineligible,segregated into IGST, CGST & SGST/UTSGT and Cess

5

Summary of exempted, nil rated  and non-GST  inward supplies

5.1

Interest and late fees

6

Details of payment of tax, which includes  category wise tax payable, ITC availed , TDS credit and  tax paid in cash along with interest and late fees (not applicable for initial 2 returns)

7

Category wise summary of tax – TDS and TCS credit.

 

Can GSTR-3B be amended?

Normally Once filed, GSTR-3B cannot be amended until Government notify so and any revision in the figures has to be done through next GSTR-1/2/3 later on.

Due date for GSTR-3B:

For Month

GSTR-3B

GSTR-1

GSTR-2

GSTR-3

July, 2017

Up to 28th Aug

Upto 10th of Oct

Upto 31st  Oct

Upto 10th Nov

In case of a nil turnover, does GSTR-3B need to be filed?

Yes, even if there is no transaction and the turnover is nil, then too GSTR-3B needs to be filed.

For a deeper understanding on GSTR-3B, simply visit the articles section at Masters India, a GST Suvidha Provider [GSP] and browse through an array of informative GST topics.

Should you still be confused about filing of your GSTR-2 and want to consult an expert, the proficient team at Masters India, a GST Suvidha Provider is here to help. autoTax from Masters India is a fully automated GST Software for return filing, which along with other functionalities also ensures that you always remain in the good books of the government by maintaining a high GST compliance rating. To know more about, on how can you put your taxation life cycle on an auto-pilot, please connect with Masters India at info@mastersindia.co  | 1800 212 6141