GST is already a reality, and many are still struggling to cope with the requirements of the new regime. To ease this burden and taking into account, the concerns expressed by the trade and industry-government has introduced Form GSTR-3B. Taxpayers will have to file returns in Form GSTR-3B and pay taxes basis this form every month from July until December, extension in the date recently announced. This form would contain a summary of outward and inward supplies which will be submitted before 20th of the succeeding month.
The government will not levy any late fees or penalty for this interim period. The move is intended to comfort the taxpayers and provide them some room to get attuned to the changed system. This not only underlines the government’s commitment towards ensuring that all the stakeholders are on board but also provides an opportunity to the taxpayers to be ready for this historic reform.
Form 3B requires you to give the consolidated details of Outward and Inward supplies made during the corresponding month.
In case of Outward supplies, the information is required to be provided according to the type or nature of outward supplies and also the tax-wise bifurcation is required. It shall also include the details of inward supplies on which tax is to be paid on the reverse charge basis. While considering the supplies which are taxable “Value of taxable supplies” = (Value of invoices + value of Debit Notes – value of credit notes + value of advances received for which invoices have not been issued in the same month – value of advances adjusted against invoices)
In case of Inward supplies the details shall be given in the following format:
Total ITC available
ITC reversed according to rule 42 (inputs and input services) and rule 43 (capital goods)
Net ITC available (a-b)
Ineligible ITC u/s 17(5) i.e. blocked credit
The ultimate tax liability/ refund shall be determined after considering the ITC allowable to be set off along with the payment in cash if any made towards the liability.
The due date for filing 3B shall be as follows:
Month Date of Filing
July 2017 20th & 28th August 2017
August 2017 20th September 2017
September2017 20th October 2017
October 2017 20th November 2017
November 2017 20th December 2017
December 2017 20th January 2017
On reading the above-mentioned details, you could probably derive that filing of Form GSTR 3B can be done effectively with the extra time in your hands and you should get yourselves equipped with the basic data requirements for the said tax periods so as to make the process hassle-free.
The deadline for first GST Return, GSTR- 3B, had been extended to August 28 from its original deadline of August 20. However, the extension was only for taxpayers who opted to use the opening balance of pre-GST credit in the month of July. Those who did not wish to claim opening credit in the said month or those who had no credit; the deadline continued to be August 20.