What is Gstr 3b?
When the Government of India implemented and introduced GST on 1st July 2017, the Indian tax regime witnessed a drastic change. Many of the companies that were using manual accounting processes, found it extremely difficult to keep up with the new system after the GST implementation. The government of India introduced gstr3b to give these companies a bit of relief.
When to File Gstr 3b?
Gstr 3b is a tax return form that needs to be filled by taxpayers up to March 2021. It is also to be noted that gstr 3b form needs to be filled each month and the last date of submission is the 20th of the following month.
Features of Gstr 3b
There are certain features of the gstr 3b form. Some of them are mentioned below:
- The liability of GST is evaluated after the submission of the form.
- You can see your availed and utilized tax credits in the ITC ledgers.
- You need to partially save the gstr 3b form while filling it up to avoid loss of data.
- You need to check the details very carefully before submitting the form because once you have submitted no further modifications can be made.
- You need to insert a synopsis of sale, purchase, tax payable, tax paid, available input tax credit during compliance.
Individual or Organisation who don’t have to submit Gstr 3b
Following individuals and organisations will not have to fill the gstr 3b form:
- Composition Supplier
- TCS collector
- TDS deductor
- Input service distributor (ISD)
- Online information data access retrieval (OIDAR)
Late GST payment Interest and Penalty of submitting after the Due date
After the due date, the taxpayer will have to pay an additional late fee of 18 % per annum according to the GST council regulation. The total amount of the late fee will also depend on the number of days delayed from the stipulated date of payment.
Details to be mentioned while submitting the form
Mainly 6 principle details need to be mentioned while completing the form. These are discussed below:
- The first and foremost thing to do while filling out the form is to provide your GSTIN.
- Secondly, you need to mention the registered individual or organisation’s name.
- Third, You need to explicitly mention in which cases you are paying taxes. In this scenario, you need to show the total taxable amount further breaking it into SGST/UTGST, CGST, IGST, and cess. The person does not have to mention the tax rate, only the total tax amount.
- The individual will also have to state whether he is eligible or ineligible for ITC.
- If there are any purchases made by the exempt individual or from a composite dealer, zero-rated or not enfolded by GST, you need to report it on gstr 3b.
- Lastly, the individual has to mention the final amount of tax payable by him on the taxable goods produced which also needs to match with the second point. Any interest or late fee also needs to be reported.
Guide to fill Gstr 3b
Here is a step by step process to fill the Gstr 3b form:
- First, you have to login into the GST portal, then go to services, from there click on “Returns”, after that click on the “Returns Dashboard”.
- This page displays your file returns. You can select the “Financial year” and the “Return filing period” and then click on the “Search” button.
- Look for the ‘Monthly Return GSTR-3B’ tile, and click on the “Prepare Online” button.
- Answer the questions and click on the next button to proceed further.
- On this page, you need to fill out the values accordingly.
- Once the details are saved, you can click on the ”Submit” button, but before submitting you are advised to recheck the values and details.
- You can preview the given details before the final submission.
- Now you need to click on the checkbox for declaration and then proceed with the “FILE GSTR-3B WITH DSC” or ‘FILE GSTR-3B WITH EVC” button.
- You need to click on the “Proceed” button to get the acknowledgement slip.
Please keep in mind all the necessary details while filling out the gstr 3b form and don’t forget to recheck before the final submission.