COVID -19 Pandemic has halted the businesses around the world, and this has made the regulatory authorities to take facilitation measures for various compliance requirements.
One such measure is extension of due dates for filling GSTR-1 and GSTR-3B. Notification no-31/2020 dt-03/04/2020 is issued relaxing the filling dates of GSTR-3B, as per the said notification for businesses having turnover more than Rs.5 Crore GSTR-3B for the month of March 20 can be filled up to 5th April 2020 without any interest.
Being the last month for the FY 2019-20, March 2020 GSTR -3B is very important in various aspects.
Check list for GSTR-3B of March 2020
Due care should be taken in the following while filling GST-3B for March-2020
1. Reconciliation of the turnover for the FY 2019-20 with the books of accounts and GST Returns (GSTR-1 and GSTR-3B) of all the months from April 2019 to March 2020 and any deviation found is to be adjusted in the March 2020 GSTR-3B.
2. Reconciliation of the tax liability on sales and RCM liability with the previous returns and the books of accounts and any short/excess payment found is to be adjusted in the March 2020 GSTR-3B.
3. Reconciliation of ITC available in the GSTR-2A and the ITC as per books of accounts, as the due date for filing GSTR-1 for period march 2020 is extended upto June 2020, Inward supplies made in the march-20 may not reflect in the GSTR-2A, hence due care should be taken with respect to ITC for the month of March-2020.`
4. For the entities which are having multiple registrations in different states state/registration wise trail balance has to be prepared and turnover, liabilities and ITC has to be reconciled state wise with the returns filed for different GST Registrations.