Extension to file Monthly Return (Form GSTR-3) for Initial 2 Months

In recent notification, extension is granted for filing FORM GSTR-1 (Outward supplier) & GSTR-2 (Inward supplier) for the month of July & August, so accordingly extension is granted for filing monthly return i.e. FORM GSTR-3 as well.

–

–

What is FORM GSTR-3??

It is a monthly return wherein, every registered taxable person is required to furnish details of Inward and Outward supply.

Download Format of Form GSTR-3

Which Sections, Rules are associated with the Monthly return??

Section 39(1)

Rule 61(1)

Who are required to file??

Every registered person, other than:

• a person referred to in section 14 of the IGST Act, 2017, or
• Input Service Distributor, or
• non-resident taxable person, or
• Composite dealer
• Person paying tax under section 51 (Tax deduction at source)
• Person paying tax under section 52 (Collection of tax at source)

What is this Form is all about??

FORM GSTR-3B consists of two parts Part A & Part B:

Under Part A, following information are required to be furnished:

• Turnover
• Outward supplies:

Inter-State supply,

Intra- State supply,

Tax effect of amendments made in respect of outward supplies

• Inward supplies attracting reverse charge including import of services (Net of advance adjustments):

Inward supplies on which tax is payable on reverse charge basis,

Tax effect of amendments in respect of supplies attracting reverse charge

• Input tax credit:

ITC on inward taxable supplies, including imports and ITC received from ISD

• Addition and reduction of amount in output tax for mismatch and other reasons
• Total tax liability
• Credit of TDS and TCS
• Interest liability
• Late Fee

Under Part B, following information are required to be furnished:

• Tax payable and paid
• Interest, Late Fee and any other amount (other than tax) payable and paid
• Refund claimed from Electronic cash ledger
• Debit entries in electronic cash/Credit ledger for tax/interest payment [to be populated after payment of tax and submissions of return]

Apart from above information, verification is also required for the same as:

Verification

I hereby solemnly affirm and declare that the information given herein above is true and correct to the best of my knowledge and belief and nothing has been concealed therefrom.

Points to be noted:

• GSTR 3 can be generated only when GSTR-1 and GSTR- 2 of the tax period have been filed.
• Part-A of GSTR-3 is auto-populated on the basis of GSTR 1, GSTR 1A and GSTR 2.
• Part-B of GSTR-3 relates to payment of tax, interest, late fee etc. by utilising credit available in electronic credit ledger and cash ledger.
• Utilization of input tax credit should be made in accordance with the provisions of section 49
• GSTR-3 filed without discharging complete liability will not be treated as valid return
• If taxpayer has filed a return which was not valid earlier and later on, he intends to discharge the remaining liability, then he has to file the Part B of GSTR-3 again
• Refund from cash ledger can only be claimed only when all the return related liabilities for that tax period have been discharged.

Hope this information will help you in your Professional endeavors. For further assistance/query, feel free to write to us.

Author: C S Ekta Maheshwari is the Author of this article and is Company Secretary by profession. The Author can be reached at csektamaheshwari14@gmail.com

Disclaimer:

The entire contents of this article is solely for information purpose and have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation.. It doesn’t constitute professional advice or a formal recommendation. The author has undertook utmost care to disseminate the true and correct view and doesn’t accept liability for any errors or omissions. You are kindly requested to verify & confirm the updates from the genuine sources before acting on any of the information’s provided herein above.

What is RCM under GST?