Only few days are left to file the first Return in the era of GST regime i.e. FORM GSTR-3B. It must be filed by every person who are registered under GST. In this write-up, all related aspects of FORM GSTR-3B are being covered.
It is a summary return which has to be filed by every GST registrants. This is to be filed for the first two months i.e. July & August. Thereafter FORM GSTR-3 shall be filed.
Who are required file??
Every person registered under GST has to file this monthly return.
|No matter whether you have any transactions during the month of July or not, you have to file this return. It may be NIL return also.|
Who are not required to file??
*If e-commerce operators supplying own goods & services will require to file FORM GSTR-3B, but in any other cases, they will deduct TCS and file Form GSTR-8 which is yet to be notified.
Timelines of filing Return (revised)
|For the month of||GSTR- 3B||GSTR-1||GSTR-2|
|July, 2017||20th August, 2017||1st – 5th September, 2017||6th-10th September, 2017|
|August, 2017||20th September, 2017||16th-20th September, 2017||21st-25th September, 2017|
Overview of FORM GSTR-3B
It is a summary declaration of:-
Mode of filing
There are two modes of filing Form GSTR-3B:
If a taxpayer wants to file the return through EVC signing, then he has to opt to file via first mode.
How to utilize the ITC
There are following three ITC prioritisation rules:
|Type of credit||First adjusted towards||Second adjusted towards||Third adjusted towards|
|IGST credit||IGST liability||CGST liability||SGST liability|
|CGST credit||CGST liability||IGST liability||–|
|SGST credit||SGST liability||IGST liability||–|
Mode of signing
There are two modes of signing:
|If a Company is registered under Companies Act, then it has to be filed using DSC.|
How to Submit return??
Following the steps to be followed to submit the return:
Synopsis of Form GSTR-3B
Details of outward supplies and inward supplies liable to reverse charge
Details of inter-State supplies made to unregistered persons, composition dealer and UIN holders
Details of exempt, nil-rated and non-GST inward supplies*
*Non- GST inward supplies means which out of the ambit of GST i.e. Petroleum, electricity, alcohol.
Payment of Tax
Once you click on submit button, Credit gets auto-populated in ITC ledger and payment get posted in liability ledger & the payment box is enabled to make the tax payment.
Ques.1 Whether Transitional credit can be claimed in FORM GSTR-3B??
Ans. Transactional credit cannot be claimed in FORM GSTR-3B. It is related to the transactions pertaining to the tax period of July & August. It will flow from FORM TRAN-1 in terms of section 140 and Rule 117 and cannot be taken directly in GSTR-3B.
Ques.2 Whether E-commerce operators are required to file FORM GSTR-3B??
Ans. E- commerce operators are not required to file FORM GSTR-3B, but if e-commerce operators supplying own goods & services will require to file FORM GSTR-3B, but in any other cases, they will deduct TCS and file Form GSTR-8 which is yet to be notified.
Ques.3 What if any invoice is missed while filing FORM GSTR-3B, can we update the same and pay additional liability while filing FORM GSTR-3 of July??
Ans. Yes, one can update the same and pay the additional liability while filing FORM GSTR-3, but one also has to pay interest accordingly, while filing FORM GSTR-3.
Ques.4 Can FORM GSTR-3B can be revised??
Ans. GSTR-3B cannot be revised, any revision has to be routed through FORM GSTR-1 & GSTR-2 & GSTR-3 of subsequent tax periods. Till the time you are saving and preparing the return, you can revise the same but once you have clicked the submit button, return cannot be revised.
Hope this information will help you in your Professional endeavors. For further assistance/query, feel free to write to us.
FORM GSTR-3B is the first monthly return post GST implementation. It is a summary return. After the detailed analysis of FORM GSTR-3B, one can opine that if credit cannot be claimed in this return then one has to pay GST for the month of July, 2017 and while filing FORM GSTR-3, transitional credit can be taken and carry forward the balance in next month.
Author: C S Ekta Maheshwari is the Author of this article and is Company Secretary by profession. The Author can be reached at [email protected]
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.