GSTR 3B to be filed for August to December,2017

GSTR 3B to be filed for August to December,2017

GSTR 3B is a simplified form of return introduced by the CBEC that needs to be filled on self assessment basis. It is the form of returnin which taxpayers need to declare only the summary of outward and inward supplies unlike the invoice-wise details required in Form GSTR-1 and Form GSTR-2. Earlier it was only to be filed by the first two months i.e July 2017 & August 2017.But considering the current scenario of confusion in general public at large and the problems that are being faced on the GSTN portal.The GST council has decided in 21st meeting held on 09.09.2017 at Hyderabad that GSTR-3B to be filed regularly from month August to December, 2017. Check press release for the same. Initially the due date for filing GSTR 3B was 20th day of the following month. But as you can see in the press release above, there is a long list of due date extensions for return filing the month of July,2017. Even the due date for GSTR 3B for the month of July was extended twice by issuing notifications for the same. There is a lot of confusion whether the due date for GSTR 3B for the month of August 2017 is extendedWhat is the new due date for filing GSTR3B for August month What is the due date of GSTR 3B for August 2017 Only GSTR 3B is to be filed or other monthly returns are also required what is the deadline for GSTR 3B for August 2017 etc. etc. Let me make this clear as there is no extension in the due date of GSTR 3B for the month of August 2017. The deadline to file the GSTR 3B return for August is 20th September,2017 only. Whereas the due dates for filing GSTR 1,GSTR 2 andGSTR 3 for the month of August 2017 will be notified again in near future. This were shared on the official twitter handle of CBEC (Last updated on 13/09/2017)

Month	Due date	1st extension in due date	2nd extensionin due date
July 2017	20th August,2017	25th August,2017 (Ntfn no. 24/2017)	28th August,2017 (Ntfn no. 23/2017)
August 2017	20th September, 2017	-	-
September 2017	20thOctober, 2017 (Ntfn no. 35/2017)	-	-
October 2017	20th November, 2017 (Ntfn no. 35/2017)	-	-
November 2017	20th December, 2017 (Ntfn no. 35/2017)	-	-
December 2017	20th January, 2018 (Ntfn no. 35/2017)	-	-

Government had also waived off the late fee payable for u/s 47 of the GST Act,2017, for all the registered persons who failed to furnish the return in FORM GSTR-3B for the month of July,2017 by the due date. This relief was provided vide Notification no.28 /2017 dated 01.01.2017. What details are needed to be filed under Form GSTR 3B

• Form GSTR-3B consists of 6 headings.
• In which you need to give information regarding the summary details/consolidated details pf of outward supplies, inward supplies, eligible Input tax credit and the details regarding the tax payment.
• Click here to download GSTR 3B

{Note 1 : Value of Taxable Supplies =Value of Invoice+ Value of Debit Notes- Value of Credit Notes+ Value of Advance received (Invoice not issued in same Month)- Value of Advance Adjusted against Invoice ; Note 2 : Amendments in any detail is to be adjusted and not shown separately; Note 3 :Details of advances were adjusted against same invoice (Not to be shown separately} Some important points for filing GSTR 3B one must know :

• GSTR 3B to be filed mandatorily by all normal registered taxpayers
• Nil returns to be filed in case of no business
• Summary of information about sale and purchase,available input tax credit, tax payable, tax paid is to be furnished
• All input tax credit availed and utilised will be posted in the ITC ledger
• Unutilized ITC can be used in subsequent months
• While filling up form GSTR 3B, dont forget to Save partially filled form by clicking save GSTR 3B button
• After pressing submit, no modification is possible therefore check the details carefully before pressing submit
• If form GST TRAN-1 is submitted Click Check balance button to view the balance available for credit under integrated tax, Central tax, State tax and Cess ( including transitional credit also)

Let us discuss the form GSTR 3B in Detail :

• To begin with One needs to enter the month and year in the space provided on left hand side And it will also require the GSTIN no. and legal name of registered person.
• 3.1 Details of outward supplies and inward supplies liable to reverse charge

Under this heading 3.1 consolidated figures of taxable value, IGST, CGST, SGST and cess of the following outward supplies need to be mentioned here whether it is inter state or intra state. 3.1(a) Outward taxable supplies other than zero rated, nil rated and exempted 3.1(b) Outward taxable supplies which are zero rated 3.1(c) Outward supplies which are either nil rated or exempted 3.1(d) Inward Supplies which are liable for reverse charge mechanism 3.1(e) Non GST outward supplies

• 3.2 Of the supplies shown in 3.1 (a) above, details of inter state supplies made to unregistered persons, composite taxable persons and UIN holders

Under this heading,break-up of the inter state outward supplies made to Unregistered Persons, Composite taxable persons and UIN Holders from the details declared in heading3.1(a) above is needed. This information(total taxable value,IGST) needs to be segregated either state-wise or union territory-wisefor the following - Inter state taxable supply made to unregistered person other thanzero rated, nil rated or exempted. -Inter state taxable supply made to composite taxable persons other thanzero rated, nil rated or exempted. - Inter state taxable supply made to UIN holdersother thanzero rated, nil rated or exempted.

• 4. Eligible ITC

Under this heading, complete details of eligible ITC, Reversal of ITC and ineligible ITC of IGST, CGST, SGST and cesswill be recorded. (A) ITC Available (Whether in Full or Part): Break-up of inward supplies on which the ITC(of CGST,IGST,SGST and Cess) is availed. ITC availed details for the following will be required :

1. Import of Goods: Tax credit of IGST paid on import of goods.
2. Import of Service: Tax credit of IGST paid on import of services.
3. Inward supplies liable to reverse charge: Details of tax credit which is available for inward supplies of goods and services which are liable for reverse charge mechanism.(For eg. GTA services, purchases from unregistered dealers, sponsorship services etc. Note :import of goods or services will not be included)
4. Inward Supplies from ISD:Input tax credit received from Input Service Distributor (ISD).
5. All other ITC: Apart from above, any other ITC relating to inward supplies will be recorded here.

(B)ITC reversed:Under this subheading, details of ITC which is reversible on usage of inputs/input services/capital goods used for non-business purpose, or partly used for exempt supplies. Also, if the depreciation is claimed on tax component of capital goods, and plant & machinery, then the ITC will not be allowed. Such reversal needs to be recorded here.

1. As per rules 42 & 43 of CGST rules
2. Others

(C)Net ITC available (A)-(B)The ITC available as reported in subheading 4(A) will be reduced by the amount of ITC to be revered as reported in in subheading 4(B) The balance will be your available eligible ITC. (D) Ineligible ITC: GST paid on inward supplies listed in negative list will not be eligible as input tax credit. The details of GST paid on such supplies needs to be recorded in this subheading 4(D).

• 5. Value of Exempt, nil - rated and non GST inward supplies

• Under this heading details of inward supplies for both inter state and intra state made from the composite dealers, inward supplies which are either exempt or nil-rated needs to be recorded separately here.
• Also the details of Non-GST inward supplies forboth inter state and intra stateneeds to be recorded separately here.

 

• 6.1 Payment of Tax

Under this heading, details of GST payment separately for CGST,IGST,SGST and cess payable reduced from ITC availed and TDS/TCS needs to be recorded here.The tax-wise break-up of payment tax by way of utilization of ITC and cash deposit needs to be provided. If any interest or fine is levied on GST payment is also to be recorded here.

• 6.2 TDS/TCS credit

Under this heading, details of TDS (Tax withheld by the Government establishment) and TCS (Tax withheld by E-commerce operator). However, these provisions are deferred from initial rollout of GST. Accordingly, TDS and TCS is not applicable till it is notified further.

• Verification

Authorized Signatory needs to sign after filling in all the above details and he needs to solemnly affirm and declare that the information given herein above is true and correctto the best of my knowledge and belief and nothing has been concealed there from. Compiled by CA Ankita Khetan the author can be reached [email protected]