GST is already a reality, and many are still struggling to cope with the requirements of the new regime. To ease this burden and taking into account, the concerns expressed by the trade and industry government has introduced Form GSTR-3B. For the first two months of GST implementation, tax payers will have to file returns in Form GSTR-3B and pay taxes basis this form. This form would contain summary of outward and inward supplies which will be submitted before 20th of the succeeding month
Government will not levy any late fees or penalty for this interim period. The move is intended to comfort the taxpayers and provide them some room to get attuned to the changed system. This not only underlines the government’s commitment towards ensuring that all the stakeholders are on board but also provides an opportunity to the taxpayers to be ready for this historic reform.
Form 3B requires you to give the consolidated details of Outward and Inward supplies made during the corresponding month.
In case of an Outward supplies the information is required to be provided according to the type or nature of outward supplies and also the tax wise bifurcation is required. It shall also include the details of inward supplies on which tax is to be paid on the reverse charge basis. While considering the supplies which are taxable “Value of taxable supplies” = (Value of invoices + value of Debit Notes – value of credit notes + value of advances received for which invoices have not been issued in the same month – value of advances adjusted against invoices)
In case of an Inward supplies the details shall be given in the following format:
The ultimate tax liability/ refund shall be determined after considering the ITC allowable to be set off along with the payment in cash, if any made towards the liability.
Due date for filing 3B shall be as follows:
|Month||Date of Filing|
|July 2017||20th August 2017|
|August 2017||20th September 2017|
On reading the above mentioned details, you could probably derive that filing of Form GSTR 3B is approaching very quickly and you should get yourselves equipped with the basic data requirements for the said tax periods so as to make the process hassle free.
At H&R Block we have trained tax experts who will help you file Form GSTR-3B and also help with all other compliances under GST.
The deadline for first GST Return, GSTR- 3B, has been extended to August 28 from its original deadline of August 20. However, one must keep in mind that this is only for taxpayers who opt to use the opening balance of pre-GST credit in the current month. Those who do not wish to claim opening credit in the current month or those who have no credit; the deadline continues to be August 20.