GSTR-3B
GSTR-3B is a monthly self-declaration of tax payable by a registered person. It is a consolidated summary of outward and inward supplies and tax payable. GSTR-3B is filed separately for each GSTIN. It has to be filed compulsorily by all the registered taxpayers on a monthly basis even in the case of nil data. Like GSTR-1, the following are exempted from filing this return:
- Input Service Distributor (ISD)
- Dealers under Composition Scheme
- Non-resident taxable person
- Suppliers of Online Information and Database Access or Retrieval (OIDAR) services
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Turnover
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Due Date
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Above Rs 5 cr
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20th of the next month
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Upto Rs 5 cr
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22/24 of the next month, depending on the state in which it is registered
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The GSTR-3B form is filed online at GSTN portal and the liable tax is paid through online payment or bank challans. The return form is divided into different sections comprising of the following details:
- GSTIN i.e. a 15-digit GST Identification Number and the name of the registered taxpayer.
- Details of outward and inward supplies (inter-state and intra-state) which are liable to reverse charge, capturing the total taxable value and the applicable tax.
- Details of inter-state outward supplies that were made to any unregistered person, dealers under composition scheme and UIN holders, capturing total taxable value and IGST that was levied on those supplies.
- Details of the applicable net input tax credit by listing a summary of ITC available and reversals.
- Details of any nil-rated, exempted or non-GST inward supplies.
- Declaration of payable tax based on the tax paid through ITC, TDS/TCS, cess,
interest, and late fee, when applicable.
- Details of TDS and TCS for CGST, SGST, and IGST.
There can be no revision made in the GSTR-3B form once it has been filed. However, for rectification, the payable tax or refund applicable due to under-reporting and over-reporting respectively can be adjusted with the return filing of the subsequent months.
In case of delayed filing of the GSTR-3B return, interest @ 18% pa is payable on Net GST payable i.e. after considering Input tax credit available in the tax ledgers. Late fee is charged at Rs 50 per day which is bifurcated to Rs 25 each for SGST and CGST each. . However, for nil-tax return, late fee is Rs 20 per day which is again bifurcated to Rs 10 each for SGST and CGST.
If you have any query of concern regarding GSTR-3B, then feel free to ask from us by sending an email to contactus@webtel.co.in or by simply commenting to this article.