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GSTR-3B is another important GST return that you have to file on a monthly Basis. It’s the most important return filing after GSTR-1, GSTR-2 and GSTR-3.
Note: GSTR-2 and GSTR-3 have been suspended temporarily.
GSTR-3B keeps a record of your monthly transactions and summarises your returns monthly. As a taxpayer, you will have to list the total value of your business purchases and sales every month.
After the filing of this return, the income tax Department (ITD) will calculate your invoice claims as per the monthly transaction report. You will be in for trouble if it does not match with the preliminary details you have submitted.
Remember to file a separate GSTR-3B for each GSTIN. Pay the Tax Liability on or before the last filing date of GSTR-3B. Make sure there is no error before submission as it can’t be revised.
Everyone registered for GST is supposed to file GSTR-3B. You have to file even in case of ‘nil returns’.
However, the following are not to file GSTR-3B.
The GSTR-3B format as mentioned below:
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You can file the GSTR-3B return online or take help from a CA. Download the GST form online, fill it with careful scrutinization and then upload it.
Following are the steps to file GSTR-3B online:
The due dates for filing this return is on a monthly basis.
Here are the due dates for filing:
|Period- Monthly||Due Date|
|January- March 2020||24th of every month|
Filing GSTR-3B after the due date attracts both late fees and interest. The Late Fee amount will be applicable every day till the date of actual payment.
You will be liable to pay 18% interest p.a. on your dues if you Fail to pay the amount late. In case you are in a habit of deliberately missing the GST payments, a 100% penalty will be levied on your tax amount.
A late fee of Rs. 50 will be applicable per day till the date of payment on late filing of GSTR-3B. Taxpayers with ‘NIL liability will have to pay Rs.20 per day.
Filing this return is extremely important, hence, make sure you check it twice before submitting. Ensure all your entries are correct and don’t miss out on filing GSTR-3B every month.
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