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.
What is GSTR-3B?
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.
Who has to File GSTR-3B?
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.
Non-resident taxable person
Input Service Distributors
Suppliers of Online Information and Database Access or Retrieval services (OIDAR)
Format of GSTR-3B
The GSTR-3B format as mentioned below:
Your GSTIN number
The business’ legal registered name
Details of sales and purchases if accountable for reverse charge
Details of inter-state sales made to buyers under the composition scheme. Also, details of unregistered buyers and Unique identification number (UIN) holders
Eligible Input Tax Credit
Value of nil-rated, non-GST and inward supplies
Payment of tax
TCS/TDS credit (Tax Calculated at Source/Tax Deducted at Source)
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How to File GSTR-3B Online?
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:
Login on to the GST portal
Click on ‘Services’
Click on ‘Returns’ and then click on ‘Returns Dashboard’
Now you will see ‘File Returns’ page
Select the relevant ‘Financial Year’
Now click on the ‘Return-filing Period’ from the dropdown menu and click on ‘Search’
Select ‘Monthly Return GSTR-3B’
Now click on the ‘Prepare Online’ button
You will be directed to GSTR 3B form. Fill the details
You can click on ‘Save GSTR 3B’ if you want to edit the information later
Click ‘Submit’ once all the relevant details are entered
After you click the ‘Submit’ button, a success message will be displayed on the top of your screen
The status of the return will change from ‘Not filed’ to ‘Submitted’
This will enable ‘Payment of Tax’. You can now pay the Taxes
From the ‘Authorised Signatory’ list, choose either ‘File GSTR 3B with EVC’ or ‘File GSTR 3B’ with DSC’ button
A warning message is displayed. Confirm whether you want to proceed with the filing
Click on the ‘Proceed’ button
A success message is displayed
Click the ‘Ok’ button to affirm the message
Due Dates for Filing GSTR-3B
The due dates for filing this return is on a monthly basis.
Here are the due dates for filing:
January- March 2020
24th of every month
Penalty for Late Filing
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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