Home > All You Need to Know About Form GSTR-3B

All You Need to Know About Form GSTR-3B

Being deemed as the country’s biggest tax reform, The Goods and Services tax, better known as GST, rolled out on July 1. The reform is anticipated to benefit the common man and, the honest tax payers of the nation. With a promise, to further concretize the Indian economy, it is designed specifically, to diminish corruption to a significant extent.

Although, GST is planned and, plotted to decongest the indirect tax scenario, prevalent in India, since independence, it somehow seems to have induced a sense of apprehension amongst the countrymen, who are trying hard to adopt and, educate themselves about the most ambitious tax reform, ever implemented!

With so many GST terminologies and, regulations, a number of intricacies have eloped along, documenting GST as a more complex tax regime, than it is, in real!

However, government has issued notifications, to ease out the transitional burden, projecting their benevolence, regarding the same. The government has deferred the filing of monthly returns, i.e. GSTR-1 and GSTR-2, however, in August, taxpayers have to file a simpler return, named GSTR-3B.

Take note that GSTR-3B, will not replace GSTR-1 and GSTR-2. Taxpayers need to file these returns, for the months of July and August, by September. The government has also ensured that no penalty or, late fees will be charged for the initial two months, however, strict actions might incorporate for defaulters, at a later stage.

What Exactly is GSTR-3B?

CBEC introduced a simple return form, GSTR-3B for the month of July and August. A taxpayer is required to file a separate GSTR-3B for each and, every GSTIN they have! However, they do not have to provide invoice level information in this form. Only total values for each field have to be provided, this value must be for the month, for which you are filing.

Is Filing GSTR-3B Important?

It is mandatory for a taxpayer, registered with the GSTN portal, to file GSTR-3B.

Some sections of Part B, of GSTR-3 will be automatically populated from the GSTR-3B form, filed by the taxpayer. If the taxpayer discovers any discrepancy between the two, he can correct his GSTR-3 later and, deposit any taxes, which are payable!

What are the Deadlines for Filing GSTR-3B Returns

Mentioned below is the roadmap of deadlines for filing various GST returns for the month of July and August 2017:

GSTR-3BGSTR-1GSTR-2
July20th August*Till 10th OctoberTill 31st October
August20th SeptemberUpto 5th October (Subject to Change)6-10th October (Subject to Change)

*Due to a technical glitch in the official GSTN portal, the Government of India extended the deadline for filing of GSTR-3B return till August 25, 2017 for regular tax payers.

For those who wants to assert credit for past taxes paid by filing stock transition form (TRANS 1), the last date for return filing for July 2017 was August 28, 2017.

GSTR-3B Return Filing for Coming Months

Now it is mandatory to file GSTR-3B return from July 2017 to December 2017. Here are the deadlines for filing returns for next four months –

SeptemberOctoberNovemberDecember
GSTR-3B20-Oct-1720-Nov-1720-Dec-1720-Jan-18

Who should file GSTR-3B?

As mentioned above, every person registered for GST must file the return using form GSTR-3B. This return form, must be filed and, submitted by a registered taxpayer, even if they have not indulged in any type of transactions, during the months of July and August.

However, mentioned below is the list of registrants, who do NOT have to file GSTR-3B:

  • Input Service Distributors
  • Composition Dealers
  • Suppliers of online information and, database access or retrieval services, who have to pay, tax themselves.
  • Non-resident taxable person

Updates on GSTR-3B Return Filing?

  • Late fee has been dispensed off for those who were late in filing return in Form GSTR-3B only.
  • Interest on Tax liability (for July 2017) have to be paid by those who didn’t updated their cash/credit ledger for tax debit, and by those who didn’t submitted form GSTR-3B on due date.

We hope we were able to provide you with a succinct understanding of GSTR-3B and, that we disseminated relevant information regarding the same.

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