In our previous articles we have covered various heads under GSTR-1 and GSTR-2 through which a taxable individual can furnish details of his outward supply or sales and inward supply or purchases. In this article, we will cover the filing process, due date and penalty for GSTR-3.
What is GSTR-3?
GSTR-3 is a type of monthly return that must be filed by all regular registered taxpayers in India. To file GSTR-3 the taxable individual must have filed GSTR-1 followed by GSTR-2 for the respective month.
Due Date for filing GSTR-3
As per the announcement by the GST Council GSTR-3 for July 2017 must be filed by 10th November 2017.
For August and September 2017 return filing date will be announced later.
Information Auto-Populated in GSTR-3
Since GSTR-3 return is filed after filing of GSTR-1 and GSTR-2. Therefor the following information will be auto-populated in GSTR-3:
Inward supplies attracting reverse charge including import of services (Net of advance adjustments).
Addition and reduction of amount in output tax for mismatch and other reasons
Total tax liability
Credit of TDS and TCS
Information to be filed in GSTR-3
- Tax payable and paid: This section will include the details of the tax being paid and payable to the Central and State Government (CGST and SGST). Taxpayer will have the option to debit cash ledger / credit ledger against the liability outstanding.
- Interest, Late Fee and any other amount (other than tax) payable and paid: This section will include details of all the interest , late fees that needs to paid to the Central and State Government)
- Refund claimed from Electronic cash ledger: This section will include credit amount more than tax liability. The taxpayer can claim a refund of amount in this section
- Debit entries in electronic cash/Credit ledger for tax/interest payment : This section includes all the details of debit entries in cash and will be auto-populated immediately after making payment of the tax and submission of returns.
What is the penalty for late filing of GSTR-3?
A penalty of Rs.100 will be applicable for not filing GSTR-3. If returns GSTR-1 and GSTR-2 are also not filed then a penalty of Rs.300 will be applicable
From all the steps explained above a taxpayer needs to be aware of every information before filing the return. To avoid major mistakes while filing and for auto reminders on returns you can use third party software’s which are simpler to use rather than filing GSTR-3 directly on GSTN portal. The greater part of these software is that most of all accept data from your existing accounting software and help you to upload directly to GSTN portal.