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GSTR-1 and GSTR-3B Filings
GSTR-3B is a summarised form of return wherein the details of sales, purchases and input tax credit claims need to be shown. GSTR-1 contains the details of all the outward supplies. This return basically shows all the sales transactions of a business.
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Features of GST Return
GSTR-3B
GSTR-3B is a mandatory return for all the registered suppliers under GST. It has to be filed monthly in the form of a self-declaration. It is a summarised form of return wherein the details of sales, purchases and input tax credit claims need to be shown. The GST liability arising therein from the sales made after availing credit on purchases needs to computer and paid off while filing this return.
Due date of GSTR-1
For monthly GSTR-1 returns: 11th of the month following the month to which supply relates. For quarterly GSTR-1 returns: Due date for the first quarter comes out to last date of the month next to the quarter to which the supply relates.
GSTR-1
GSTR-1 is a monthly or quarterly return that needs to be filed by every registered dealer. It contains the details of all the outward supplies. This return basically shows all the sales transactions of a business.
Quarterly or Monthly Filing for GSTR-1
Businesses up to INR 1.5 crores of annual turnover can file quarterly returns of GSTR-1. Businesses whose turnover exceeds this limit are required to file monthly returns of GSTR-1.
Non-filing of GSTR
If you don’t file any GST return then subsequent returns cannot be filed. Further, the late filing of GSTR attracts late fee and interest.
Due date of GSTR-3B
Due date of filing GSTR-3B is 20th of the month next to the month to which supply relates.
Who and Why should you fill Gst return?
Every business registered under GST needs to file both GSTR-1 and GSTR-3B.
Filing GST Returns is one of the compliances under the Indirect Tax Laws. Moreover, both the returns are mandatory for the suppliers despite the fact that they have NIL transactions. Late filing or non-filing of these returns may attract heavy penalties on the suppliers. The late fee is INR 50 per day and for NIL returns it is INR 20 per day.
Interest @18% per annum is payable on the amount of outstanding tax to be paid.
Process of Filing GST Return
Tax liability is computed after deducting input tax liability from output tax liability.
GST return is prepared on the GSTN portal or using third-party software. We need to Enter the values in the such as Tax on outward and reverse charge inward supplies, Inter-state supplies, Eligible ITC, Exempt, Nil and Non-GST inward supplies. Only the totals need to be entered under each of the heads in GSTR-3B. Interest and late fees need to be filled after calculation, if applicable.
After saving and verifying the filled information, the GSTR-3B can be submitted by clicking on Submit button. On submission, success message is displayed and the added data is frozen for further editing or update. The ITC and Liability Ledger will also get updated on submission.
After submission, ‘Payment of Tax’ tab is enabled for paying taxes and offsetting the liability. Check Balance can be clicked to check the balance available under various heads for offsetting. Offset Liability can be clicked to offset the liability of tax payable against the input tax credit available for set-off and pay off the liability.
After paying the liability, click on ‘File GSTR-3B with DSC’ or ‘File GSTR-3B with EVC’ button. After signing the same, the filing is complete. The status of GSTR-3B will reflect as ‘Filed’.
Documents required for Filing GSTR-1 and GSTR-3B
Login Credentials
Login Credentials of GST Portal
Inward Supplies Details
Details of inward supplies
Outward Supplies Details
Details of outward supplies
Invoices
Copy of Invoices
Tax Paid
Details of tax paid under RCM
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