As we have seen in the previous post, the GST Council has relaxed the rules for the filing of returns. This relaxation of rules is applicable for the first two months post the implementation of GST. But, in the meanwhile, all the registered taxpayers have to file GSTR 3B.
So today we will be discussing about Form 3B of GST. Given below are the contents which we will be discussing in this post.
- What is the meaning of GSTR-3B?
- Which are the values which are to be shown in GSTR 3B?
- What is the due date for filing GSTR 3B?
What is GSTR 3B?
It is a form in which you have to report on the transactions for the month of July and August. Please note that this form is only applicable for these two months.
If you have multiple GSTIN registrations, you have to file a GSTR 3B for each of the GSTINs.
In this form, you will only be including the total value of the specified fields and not the value of each transaction.
What are the values to be shown in GSTR 3B?
- Details of Outward Supplies and inward supplies liable to reverse charge
- Details of inter-state supplies made to unregistered persons, composition taxable persons and UIN holders for the above shown supplies.
- Eligible ITC
- Values of exempt, nil-rated and non-GST inward supplies
- Payment of tax
- TDS/TCS Credit
What is the due date for GSTR 3B filing?
The due date for filing is:
- 20th August for July 2017 transactions
- 20th September for August 2017 transactions
Please note that this form is not applicable from September month onward.
When you start filing the monthly returns, GSTR 3 and 3B will be compared. If there is any difference:
- you will get a refund for excess payment OR
- you will have to pay the difference amount.
The good part is that there is no penalty or late fees for paying off the difference amount.
This ends our post on GSTR 3B. If you have any questions, drop them in the comment section below and we’ll do our best to get back to them.