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.
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 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.
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.
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 filing GSTR-3B is 20th of the month next to the month to which supply relates.
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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.
Login Credentials of GST Portal
Details of inward supplies
Details of outward supplies
Copy of Invoices
Details of tax paid under RCM
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GSTR-3B is mandatory to be filed by all normal and casual taxpayers, even if there is no business in the particular tax period.