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GSTR-1 and GSTR-3B

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.

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’.

Who and Why should you get Private Limited Company Reistered?

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.

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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Frequently asked questions

Everything you need to know about the product and billing.

No. GSTR-3B has to be filed for every GSTIN separately.

GSTR-3B is a self-declaration return. Invoice matching doesn’t happen here.

Only consolidated/totalled numbers are required to be filled in GSTR-3B. Invoice wise break-up is not required.

The details uploaded by the supplier in GSTR-1 would be communicated to the recipient in Part A of FORM GSTR-2A, which is an auto-populated form.

No, as of now there is no revision facility provided under GST law.

Invoices can be updated on a regular basis before filing GSTR-1. Dealers have a time slot of 40 days to upload their invoices, i.e., from 1^st of the reporting month to 10^th of the next month.

GSTR-1 is a return where details of sales are filed. No tax is required to be paid after filing this return.

The amendments can be made by declaring amended details in the return.

GSTR-3B is mandatory to be filed by all normal and casual taxpayers, even if there is no business in the particular tax period.