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.
Features of GST Return
Process of Filing GST Return
There are generally no compulsory registrations required to be taken by the Sole Proprietor. However, following voluntary registrations may be taken if the owner wishes to expand the business:
1. Computation of Tax Liability
2. Preparation of Return
3. Submission of Return
4. Payment of Taxes
5. Filing of Return
1. Computation of Tax Liability
Tax liability is computed after deducting input tax liability from output tax liability.
2. Preparation of Return
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.
3. Submission of Return
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.
4. Payment of Taxes
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.
5. Filing of Return
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
Invoices
Copy of Invoices
Inward Supplies Details
Details of inward supplies
Tax Paid
Details of tax paid under RCM
Outward Supplies Details
Details of outward supplies
- Who should get this registered?
Every business registered under GST needs to file both GSTR-1 and GSTR-3B.
- Why should you get this registered?
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.
How StartUp Movers can help you?
HOW STARTUP MOVERS CAN HELP YOU?
- Computation of GST Liability
- Assistance in Payment of GST
- Filing of GST Return
- GST Advisory
Quick Contact
Frequently asked questions
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 time slot of 40 days to upload their invoices, i.e., from 1st of reporting month to 10th of 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 tax payers, even if there is no business in the particular tax period.
