Monthly Return under Goods and Services Tax

Every registered taxpayer under Goods and Services Tax is required to furnish monthly return under GST in form GSTR-3. This return contains consolidated details of all purchases and sales made by the registered taxpayer. Tax liability is determined on the basis of these transactions and this liability needs to be settled by 20th of the subsequent month.

GSTR-3 is divided into two parts, Part-A and Part-B. Details of Part-A will auto populate from the information furnished under GSTR-1 and GSTR-2. Part-B contains the details of tax liability, interest, penalty or any kind of eligible refund.

Below are some of the key information that needs to be furnished under GSTR-3 return:

  • Turnover details of the registered taxable person.
  • Details of outward supply and inward supply which attracts reverse charge.
  • Details of input tax credit availed on inward taxable supply, including imports and credit received from input service distributor.
  • Total tax liability for the tax period.
  • Details of credit by way of Tax Deduction at Source (TDS) or Tax Collection at Source (TCS)
  • Interest liability on delay payment of tax if any.

Download GSTR-3 from here.