Details to be Furnished in GSTR – 3B
GSTR-3B has been introduced to ease the return filing process for the first two months. This is simple return form with merely five tables for data filing. Basic information about the business such as GSTIn and Legal Name will be auto-populated from the taxpayer’s profile.
Below we have provided all the scetions and the information that needs to be furnished under these heads:
3.1 Details of Outward Supplies and Inward Supplies Liable to Reverse Charge – This head will contain details of all supplies effected in the month of July & August. Inward Supplies (Purchases) on which tax is payable on reverse charge basis will also be furnished under this head.
4. Details of Eligible ITC – This section will contain the details of all inward supplies on which GST has been paid. Taxpayer is required to mention the details of eligible input credit from import of goods or services. This input credit has to be distributed under IGST, CGST, SGST and Cess if any. This information is critical and basis these information, final tax liability for the month of July and August will be determined.
5. Details of Value of exempt, nil-rated and non-GST inward supplies – In this section, details of all non-taxable and non-GST supplies needs to be furnished. This information has to be distinguished separately as Inter-State Supplies and Intra-State Supplies
6.1 Details of Payment of Tax – Once all the details on outward supplies (sales) and inward supplies (purchases) has been furnished, the GSTN system will automatically determine your GST liability for the tax period under this head. It will also adjust any kind of input tax credit. Certain validations have been made in the system which will ensure that credit of CGST will not be available for adjustment against the liability of SGST and vice versa.
6.2 Details of TDS/TCS Credit – Tax payer needs to furnish high level details of TDS and TCS credit available for the relevant taxperiod under this head.
Taxpayer Verification – Once all the information is furnished, taxpayer needs to verify the particulars of his return and finally submit the details.
Relaxation in Return Filing
With the objective of ensuring smooth rollout of GST , GST Council has decided that, for the first two months of GST implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month. However, the invoice-wise details in regular GSTR-1 would have to be filed for the months of July and August, 2017 as per the timelines given below –
Month GSTR – 3B GSTR -1 GSTR – 2 (auto populated from GSTR-1) July, 2017 20th August 1 st – 5 th September 6 th–10th September August, 2017 20th September 16th -20th September 21st -25th September
Facility for uploading of outward supplies for July, 2017 will be available from 15th July, 2017. No late fees and penalty would be levied for the interim period. This is intended to provide a sense of comfort to the taxpayers and give them an elbow room to attune themselves with the requirements of the changed system. This not only underlines the government’s commitment towards ensuring that all the stakeholders are on board but also provides an opportunity to the taxpayers to be ready for this historic reform.
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