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With the advent of GST, various changes have been made in the tax regime. Apart from unifying a myriad of indirect taxes, various new compliances were introduced. The authorities have formulated various forms to make the tax filing process even more seamless and straightforward for taxpayers. These forms are required to be filed by taxpayers within the stipulated time to avoid penalties or any adverse consequences. One such form is GSTR-3B, which is to be filed to declare the summary tax liabilities for a particular tax period. In this article, we will discuss how to file GSTR-3B and what are the procedural technicalities involved in filing this form.
GSTR-3B is a monthly return required to be filed by the registered taxpayer along with GSTR-1 and GSTR-2 Forms. It is a simplified return filed in order to declare the summary tax liabilities of a particular period. It is a mandatory requirement which is to be met even if there have been no business transactions during that particular period. In such a case, a Nil GSTR-3B is to be filed. However, there are a few entities that have been exempted from this mandatory compliance, which are as follows:
Apart from the above-mentioned entities, GSTR-3B must be submitted by any taxpayer who is liable to file monthly returns. It is noteworthy that the government has mandated that GSTR-3B is to be filed by the registered taxpayers by the 20th of the succeeding month, i.e. the GSTR-3B for the month of October is to be filed by the 20th of November.
Furthermore, the government of India has relaxed the norms for businesses that have an aggregate turnover of less than Rs 5 crores by allowing them to file GSTR-3B on a quarterly basis, and this information will be auto-populated from GSTR-3B while filing GSTR-1.
In order to file GSTR-3B, the taxpayer may undertake the following steps:
At this point, it is noteworthy that if you choose to file the return quarterly, you will be required to file GSTR-3B for the last month of the quarter. If you end up selecting the first or the second month of the quarter, then the form GSTR-3B tile will not be operational.
In case no business transaction has taken place during the taxation period, you can also file a Nil Return, which basically means you have not received any goods or services and thus have no outstanding tax liability for this particular period. In order to file a Nil Return:
The next step involves filing Form GSTR-3B: Monthly Return Page, for which:
It is noteworthy here that as a taxpayer, you can “Add” or “Delete” to make changes or modifications to any tile, and once the final data has been provided by you on a tile, click “confirm” to ensure submission.
After the successful submission of the GSTR-3B, your payment button will also be activated.
In case you do not have sufficient balance in the Electronic Cash Ledger 1:
Under the GST regime, every registered taxpayer, other than those exempted, is required to provide the overall details of outward and inward supplies of goods and services, ITC availed, Tax payable, etc. All this information is to be provided periodically online on the GST Common Portal in the form GSTR-3B. The taxpayer must declare the sales and purchases made during the tax period, in this form, correctly as it decides the overall tax liability. These procedures are not as complicated as they may seem, but if you are confused about which form to fill out and even if you are clear on that part if you still feel overwhelmed with all the compliances and regulations, you may choose to seek professional help and expert advice. If you are a company owner or a business that is unsure about GST, feel free to approach the GST professionals at Enterslice for a seamless experience.
GSTR-3B can be submitted either online or offline.
GSTR-3B, once filed, cannot be revised; however, recently, the Central Board of Indirect Tax and Customs (CBIC) enabled the reset option, which has allowed to reset the GSTR-3B.
Though GSTR-3B is a monthly return, QRMP (Quarterly Returns with Monthly Payment) taxpayers can opt to file it quarterly.
The failure to file GSTR-3B may result in the levying of late fees.
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