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After successful GST Registration, every taxpayer is required to do GSTR-3 filing by 20th day of the following month under the GST Act. GSTR-3 will contain complete detail of inward and outward supplies made in a month.
In our previous article, we have discussed the GSTR-1 for detail of outward supply and also discussed GSTR-2 detail of inward supply under the GST Act. Now, we need to learn about the GSTR-3 filing.
GSTR-3 is combined return of sales and purchase. Every normal taxpayer registered under the GST Act requires filing monthly GSTR-3 by 20th of the following month. It would automatically capture the aggregate level of outward and inward supply data from GST Portal which will be auto-populated through earlier filled GSTR-1 and GSTR-2.
In GST regime, GST will create ITC Ledger, cash ledger and Tax liability ledger would be updated in real time basis. During the filing of tax returns, the tax payment against tax heads like CGST, SGST/UGST, IGST and Additional tax shall be populated from cash/ Credit ledger. Separate liability ledger has to be maintained for a penalty or late payment or interest payment under the GST Act.
All registered person must file this type of form regardless of whether there is any transactions during the month or not.
However, it may be noted that the following persons are exempted:
Note: As per the decision taken in 23rd GST Council Meeting, currently GSTR-3 filing is suspended until any further notice from the department.
It may be noted that once GSTR-3 is filed, it can’t be revised. In case of any mistake in the GSTR-3 filing, then it may be revised in the next months’ GSTR-1 and GSTR-2.
Read our article: GST for Companies under CIRP as per IBC, 2016
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