Wednesday, 9 August 2017

GSTR 3B : GST Return Filing For July And August 2017

GSTR 3B : GST Return Filing For July And August 2017



The GST Council has relaxed filing rules for the first two months post implementation. Here's how to file your returns for these months using form GSTR-3B. 
GSTR 3B is a simpler return that businesses need to file in the first two months of GST (July and August, 2017) instead of the normal returns – GSTR 1, 2 and 3.

Under GST, a registered dealer is required to file three returns every month and one annual return. So, in total 37 returns have to be filed every year. Since filling up these complex forms require a great amount of time and understanding, the government has postponed the filing of GSTR 1,2 & 3 for July and August, 2017.
In the place of these monthly returns, GSTR 3B has been introduced.

Deadlines for July and August GST Returns are as follows:
Forms
For July 2017
For August 2017
GSTR 3B
20th August
20th September
GSTR 1
5th September
20th September
GSTR 2
10th September
25th September

You are not required to file GSTR 3 for the months of July and August.

Also, there is no late fee or penalty levied for the months of July and August in the case of delayed return filing.

From September 2017, every taxpayer has to strictly follow the regular provisions of filing GSTR 1, 2 and 3 on 10th, 15th and 20th of the next month respectively:

Due Date
GST Form No.
Form Name
10th of the next month
GSTR 1
Details of outward supplies of taxable goods and/or services effected
15th of the next month
GSTR 2
Details of inward supplies of taxable goods and/or services effected claiming input tax credit.
20th of the next month
GSTR 3
Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.
31st December of next financial year
GSTR-9
Annual Return
Sections under GSTR 3B
  1. Outward Supplies:
    1. Details of outward supplies and inward supplies liable to reverse charge
    2. Details of inter-State supplies made to unregistered persons, composition dealer and UIN holders
  2. Input Tax Credit: Details of eligible ITC
  3. Purchases: Details of exempt, nil-rated and non-GST inward supplies
  4. Payment of tax: Outward Tax Liability (minus) Input Tax Credit
  5. TDS/TCS Credit: Sections on TDS and TCS have not been notified till date.
You can download a sample GSTR-3B form issued by the Government Of India here.

Download Official Notification here.

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