The first return of GST is here and is due for filing is 20th of August, 2017. Most of the registered persons still haven’t filed the Return GSTR-3B.
Here are some points you need to remember for filing the first GST Return GSTR-3B.
1) It is Mandatory to file GSTR-3B and there is no exemption from filing GSTR-3B even if you have not carried on any business in the month of July’2017. NIL GSTR-3B is also to be filed mandatorily.
2) GSTR-3B is the provisional return for the month of July’2017. Therefore all services provider who are required to file monthly returns under the GST Regime are required to file GSTR-3 B.
Composition dealers are required to file quarterly returns therefore dealers who have opted for composition scheme are not required to file GSTR-3B.
3) GSTR-3B is not the final return for the month of July’2017 this is only a provisional return. GSTR-1, GSTR-2, GSTR-3 for July’2017 are still required to be filed.
4) GSTR-3B cannot be revised. Any revision in the figures for July’2017 has to be done through GSTR-1, 2 and 3 to be filed later on.
5) If there is any change in the figures at the time of filing forms GSTR-1,2 & 3 and if there is excess tax payable then the same will have to be paid with interest before filing GSTR-3 due in September.
6) If your input credits are more than your output in GSTR-3B then you need not pay any taxes before filing this return. However, it is to be noted that no refund can be claimed in form GSTR-3B and excess credit will be credited to the ITC Ledger.
This is very important point to remember about filing GSTR-3B is that the transitional credits available from the previous VAT/Service Tax/Excise regimes will not be available for credit and use in GSTR-3B. Any such credits have to be shown by filing form T R A N-1 and will be available for use only after filing TRAN - 1.
7) GSTR-3B is a simplified return where only full figures of sales , purchases input tax credits and payments are to be entered. Individual entries for each sales invoice are not to be entered in return.
8) GSTR-3B is to be filed from the period from which the registration is taken by the supplier. Therefore, if you have taken registration in the month of August’2017 the option for filing GSTR-3B for July’2017 will not be available and the no GSTR-3B is to be filed for July’2017.
GSTR 3B |GST Registration services online in delhi & gurgaon
Company: VINCYTE GST SOLUTION
Contact Name: Miss Neha Gupta
Contact Email: gstindia.vincyte@gmail.com
Contact Phone: 9717873915
Contact Name: Miss Neha Gupta
Contact Email: gstindia.vincyte@gmail.com
Contact Phone: 9717873915