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Arjuna (Fictional Character): Krishna, there were so many important decisions recommended in the 23rd GST council meet. One of the important decisions is taken regarding Form GSTR 3B. So, what is exactly form GSTR 3B? 

Krishna (Fictional Character): Arjuna, GSTR 3B is a simple return form introduced by the CBEC. Each taxpayer must file a separate GSTR 3B for every month. Form GSTR 3B is also known as Summary return.

Arjuna: Krishna, what are the main characteristics of Form GSTR 3B?  

Krishna: Arjuna, the main characteristics of Form GSTR 3B are as follows:

  1. Form GSTR 3B is to be filed for every month before 20th of next month upto March, 2018.
  2. The concept of Form GSTR 3B is introduced for not to decrease the revenue of Government.
  3. Form GSTR 3B cannot be revised.
  4. After feeding all the information, tax liability will be calculated.
  5. For every month, tax is to be paid as per Form GSTR 3B.

Arjuna: Krishna, who needs to file the GSTR 3B?

Krishna: Arjuna, All registered normal taxpayers and casual taxpayers are required to file the GSTR 3B for every month upto March, 2018. If there is no any transaction in the tax period, then also the taxpayers have to file return. But only to the taxpayers who are registered under composition scheme are not required to file Form GSTR 3B.  

Arjuna: Krishna, what information is to be given in Form GSTR 3B?

Krishna: Arjuna, Form GSTR 3B is summary return. The summarized information relating to outward supply, available ITC, tax liability, etc is to be given. In case of outward supplies the information relating to  zero-rated supplies, nil rated supplies, exempt supplies, taxable supplies, etc similarly, in case of ITC the information of available ITC, reversed ITC, net ITC and ineligible ITC is to be furnished.

In that, details of payment are also to be given. If the taxpayer is eligible for the credit of TDS and TCS, then its details are also to be furnished. The HSN wise summary is required to be given by the taxpayer.

Arjuna: Krishna, what lesson the taxpayer should take from GST?

Krishna: Arjuna, hope that GST soon may become Good and Simple Tax, but currently due to frequent changes there is lot of confusion regarding filing returns and there due dates in the mind of taxpayers.


Published by

CA Umesh Sharma
Category GST   Report

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