What is GSTR 3B? GSTR-3B is a self-declared summary GST return filed every month (quarterly for the QRMP scheme). Taxpayers need to report the summary figures of sales, ITC claimed, and net tax payable in GSTR-3B. A separate GSTR-3B must be filed for every GSTIN The GST liability must be paid on or before the date of filing GSTR-3B, earlier of its due date The GSTR-3B once filed cannot be revised Even in case of a zero liability, GSTR-3B must be compulsorily filed W..
The Goods and Services Tax Council is set to discuss a slew of law changes it is looking to introduce. This would include amendments to GSTR3B - the monthly GST return to be filed by taxpayers - among others. The GST Council will reportedly ease compliance bottlenecks for e-commerce suppliers by allowing them to register under the composition scheme, a move that is expected to ease registration and also reduce tax outgo. The Council is also likely to allow the usage of the govern..
The due date for filing FORM GSTR-3B for the month of April, 2022 has been extended till 24th May, 2022 (Refer notification No. 05/2022-Central Tax dated 17.05.2022, as attached below) ..
Now CBIC directs Infosys to sort glitch in generation of April 2022 GSTR-2B. Proposal for extension of due date being considered! ..
For seeing an illustration of interest computation in GSTR-3B by the system with sample values & screenshots, click here 1. The new functionality of interest calculator in GSTR-3B is now live on the GST Poral. 2. This functionality will facilitate & assist the taxpayers in doing self-assessment. This functionality will arrive at the system computed interest on the basis of the tax liability values declared by the taxpayers, along with the details about the period to ..
Facility for auto-computation of Interest for GSTR 3B 1. Introduction As a facilitation measure for taxpayers and for assisting the taxpayers in doing a correct self-assessment, a new functionality of interest calculator is being released in GSTR-3B. This functionality shall assist the taxpayers to arrive at the system computed interest on the basis of the tax liability values declared by the taxpayers. The interest applicable, if any, on the tax liability declared in the GSTR-3B of ..
Arjuna (Fictional Character): Krishna, why there is huge cry among the taxpayers due to insertion of explanation to sec 75(12) stating that tax declared in GSTR 1 will be considered as "self-assessed tax" for the purpose of sec 75(12) even though not included in GSTR 3B effective from 1st January 2022? Krishna (Fictional Character): Arjuna, the CBIC have inserted strict barriers on claiming of Input Tax Credit only to the extent of ITC reflected in GSTR-2B based on GSTR 1 filed by t..
Procedure for recovery for Mismatch in GSTR 3B and GSTR 1 Returns Central Government introduced amendment to Section 75 (12) of the CGST Rules, 2017 by inserting an explanation thereby paving way for recovery of self-assessed tax without having to resort to proceedings u/s 73 or Sec 74 of the Act. The explanation defines "self-assessed tax" to include the tax payable in respect of details of outward supplies in Form GSTR 1, but not included in GSTR 3B. There was apprehensions ..
1. As per the GST Council decision to notify "Restaurant Service" under section 9(5) of the CGST Act, 2017 along with other services notified earlier such as motor cabs, accommodation and housekeeping services wherein the tax on such supplies would be paid by electronic commerce operator if such supplies made through it, Notification No. 17/2021-Central Tax (Rate) and 17/2021-Integrated Tax (Rate) dated 18.11.2021 have been issued. Accordingly, the tax on supplies of restaura..
Finally, after facing every step of hurdle during past financial year, the final goal of every taxpayer is to assess their business records and analyze and correct the mistakes made during the past financial year either through GSTR-1 and GSTR-3B of September, 2021, following the end of financial year, being 2020- 21 Section 110 and 111 of the Finance Act, 2021 amended Section 35 and 44 of the Central Goods and Services Tax Act, 2017 ("the CGST Act") respectively, so as to remove th..
Implementation of Rule 59(6) of CGST Rules, 2017 - restriction in filing of GSTR-1 in certain cases Rule 59(6) of CGST Rules, 2017 which specifies restricting filing of GSTR 1 which is being made operational on GSTN portal from 1st September, 2021. A. Legal Provision Rule-59(6) of CGST Rules, 2017, inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in filing of GSTR-1 in certain cases: a registered person shall not be allowed to furnis..
With the advent of GST, the registered person is surrounded by many returns and statements which are required to be filed timely either in monthly, quarterly or in an annual frequency. Among all, GSTR 2A and GSTR 2B are purchase-related auto-populated statement. It gets auto-populated and has a direct link with the details furnished by counterparty in various returns as stated below. GSTR 2A and GSTR 2B gets auto-populated from the following returns Registered Person ..
Since the Goods and Services Tax ('GST') got introduced from July 2017, there has always been issues of specifically matching and reconciling of Input Tax Credit ('ITC') claimed in self-declared tax summary return i.e GSTR-3B with the data under auto generated form GSTR-2A/2B. Conceptual Understanding GSTR-3B is a consolidated form of monthly summary return covering details of inward and outward supplies which is required to be filed by a registered person electronically on..
Introduction GSTR 3B is a Return which is to be filled by Regular GST Tax Payer. It contains the summary details of outward Supplies made and the details of Input Tax Credit. Usually, the due date for filling of GSTR 3B is 20 of next month but Government can extend the due date. What will happen if you do not file your GSTR 3B within due date? What will be the late fee, penalty and other consequences? Let's find out: 1. Late Fees under Section 47 of the CGST Act, 2017 - Starts Imme..
The Government, vide Notification No. 19/2021, dated 1st June, 2021, inter alia, has waived the late fee payable, in excess of amount as specified in the Tables, as given below: (Note: Please refer to respective State/UT Notifications for waiver of State/UT tax). This is for information please. A. For the registered persons who have failed to furnish the return in FORM GSTR-3B, for the months /quarter of July, 2017 to April, 2021, by the due date Sl.No ..
Summary of GST notification are tabulated below Relevant Notifications (Central Tax dated 01.05.2021) Notification No. Central Tax Description 08/2021 Interest Relaxation for Tax Payable of Mar-Apr-21 09/2021 Late Fee Relaxation for GSTR3B of Mar-Apr-21 10/2021 Extension of GSTR-4 for FY 2020-21 11/2021 ..
Goods & Services Tax is a very comprehensive indirect tax levied on the supply of goods and services in our country. It was launched countrywide on July 1, 2017, by the President of India. GST was brought in as a revolutionary change and India's biggest tax system overhaul with one of the essential objectives of providing seamless credit flow to the taxpayers. From the past year, notices of discrepancy of ITC in GST ASMT-10 have been issued by the GST department of almost all the Stat..
Amidst the second wave of covid-19 pandemic throughout the country and complete/partial lockdown already in force in most parts of the country, CBIC comes out with another set of midnight notifications to provide relief to the taxpayers for various GST compliance/returns. The relief comes in the form of waiving late fees for certain Certain returns and providing conditional reduction in interest on late payment of GST. CBIC, vide notifications have also relaxed the provisions of Rule..
Government announces various relief measures for taxpayers under GST law in view of severe COVID-19 pandemic In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods & Services Tax (GST) law due to the outbreak of the second wave of COVID-19 pandemic, the Government has issued notifications, all dated 1st May, 2021, providing various relief measures for taxpayers. These measures are explained below: Reduction in rate of interest ..
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 27th April, 2021 No. 07/2021–Central Tax G.S.R. 292(E).—In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely: - 1. (1) These rules may be c..