Some Important Points regarding GSTR- 3B

🍎 **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 dealers who are required to file monthly returns under the GST Regime are required to file GSTR-3B.

🇮🇳 *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) Any taxes due for July’2017 *have to be paid* before filing GSTR-3B.
👉 6) 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.
👉 7) 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.
👉 8) A 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 TRAN-1 and will be available for use only after filing *TRAN-1.*
👉 9) GSTR-3B is a simplified return where only *total figures* of purchases, sales input tax credits and payments are to be entered. Individual entries for each sale invoice are not to be entered in this return.
👉 10) 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.
👉 11) GSTR-3B is to be filed through *online mode* on the GST Portal
👉 12) Following details are to be shown in the return GSTR-3B. 
🇮🇳 a) *GSTIN number* of  Registered Person
🇮🇳 b) *Legal name* of Registered Person
🇮🇳 c1) Summary of Outward Supply &  Inward Supply under Reverse Charge
🇮🇳 c2) Bifurcation of Inter-state outward supplies as follows:
🌜a) To unregistered Person

🌜b) To Composite taxable Person

🌜c) To UIN Holders

🇮🇳 d) Summary of eligible ITC available and the ITC to be reversed and ITC which is ineligible bifurcated into IGST, CGST & SGST/UTSGT and Cess
🇮🇳 e) Summary of Exempted, Nil rated  and Non GST  inward supplies
🇮🇳 e1) Interest and late fees payable
🇮🇳 f) Details of payment of tax, which includes  Category wise tax payable, ITC availed , TDS credit and  Tax paid in cash along with interest and late fees (Though it is not applicable for initial 2 return)
🇮🇳 g) Summary of tax category wise TDS/TCS credit
👉 13) Remember the order for set-off eligible ITC. ITC of IGST, CGST and SGST must be set-off from themselves (intra-head) first before being set-off inter-head. *Remember that CGST and SGST cannot be set-off against each other.*
👉 14) Any amounts to be paid on *reverse charges have also be shown and paid in GSTR-3B also.* Please remember that amount payable under reverse charges will *not be* available to be paid by utilising input credit. Amount payable on 😡 *reverse charges will have to paid by cash*.
👉 15) GSTR-3B can be submitted through digital signatures or Electronic verification code except for Companies where it has to be filed by dsc.

*CA. Manoj Singh*

*Secretary ICAI Ghaziabad*


(Replicated as received on WhatsApp) [16-Aug-2017|20:53HoursIST]

It is YOU who decides


Just a thought to add to the aforesaid post that was made on Facebook, just a few moments ago. I know what I am going to say will sound very philosophical to the reader of this article, but that is besides the point. What is important to note, however, is that we are living in a system that drills into our heads that what you think is the only thing that can be correct for you. But this is a gross fallacy, and the reason why I am writing about it, is because I have fallen foul in many people’s thoughts, simply because I choose to be forthright and blunt because of my sun sign “Sagittarius”. Not a very great believer of astrology or readings of the stars, but at the same time, I do not make fun of it. On the lighter side, I can add that being a “Fire” sign sure lights many a fire in all the wrong places that one can imagine !!

Indeed, it is YOU who decides the fate of many a person whom you meet on your journey of life. So this is just a general thought that cannot point towards anyone specifically, because life has taught me well to always be positive. In the ultimate analysis, the only person who really loses anything at all in making any kind of judgement about any other person who walks the face of this Earth, is YOU YOURSELF.

So to all my friends, readers and well-wishers across the globe, it is a piece of sage advice, never judge a person by only his words or only his looks or only by what comes first to your mind in just one meeting. Remember, first impressions are usually the lasting impressions – and also, the cold hard fact is that the good that men do is often forgotten easily, its the bad things that have an unfortunate habit of staying alive in your brain.

Cheers and have a good day ahead of you. Thanks for the patient reading of my humble thoughts.

17-Feb-2017 | 00:00 Hours IST

Supreme Court Rules – Deemed Dividend

This Tax Alert summarizes a recent ruling of Supreme Court of India (SC) in the case of Gopal and Sons (HUF) (Taxpayer) on the issue whether advance received by the Taxpayer from Indian Company wherein the Taxpayer’s Karta is a registered shareholder can be regarded as deemed dividend under the provisions of the Indian Tax Laws (ITL).
The ITL provides for deemed dividend taxation in respect of payment by a closely held company by way of advance or loan given to (a) a beneficial shareholder holding not less than 10% of the voting rights in such company; or (b) any concern in which such shareholder (viz. holding 10% or more voting power) is a member or a partner and such shareholder has a substantial interest (20% or more) in the said concern.
The Taxpayer contended that it was neither the beneficial shareholder nor the registered shareholder of ICo as the shares were issued in the name of Karta and, hence, the deemed dividend provisions of the ITL is not applicable.
SC, however, held, deemed dividend provision is attracted in present case as the Taxpayer is a concern in which shareholder (Karta) has a substantial interest. Thus, the payment received by the Taxpayer from an Indian company (ICo), is deemed dividend under the provisions of the ITL.
SC held that a loan given to a concern can also constitute dividend if a shareholder has substantial interest. SC noted that the Karta in whose name shares were registered has substantial interest in the income of the Hindu Undivided Family (HUF) and that this proposition was not in dispute. SC, therefore, concluded that the loan was given to a concern and, hence, the loan can be considered as deemed dividend.

Daily Prompt: Karma Chameleon

Daily Prompt: Karma Chameleon.

According to Wikipedia Karma Chameleon is defined as, and  I quote

“KARMA CHAMELEION is a classic hit song by British New Wave band Culture Club, featured on the group’s 1983 album Colour by Numbers. The single spent three weeks at #1 on the US Billboard Hot 100 in early 1984, becoming the group’s biggest hit and only US #1 among their many Top 10 hits. “Karma Chameleon” was also a huge global hit, hitting #1 in sixteen countries worldwide, and the Top 10 in several more. Sleeve by the photographer David Levine.

In the group’s home country of the United Kingdom, it became the second Culture Club single to reach the top of the UK Singles Chart (after “Do You Really Want to Hurt Me“), where it stayed for six weeks in September and October 1983, and became the UK’s biggest-selling single of the year 1983.[1] Worldwide, “Karma Chameleon” went on to sell over 5 million copies worldwide, making it one of the best-selling singles of all time.[2] It is widely regarded as Culture Club’s signature song.

In an interview, Culture Club frontman Boy George explained: “The song is about the terrible fear of alienation that people have, the fear of standing up for one thing. It’s about trying to suck up to everybody. Basically, if you aren’t true, if you don’t act like you feel, then you get Karma-justice, that’s nature’s way of paying you back.”[3]

The song won Best British Single at the 1984 Brit Awards. The group performed the song as a finale when they appeared in the 1986 episode “Cowboy George” of The A-Team.”

It inadvertently always reminds me of Boy George.

A New Era Awakens

It is with great pleasure that I would like to announce the re-awakening of my firm’s website, or you can now call it my personal website at and what excites me even more is the parallel launch of my wordpress blogrolls located at VSMathur WordPress, VSMathurCo WordPress and CAVSM WordPress.

By now, you will have guessed that I am a Fellow Chartered Accountant from Ahmedabad, Gujarat, India and also that I am registered with the Institute of Chartered Accountants of India and am listed there under my membership number 043630. I am also very proud to say that I belong to the Mathur Clan
Here, I would like to thank my very good friend, owner of Opal Infotech and a webmaster of International reputation for all the help that his team and he has extended towards me.