🍎 **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 gst.gov.in
👉 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]