Some Important Points regarding GSTR- 3B

๐ŸŽ **The first return of GST is here and is due for filing is *20th of August, 2017.* Most of the registered persons still havenโ€™t filed the Return GSTR-3B.

๐ŸŠ *Here are some points you need to remember for filing the first GST Return GSTR-3B.*
๐Ÿ‘‰ 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 Julyโ€™2017. *NIL GSTR-3B* is also to be filed mandatorily.

๐Ÿ‘‰ 2) GSTR-3B is the *provisional return* for the month of Julyโ€™2017. Therefore all dealers who are required to file monthly returns under the GST Regime are required to file GSTR-3B.

๐Ÿ‡ฎ๐Ÿ‡ณ *Composition dealers* are required to file *quarterly returns* therefore dealers who have opted for composition scheme are *not required* to file GSTR-3B.
๐Ÿ‘‰ 3) GSTR-3B is *not the final return* for the month of Julyโ€™2017 this is only a provisional return. GSTR-1, GSTR-2, GSTR-3 for Julyโ€™2017 are still required to be filed.
๐Ÿ‘‰ 4) *GSTR-3B cannot be revised.* Any revision in the figures for Julyโ€™2017 has to be done through GSTR-1, 2 and 3 to be filed later on.
๐Ÿ‘‰ 5) Any taxes due for Julyโ€™2017 *have to be paid* before filing GSTR-3B.
๐Ÿ‘‰ 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.
๐Ÿ‘‰ 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.
๐Ÿ‘‰ 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.*
๐Ÿ‘‰ 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.
๐Ÿ‘‰ 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 Augustโ€™2017 the option for filing GSTR-3B for Julyโ€™2017 will not be available and the no GSTR-3B is to be filed for Julyโ€™2017.
๐Ÿ‘‰ 11) GSTR-3B is to be filed through *online mode* on the GST Portal gst.gov.in
๐Ÿ‘‰ 12) Following details are to be shown in the return GSTR-3B. 
๐Ÿ‡ฎ๐Ÿ‡ณ a) *GSTIN number* of  Registered Person
๐Ÿ‡ฎ๐Ÿ‡ณ b) *Legal name* of Registered Person
๐Ÿ‡ฎ๐Ÿ‡ณ c1) Summary of Outward Supply &  Inward Supply under Reverse Charge
๐Ÿ‡ฎ๐Ÿ‡ณ c2) Bifurcation of Inter-state outward supplies as follows:
๐ŸŒœa) To unregistered Person

๐ŸŒœb) To Composite taxable Person

๐ŸŒœc) To UIN Holders

๐Ÿ‡ฎ๐Ÿ‡ณ 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
๐Ÿ‡ฎ๐Ÿ‡ณ e) Summary of Exempted, Nil rated  and Non GST  inward supplies
๐Ÿ‡ฎ๐Ÿ‡ณ e1) Interest and late fees payable
๐Ÿ‡ฎ๐Ÿ‡ณ 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)
๐Ÿ‡ฎ๐Ÿ‡ณ g) Summary of tax category wise TDS/TCS credit
๐Ÿ‘‰ 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.*
๐Ÿ‘‰ 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 ๐Ÿ˜ก *reverse charges will have to paid by cash*.
๐Ÿ‘‰ 15) GSTR-3B can be submitted through digital signatures or Electronic verification code except for Companies where it has to be filed by dsc.
๐Ÿ’žRegards

*CA. Manoj Singh*

*Secretary ICAI Ghaziabad*

*9310893870*

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

It is YOU who decides

you-thought

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.

CA VIKRAM S. MATHUR
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 Taxpayerโ€™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.