The GST Network or GSTN has come out with a step-by-step guide explaining the process of filling and submitting Form GSTR-3B.
The government has extended the last date for businesses to file their first returns under GST or Goods and Services Tax using Form GSTR-3B. The earlier deadline of August 20, for filing of returns against July 2017, has now been extended by 5 days, the finance ministry said last week. Now, businesses have until August 25, 2017 to submit a summary of self-assessed tax liabilities using Form GSTR-3B. The GST Network or GSTN has come out with a step-by-step guide explaining the process of filling and submitting Form GSTR-3B. As per dates notified by the government, details relating to outward supplies for the month of July 2017 will have to be filed in Form GSTR-1 between September 1 and September 5. However, in the interim period, businesses have to file Form GSTR-3B.
The Form GSTR-3B will contain consolidated details of outward supplies and input tax credit (ITC).
The government also notified that the August 25, 2017 deadline will also apply to taxpayers who do not want to avail of transitional credit in Form TRANS 1 this month. Those who want to fill up Form TRANS 1 this month, the last date will be August 28, 2017 as announced earlier. While Form Trans 1 is to be used by manufactures and services providers already registered under erstwhile central laws before GST, traders not liable to be registered under those laws are required to use Form Trans 2. (Read more)
The government also stressed on timely filing and “not wait for the last date. Suitable notification is being issued shortly.”
GSTN (Goods and Services Tax Network), which operates the GST Common Portal – gst.gov.in, has given the following guidelines on how to file the GST Return-3B or GSTR-3B:
1. After logging in, select ‘Return Dashboard’. After this, select month and financial year – which in this case will be July and 2017-18. Click on the ‘Search’ button and select GSTR-3B.
2. Declare your liabilities and ITC (input tax credit) claims. This can be done in Section 3.1 and Section 4 and. “Transitional ITC cannot be claimed in GSTR 3B,” the GST portal noted, adding: “It can be claimed only through TRANS 1 and TRANS 2.”
3. After this, the user is required to enter details of interest, if payable. This can be filled in Section 5.1. A late fee will be computed by the system, the GST portal added. Click on the ‘Save GSTR-3B’ button.
4. After saving the entered details, a button called ‘Submit’ will be enabled. “Please note that after submit, no modification is possible. Hence ensure that details are filled correctly before clicking on Submit button,” GSTN said on the portal.
5. After the user pushes the ‘Submit GSTR-3B button’, the system will “post (debit) the self-assessed liabilities including system generated late fee in Liability Register and credit the claimed ITC into ITC ledger”.