May 18, 2021
GSTR 3 is a monthly return document, which compiles the transactions regarding the sales, purchases, and GST liability during a month. It is auto-generated, based on the information from GSTR 1 and GSTR 2.
GSTR 3 deals with the details of the GST liability amount for the month. The taxpayers are supposed to pay the tax and file the return. It is regarded to be important because it would provide the details of the GST liability of a business for a particular month.
As per the GST act, the due date for GSTR 3 is the 20th of next month. A five day gap would be at disposal between GSTR 2 and GSTR 3 for filling to rectify any mistakes or errors.
Unless you file GSTR 3 , you would be unable to file GSTR 1 for next month. So late filing in the GSTR 3 format would cause heavy fines and penalties.
For delay in filing GSTR 3 form, the taxpayers would be liable to pay interest and late fee. the interest is 18% per annum. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. . Time period will be from the next day of filing (16th of the month) to the date of payment. As per the act, 100 rs per day is for a late fee. 100 each for CGST and SGST respectively. 200/day would be in its entirety. 5000 is the maximum and no late fee on IGST.
Even without having any transaction during a month, every registered taxpayer should file GSTR 3. These registered persons need not file GSTR 3 form.
GSTR 3 form revision is not possible once it is filed. Rectification could be made only in the next month’s GSTR 1 and GSTR 2 returns. As GSTR 3 is autogenerated, direct revision is not possible.