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What is GSTR 3B?


May 31, 2021

What Is GSTR 3B

What is GSTR 3B?

GSTR 3B is a simple, consolidated, self-declared GST summary of inward and outward supplies during a month which has been introduced for businesses to file returns without much difficulty.

A separate GSTR 3B should be filed for every GSTIN. The liability is to be paid on or before the GSTR3 B filing due date. It is to be born in mind that once GSTR 3 B is filed, it cannot be revised. Even if the liability is zero, GSTR 3B filing is mandatory.

Prerequisite for GSTR 3B Filing

  • Any business entity which is liable to file the monthly returns GSTR 1, GSTR2, and GSTR3 should submit a GSTR 3B form to file GSTR 3B return.
  • GSTR 3B under GST, an Online facility is available for filing the GSTR3B form via the GSTN portal. Payment of tax could be processed through challan or online.
  • An OTP registered from your registered mobile number is required to verify your GSTR 3B return by using an electronic verification code (EVC) or a digital signature certificate (DSC). Filing with an Aadhaar based e sign is also available.

Who should File GSTR 3B?

All registered taxpayers should file GSTR 3B under GST. However, some exceptions for some registrants, there are:

  • Registrants under composition scheme.
  • Nonresident registrants
  • Nonresident suppliers of OIDAR service.
  • Input service distributor.

When to File GSTR 3B?

From January 1, 2021, onwards, GSTR 3 B could be filed quarterly by small registered business entities with a turnover of less than 5 crores. The tax liability would be auto-populated from GSTR3B TO GSTR1 while filing returns.

Due Date for GSTR 3B?

Up to December 2019, GSTR 3 B's due date was the 20th of the subsequent month. From January 2020 onwards, the due date for the businesses with a turnover of more than 5 crores is 22nd or 24th of the following every quarter under the QRMP scheme. 20th of every month for the business with a turnover of less than 5 crores.

Late Fee and Penalty for Late Filing of GSTR 3B?

Penalty or a late fee is charged for delay in  GSTR 3B filing after the due date.50 Rs per day is levied for the delay and 20rs per day for taxpayers having no liability for the month. Unless GST dues are paid before the due date, interest at 18% per annum would be levied with the amount of tax to be paid.

Comparison of GSTR 3B between GSTR1, GSTR 2A & GSTR 2B 

GSTR 3B Vs GSTR1

Reconciliation of GSTR1 with GSTR 3B is required to :

  • Interest and penalties are to be avoided owing to the short payment of tax
  • Be known if any invoice is missed or duplicated.
  • Let the recipient claim a precise ITC based on his GSTR 2A & GSTR 2B.
  • Be compliant with GST and improve in the GST compliance rating.

GSTR 3B Vs GSTR 2A & GSTR 2B 

Reconciliation of GSTR2A (UPDATED ITC ) and GSTR 2B ( ITC monthly statement) with GSTR 3B is required to :

  • Notices must be avoided owing to excess ITC claims in GSTR 3B
  • It is to be informed in the case of missing genuine ITC.
  • If the supplier has not uploaded the invoice details in the GSTR1, urge the supplier to do so.
  • Be compliant with GST and focus on improving GST compliance rating.

 

Read More:

What is GSTR 3?

GSTR 3 Form Details

 

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