The Government of India is taking every possible step for the smooth transition into GST. Every Registered Person (other than Composition Levy and Input Service Distributor) on a Self-Assessment basis needs to file the following returns :
- GSTR-1 by 10th of succeeding month;
- GSTR-2 by 15th of succeeding month and;
- GSTR-3 by 20th of succeeding month respectively.
In all the GST returns, Invoice wise details of the entire supplies has to be uploaded making the return filing process bit complex and tedious. Hence the GST Council for the months of July and August have decided to give a relaxation for the return filing process.
A simple form called Summary Return GSTR-3B has been introduced, filing dates for all the returns are been shown below:
So a Registered Person should file GSTR-3B and the other returns as per the above mentioned due dates. Ultimately GSTR 3 will be reconciled with GSTR-3B.It is mandatory to file GSTR-3B by 20th August 2017 else penalty for late filing is Rs.100 per day , capped at Rs.5000.
But if there is any difference between GSTR-3B and GSTR-3 for July and August 2017, the balance outstanding amounts should either be paid or balance receivables be requested for a refund without any penalty or late fee.
The following details are required to file Summary Return GSTR-3B :
- GSTIN -15 Digit Goods and Services Tax Identification Number;
- Summary of Exempt, Nil-rated, Non-GST inward supplies;
- Summary of inward supplies on which Reverse Charge mechanism(where the receiver will pay GST) is applicable;
- Entire Input tax credit availed whether in full or part (Inward supplies, Imports, from ISD etc.) and reversal of Input Tax Credit;
- TDS/TCS details (Involving E-commerce operators).
Certain key terms in Summary Return GSTR-3B
NIL OR EXEMPTED
GST is not applicable on such supply and they are not taxable. Supplier of such goods or services are not eligible to take Input Tax Credit (ITC) paid on inputs. Hence the Credit Chain gets stopped. (For Ex Pulses, Milk, Vegetables, Education, Health etc.)
Supplier of Zero rated goods or services are eligible to take Input Tax Credit (ITC) paid on inputs. Zero rated applies in cases of Export of goods and Supply to SEZ.
Supply which is outside the ambit of GST is called Non-GST Supply. (For Ex Alcohol for human consumption, electricity, diesel, petrol etc.)
VALUE OF TAXABLE SUPPLIES
The value of invoices + value of Debit Note – Value of credit note + value of advances received for which invoices have not been issued in the same month – the value of advances adjusted against invoices.
PAYMENT OF TAX
Tax paid in cash = Tax payable –Tax paid ITC – TDS/TCS