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How to File Form GSTR-3B under GST Regime Form GSTR-3B will be the first return which businesses will be filing under GST. In this blog, let us understand how to fill Form GSTR-3B. Form GSTR-3B consists of 6 Tables. You need to capture the consolidated details of outward supplies, inward supplies, eligible ITC, and the details of tax payment. Let us discuss this in detail: 1. Details of outward supplies and inward supplies liable to reverse charge In the above table (3.1), you need to capture the total taxable value (both intrastate and interstate) of the following Nature of Supplies along with the total tax (IGST, CGST, SGST/UTGST) as applicable: 2. Details of inter-State supplies made to unregistered persons, composition dealer and UIN holders From the outward supplies details declared in table 3.1, discussed in point No. 1, you need give a break-up of the interstate outward supplies made to Unregistered Persons, Composition Dealers and UIN Holders. These details needs to be captured State-wise/ Union-Territory-wise total with taxable value and total IGST levied on these supplies. 3. Details of eligible Input Tax Credit You need to capture the details of ITC availability, ITC to be reversed, and arrive at the Net ITC available. The following are the details you need to capture 4. Details of exempt, nil-rated and non-GST inward supplies You need to capture the details of inward supplies made from the composition dealer, inward supplies at nil rate and exempt. Also, you need to separately mention Non-GST inward supplies. The value of above discussed supplies need to be captured separately for interstate and intrastate supplies. 5. Payment of tax You need to declare the self-ascertained tax payable. This is based on the details of outward supplies and inwards supplies liable to be paid on reverse charge captured in Table No. 3.1. The tax-wise break-up of payment tax by way of utilization of ITC and cash deposit needs to be provided. 6. TDS/TCS Credit You need to capture the details of TDS (Tax withheld by the Government establishment) and TCS (Tax withheld by E-commerce operator). However, these provisions are deferred from initial rollout of GST. Accordingly, TDS and TCS is not applicable till it is notified further. Kindly Note: The Value of Taxable Supplies refers to Net Taxable value and formula to calculate is given below: Taxable value = Value of invoices + value of Debit Notes – value of credit notes + value of advances received for which invoices have not been issued in the same month – value of advances adjusted against invoices. Feel free to revert in case you need further detail/imformation. Finanza Management Services LLP Kapil Sharma kapil@fmsllp.in +91-9990032660
Important info related to GST Registration The way forward: 1. If you are a Taxpayer having received Acknowledgement Reference Number (ARN): You should be able to download the Provisional Registration Certificate from “Download Certificates” at GST website from 27th June 2017. 2. If you are a Taxpayer, who has saved the enrolment form with all details but has not submitted the same with DSC, E-Sign or EVC: You will receive the ARN at your registered email ID, if the data given are successfully validated after 27th June 2017. In case of validation failure (data like PAN not matching), you should be able to login at the same portal from 27th June 2017 on-wards and correct the errors. You can refer the registered email for details of the errors. 3. If you are a Taxpayer, who has partially completed the enrollment form: You can login at the portal on the above mentioned date and complete the rest of the form. 4. If you are not an existing Taxpayer and wish to register newly under GST You would be able to apply for new registration at the GST portal from 25th June 2017.
Big Blunder in GST, If You Do These 5 Compliance Mistakes GST will be soon going to be implemented across the nation on the July 1st, while all the rules and regulations are decided by the GST council. The last meeting will be held on 30 June to finalise and tie an inaugural band over the GST for the launching. A draft rule under the GST termed tax collected at source is well opposed by the e-commerce organisations. The reason being the capital will be stuck within the procedure and may create a shortage of revenue to invest further into the business operation. Now, there are multiple ways to get ahead in the business terms, while it is also suspected that a business unit may create an issue for itself. Therefore, we want you to take note of some highly vulnerable points that a business man can take while running his business. Never Issue Fake Invoice As soon as the GST gets implemented, take note of this suggestions. It will be considered as a crime to issue a different and non-related invoice to any party. While supplying goods without issuing an invoice and giving benefits to any person by providing him fake invoice will also come under the category of crime. It will be better to avoid this kind of practices to ensure safe operation of your business. Avoid Giving Wrong Details in the Registration As know, the migration process for GST is running across the nation and a dedicated window has been opened for it two times. A third phase of the enrollment window will be available from 25 June. So, in order to register your business unit under the GST, make sure you provide true information regarding your business with accurate financial details. Never try to present fake financial records to save taxes. As the government has already warned that after the migrations, the data can be scrutinized and if caught, the business unit and the associated taxpayers will be in great trouble. Always Submit the GST to the Government It must be also in the high priority that the GST collected from the customers must be submitted to the government within three months failing which may lead to the criminal case and appropriate actions will be taken against the taxpayer. Always Make Sure of Original Documents with the Logistics According to the newly incorporated GST laws, any goods without the original documents and invoices being caught in transit will be considered as illegal and will be termed as a crime. Ensure that all your goods are with original documents as a proof in front of inspecting authorities. Never Use Rubbish GST Compliance Software It is advisable to use a best in class GST software for your billing, return and accounting work. Many software companies are advertising to be the best so it is difficult to choose between them. SAG Infotech suggests you to go for a recommended GST compliance software by tax experts for your proper and timely GST related task so people must review every software features before buying one of them.
*Key take-outs from the 17th Meeting of GST Council held on 18th July* 1. *GST Council categorically decided to implement GST from 1st July*. There will be a special launch of GST in Delhi on the mid-night of 30th June and 1st July. 2. *Relaxation in Return filing time-line for first 2 months*: A summary return form in GSTR-3B will required to be filed on self-declaration basis for first 2 month i.e. July and August by 20th day of next month. I.e. for the month of July, a summary return needs to be filed by 20th august after paying appropriate taxes, and for the month of August, the same needs to filed by 20th September. 3. GSTR-1 with invoice level details needs to be filed for the month of July by 5th September, and for the month of August by 20th September. GSTR-2 and GSTR-3 for these 2 months will be filed thereafter. 4. *Reduced tax rate for hotels with tariff between 5000-7500*: Reduced tax rate of 18% will apply on the hotels with tariff between Rs. 5000 to Rs. 7500. Restaurants in these hotels will also be taxable at 18%. 5. *Tax rate on Lotteries* State-run lotteries will be taxed at 12% Private lotteries will be taxed at 18* 6. *Negative List of Composition Scheme* Only 3 products have been added in negative list of Composition Scheme, which means for following 3 products composition scheme will not be available. • Ice cream • Pan masala • Tobacco 7. *E-way bill* will be deferred and will be implemented later on once the rules for same will finalized. Till that time, an alternate e-way bill will be introduced to allow the state with their current system. 8. IGST rate of 5% on Ship with full ITC will be applicable. 9. GST Council also approved anti-profiteering rule. 10. *New Registration in GST will be commenced from 25th June.*
Third Phase of GST Registrations: Be Ready With Complete Details For More detail regarding GST Registration And Migiration Saurabh Tripathi +91-9990032660 FINANZA MANAGEMENT SERVICES LLP
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