#last date of gstr 3b

[taxblgs]

Complete Guide to GSTR-3B: Importance, Filing Eligibility, Due Dates, and Expert Consultation for 2024

In the ever-evolving landscape of Goods and Services Tax (GST) compliance in India, GSTR-3B stands as a crucial return that taxpayers must file regularly. This blog provides a detailed overview of GSTR-3B, including its due dates, who needs to file, penalties for late submissions, and comparisons with other GST returns.

What is Gaster-3b? GST-3B Due Dates for Quarterly Returns

GSTR-3B is a self-declared summary return that GST-registered taxpayers must file monthly or quarterly (for those under the QRMP scheme). This return provides a consolidated report of sales, Input Tax Credit (ITC) claims, and the net tax liability for the period. It is essential for ensuring compliance and accurate reporting under GST.

Features of Gaster-3B:

Summary Nature: It includes summary figures instead of detailed transaction data.

Monthly Filing: Taxpayers generally file GSTR-3B every month, but quarterly filers under the QRMP scheme submit it every three months.

Non-revisable: Once filed, GSTR-3B cannot be revised, making accuracy essential.

Quarterly Gaster-3B Due Dates Gaster-3B Due Dates for Quarterly Returns

For taxpayers opting for the QRMP scheme, the due date for filing GSTR-3B is either the 22nd or 24th of the month following the end of the quarter, depending on the state or Union Territory of the principal place of business. For example, for the quarter ending September, the due date would be either 22nd or 24th October, based on your location.

For taxpayers opting for the Quarterly Return Monthly Payment (QRMP) scheme, the due dates for filing GSTR-3B are as follows:

For the first quarter (January to March):

22nd April for taxpayers in certain states (for others, it’s 24th April).

For the second quarter (April to June):

22nd July for certain states (for others, it’s 24th July).

For the third quarter (July to September):

22nd October for certain states (for others, it’s 24th October).

For the fourth quarter (October to December):

22nd January for certain states (for others, it’s 24th January).

Always check the GST portal or consult with Taxring tax advisor for the most current dates and any updates specific to your state.

Who should file Gaster-3b?

All taxpayers registered under GST are required to file GSTR-3B, including:

Regular taxpayers

Taxpayers under the QRMP scheme

Exemptions: The following categories do not need to file GSTR-3B:

Taxpayers registered under the Composition Scheme

Input service distributors

Non-resident suppliers of OIDAR services

Non-resident taxable persons

Late Fee & Penalty for GST-3B

Filing GSTR-3B after the due date incurs late fees and penalties. Here’s how it works:

Regular Filers: ₹50 per day of delay (₹25 each for CGST and SGST).

Nil Tax Liability Filers: rs20 per day of delay (₹10 each for CGST and SGST).

Interest: If GST dues remain unpaid after the due date, an interest of 18% per annum will be charged on the outstanding tax amount.

Due Dates for GST-3B Filing

Up to December 2019: The due date was the 20th of the subsequent month.

From January 2020 Onwards: The due dates have been staggered:

Monthly filers: 20th of every month

Quarterly filers under the QRMP scheme: 22nd or 24th of the month following the quarter.

Important Note:

Taxpayers must ensure timely payment of taxes and filing of GSTR-3B to avoid penalties.

Gaster-3B vs Gaster-2A & Gaster-2B: Cupris

GSTR-2A:

Real-Time Updates: GSTR-2A is a dynamic statement reflecting all ITC available based on suppliers’ GSTR-1 filings.

No Filing Required: GSTR-2A is auto-generated and does not require filing.

GSTR-2B:

Monthly Summary: GSTR-2B is a static summary statement of available ITC for a particular month.

Used for Reconciliation: Taxpayers should reconcile GSTR-2B with GSTR-3B to ensure accurate ITC claims.

Importance of Reconciliation:

Reconciliation helps avoid notices due to excess ITC claims, ensures compliance, and improves the GST compliance rating.

Difference between Gaster-1 and Gaster-3b

GSTR-1:

Detail Requirement: Requires detailed reporting of all sales transactions.

Monthly or Quarterly Filing: Depending on the taxpayer’s category.

GSTR-3B:

Summary Nature: Requires only summarized figures of sales and ITC claims.

Mandatory Filing: Must be filed by all GST-registered taxpayers.

How to FileGaster-3B Texting

Filing GSTR-3B on Taxring is a straightforward process that ensures compliance and accuracy. Here’s a step-by-step guide:

Log into Taxring: Access your account using your credentials.

Navigate to GSTR-3B: Go to the GST filing section and select GSTR-3B.

Enter Required Details: Fill in the summary of sales, ITC claims, and net tax payable.

Review Data: Ensure that all information is accurate and reconciled with GSTR-2A and GSTR-2B.

Submit Filing: Click on the submit button and wait for the acknowledgment of your filed return

CONCLUSION

GSTR-3B is a vital component of GST compliance, ensuring that taxpayers report their sales, ITC claims, and tax liabilities accurately. By understanding the due dates, filing processes, and key differences with other GST returns, businesses can maintain compliance and avoid penalties. Leverage tools like Taxring for a seamless filing experience and stay updated with the latest GST regulations to streamline your compliance process!

Read also- Best GST Return filing service , GST Return Filing Overview , Check GST Status

[masllp]

GST Return Filing in Delhi by Masllp: Simplifying Your Compliance Journey

If you are a business owner in Delhi, managing Goods and Services Tax (GST) returns can be challenging. Staying compliant with the evolving GST laws while running day-to-day operations is no easy task. That’s where Masllp steps in. With our expert GST return filing services, we help businesses in Delhi stay compliant, efficient, and stress-free.

Why GST Return Filing Is Important GST return filing is a mandatory requirement for all registered businesses in India. It involves the submission of details regarding sales, purchases, input tax credit (ITC), and tax payments to the government. Failing to file GST returns on time can result in penalties, interest, and even suspension of your GST registration. Therefore, it is crucial to partner with professionals who can help you manage this process seamlessly.

Common Challenges Faced by Businesses in GST Return Filing Complexity in compliance: The frequent changes in GST regulations can make compliance complicated, especially for small businesses. Technical errors: Filing incorrect returns can lead to penalties and issues with GST reconciliation. Timely submissions: Missing GST filing deadlines can result in heavy fines. Lack of clarity on ITC: Understanding input tax credits and adjusting them correctly is often confusing for business owners. How Masllp Simplifies GST Return Filing in Delhi At Masllp, we understand that every business has unique tax filing requirements. We offer tailored GST return filing solutions that are designed to help businesses in Delhi navigate the complexities of GST compliance. Here’s how we do it:

End-to-End Support From the collection of data to the final filing of your GST returns, we manage everything on your behalf. Our team of tax experts ensures that your GST returns are accurate and filed on time, preventing any penalties.

Expert Consultation Our professionals are well-versed in the latest GST regulations. We provide personalized consultation, helping you understand your GST liabilities, input tax credits, and the correct way to file returns.

Timely Reminders We send out timely reminders about upcoming deadlines to ensure you never miss a filing date. This helps in avoiding last-minute hassles and potential penalties.

Accurate ITC Calculations One of the most critical aspects of GST return filing is claiming Input Tax Credits (ITC) accurately. Our experts ensure that your ITC claims are correct and compliant with GST rules, maximizing your tax benefits.

Error-Free Filing We take utmost care to avoid technical errors in your returns, ensuring that your filings are error-free and compliant with the latest GST laws.

Why Choose Masllp for GST Return Filing in Delhi? Experience & Expertise: We have years of experience in handling GST returns for businesses across various sectors. Tailored Services: Our services are customized to meet the specific needs of your business. Cost-Effective Solutions: We offer competitive pricing without compromising on the quality of our services. Data Security: Your financial data is safe with us. We maintain strict confidentiality and follow best practices in data security. Hassle-Free Process: With our GST return filing services, you can focus on growing your business while we handle the compliance work. Types of GST Returns We Handle At Masllp, we provide end-to-end support for all types of GST returns, including:

GSTR-1: Details of outward supplies GSTR-3B: Summary return for tax payment GSTR-4: For composition scheme taxpayers GSTR-9: Annual return GSTR-10: Final return for canceled GST registrations Whether you are a small business, a startup, or a large corporation, we have the right solutions to simplify your GST return filing process.

Contact Us If you are looking for reliable GST return filing services in Delhi, look no further than Masllp. Our team of experts is here to make your GST compliance journey easy and hassle-free.

Contact us today to learn more about how we can assist you with GST return filing and ensure timely and accurate submissions.

[pmohantyblog]

Due Dates For Filing GST Returns: What You Need to Know | Legal Terminus

Understanding the due dates for GST return filing is crucial for businesses to comply with tax regulations. Missing these deadlines can result in penalties and fines. It is important to stay informed about the specific deadlines for different types of returns, such as monthly, quarterly, or annual filings. 

GSTR 1 – The deadline for monthly returns is the 10th of the next month, while the deadline for quarterly returns is the last day of the month after each quarter.

GSTR 3B – The 20th of the next month is the deadline.

GSTR 9 – The deadline is 6 months from the end of the relevant financial year.

To stay updated about the due dates of return filing, visit Legal Terminus.

[taxationplanning]

Input Tax Credit: Last Date Of Claiming ITC For FY 2023-24

Input Tax Credit (ITC) Claiming Last Date If taxpayer has unclaimed Input Tax Credit (ITC) of FY 2023-24, then the last date of claiming the same is near. As per Notification No. 18/2022- Central Tax, Dated 28.09.2022, last date of claiming unclaimed ITC for FY 2023-24 is 30th November 2024. i.e. taxpayer has to claim the unclaimed ITC of FY 2023-24 in GSTR-3B return(s) of FY 2024-25 filed…

[ebizfilingindia-blog]

Difference between GSTR-1 and GSTR-3B

Introduction

Dealers who have registered for GST are required to submit monthly and quarterly returns. These returns are essential to collect data from authorized dealers and forward it to the ITC. Taxpayers file several types of GST returns annually, but this blog will focus on GSTR-1 and GSTR-3B. This article will explore the differences between the two.

What is a GST return? 

A company's sales, purchases, output tax, and input tax paid on purchases are all reported in its GST return. Once a GST return is filed, any resulting tax liability (the amount owed to the government) must be paid.

Why GST return filing is important?

Here are some points on why GST return filing is important:

As per the GST Act, all businesses registered under GST are required to file GST returns. Failure to comply with this legal obligation can result in penalties and legal repercussions.

GST return filing is important to claim Input Tax Credit (ITC). ITC is the tax paid on purchases that can be set off against the tax liability on sales. Filing accurate and timely returns ensures that you claim the right amount of ITC.

GST return filing promotes transparency in the tax system. It provides a clear picture of the taxes paid and collected by the business, making it easier for tax authorities to verify the tax liability of businesses.

GST return filing is important for the statutory audit of a business. It helps auditors to verify the accuracy of financial statements, reconcile taxes paid and collected, and identify any discrepancies or errors.

Timely and accurate GST return filing can help businesses maintain a good reputation among customers, suppliers, and tax authorities. It demonstrates a commitment to compliance and transparency, which can help build trust and credibility.

Difference between GSTR-1 and GSTR-3B

Here are 5 key differences between GSTR-1 and GSTR-3B:

1. Definition of GSTR-1 and GSTR-3B

GSTR-1 return is filed either monthly or quarterly and includes details of all outgoing supplies or turnover. The frequency of filing this return is determined by the business turnover. On the other hand, GSTR-3B is a self-assessment return filed by dealers, which includes information on their purchases and expenses related to both import and export supplies. This return must be filed monthly, regardless of the turnover.

 2. Filing Dates of GSTR-1 and GSTR-3B

GSTR-1 must be filed monthly if the company's annual revenue exceeds Rs. 1.50 crore in the previous or current year. The due date for filing GSTR-1 for the current month is the 11th day of the following month. Taxpayers with a turnover of less than INR 1.50 crore may file GSTR-1 quarterly. In this case, the due date for filing GSTR-1 will be on the 30th or 31st of the month following the last quarter. On the other hand, GSTR-3B is filed monthly, and the due date for filing is the 20th day of every month, irrespective of the company's turnover.

 3. Tax Payment of GSTR-1 and GSTR-3B

There is no such tax payment is required when filing a GSTR-1 return. However, GSTR-3B can only be filed after the tax liability is paid. If there is a delay in filing the return, the company must pay a penalty.

 4. Penalty for Delay in Filing or Not Filing GSTR-1 and GSTR-3B

If a company files GSTR-1 after the due date, a penalty of INR 200 per day (INR 100 each for SGST & CGST) must be paid. If a company files GSTR-3B after the due date, a penalty of INR 20 per day will be charged for a nil return, and a penalty of INR 50 per day will be charged for any added transaction details.

 5. The details to be included in GSTR-1 & GSTR-3B return

When preparing the GSTR-1 return, the invoice must include details on both business-to-business and consumer-to-business turnover, as well as exempt supplies, and the export of goods and services during the period for which the return is being filed. The return should also provide an overview of the supplies made during that time period, along with details of account receivables and repayment.

On the other hand, the GSTR-3B return includes information on the turnover, exempt supplies, and exports of goods or services for the month, specifying the taxable value, CGST, SGST, and IGST. Additionally, it should include the total amount of input tax credit available during the month and details on the inward supply that are applicable to the reverse-charge.

Bottom line

It is important for all taxpayers to be familiar with the necessary details and information required for filing GSTR-1 and GSTR-3B returns, including their respective due dates and penalties for late or non-filing. Such knowledge can help ensure that the returns are accurately filed without any gaps or errors, which could otherwise result in receiving a notice from tax authorities or other complications, and prevent any inappropriate filing of returns.

[myallguidance]

GST Council Newsletter for Jan 2023

Trending Today GST Council Newsletter for Jan 2023 Is zoho Books is the Best Accouting Software for Small Business ? 49th GST Council Meeting Highlight

GST REVENUE COLLECTION :

- The gross GST revenue during January, 2023 as on 31.01.2023, till 05:00 PM is ₹ 1,55,922 crore of which CGST is ₹ 28,963 crore, SGST is ₹ 36,730 crore, IGST is ₹ 79,599 crore (including ₹ 37,118 crore collected on import of goods) and cess is ₹ 10,630 crore (including ₹ 768 crore collected on import of goods). - The Government has settled ₹ 38,507 crore to CGST and ₹ 32,624 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States in the month of January, 2023 after regular settlement is ₹ 67,470 crore for CGST and ₹ 69,354 crore for the SGST. - The revenues in the current financial year upto the month of January, 2023 are 24% higher than the GST revenues during the same period last year. The revenues for this period from import of goods are 29% higher and from domestic transaction (including import of services) are 22% higher than the revenues from these sources for the same period last year. - This is for the third time, in the current financial year, GST collection has crossed ₹ 1.50 lakh crore mark. The GST collection in January, 2023 is the second highest next only to the collection reported in April, 2022. During the month of December, 2022, 8.3crore e-way bills were generated, which is the highest so far and it was significantly higher than 7.9 crore e-way bills generated in November, 2022. - Over the last year, various efforts have been made to increase the tax base and improve compliance. The percentage of filing of GST returns (GSTR-3B) and of the statement of invoices (GSTR-1), till the end of the month, has improved significantly over years. The trend in return filing in the Oct-Dec quarter over last few years is as shown in the graph below. In the quarter Oct-Dec 2022, total 2.42 crore GST returns were filed till end of next month as compared to 2.19 crore in the same quarter in the last year. This is due to various policy changes introduced during the course of the year to improve compliance. -

-

NOTIFICATION:

- Notification No 01/2023-Central Tax dated 04.01.2023  assign powers of Superintendent of central tax to Additional Assistant Directors in DGGI, DGGST and DG Audit. - The Central Government vide the said Notification has made amendments in Notification No. 14/2017 – Central Tax dated July 1,2017 for assigning jurisdiction and power of superintendent to officers of the rank of Additional Assistant Directors in the Directorate General of Goods and Services Tax Intelligence (“DGGSTI”), Directorate General of Goods and Services Tax (“DGGST”) and Directorate General of Audit (“DGA”). - Circular No. 190/02/2023-GST dated 13.01.2023 pertaining to clarification regarding GST rates and classification of certain services: - Circular No. 189/01/2023-GST dated 13.01.2023 pertaining to clarification regarding GST rates and classification of certain goods: - No GST to be levied on by-products of milling of Dal/ Pulses such as Chilka, Khanda and Churi/Chuni w.e.f January 1st, 2023 - ‘Carbonated Beverages of Fruit Drink’ or ‘Carbonated Beverages with Fruit Juice’ would fall under HSN 2202 99 and GST would be levied at the rate of 28% and Compensation Cess at the rate of 12%. - Snack pellets (such as ‘fryums’), which are manufactured through the process of extrusion, are appropriately classifiable under tariff item 1905 90 30 and taxable at 18%. - Compensation Cess at the rate of 22% is applicable on Motor vehicles, falling under heading 8703, which satisfy all four specifications i.e. these are popularly known as SUVs; the engine capacity exceeds 1,500 cc; the length exceeds 4,000 mm; and the ground clearance is 170 mm and above. - On 27.01.2023, an interactive programme was organized jointly by State of Sikkim and GST Council Secretariat with trade and CGST officers. The objective of the program was to understand the issues faced by various stakeholders at ground level while implementing GST and to obtain feedback from trade about their experience. - The programme was hosted by Shri Manoj Rai, Commissioner CTD, State of Sikkim; Ms. Asha Subba, Joint Commissioner; Shri. Dorjee W. Bhutia, Deputy Commissioner and Ms. Pema Lepcha, Deputy Commissioner and attended by eminent stakeholders from the industry. Shri Manoj Rai, Commissioner, CTD, State of Sikkim, appreciated the initiative of GST Council Secretariat to hold such outreach programs at ground level as it would provide an opportunity for the State and other stakeholders to place their constraints before the authorities. - Shri Pankaj Kumar Singh, Additional Secretary GST Council Secretariat, during the address emphasized on the role played by GST Council Secretariat in acting as a platform between the various stakeholders and he stressed that the office strives to place the various representations received from stakeholders across various States before the competent authority for speedy resolution. - There was an overwhelming response from All India CGST formations as well as 16 State Tax formations from Goa, Kerala, Madya Pradesh, Chennai, Rajasthan, Nagaland, Manipur, Himachal Pradesh, Assam, Gujrat, Tamil Nadu, Meghalaya, Bihar Maharashtra, Jammu and Kashmir. Around 1362 officers from CGST and SGST formations have attended the online training sessions. - The objective of this programme was to sensitize the field formations about the Recommendations of 48th Meeting of the GST Council held on 17th December, 2022. - The introduction to the session was given by Shri Rajiv Kapoor, Pr. ADG, NACIN, Mumbai. Shri Arun Mishra, Special Secretary (Retd) and Tax Expert, Govt. of Bihar gave the introductory session wherein he discussed the background and important features of the recommendations given by the members of GST Council in the 48th Meeting. - In the second session, the recommendations of the 48th GST council were discussed in detail by Ms. Ashima Bansal, Joint Secretary, GST Council. She discussed the GIC agenda, Law Committee agenda and Fitment Agenda in detail giving the background of the amendments and also the recommendations of the GST Council Regarding these agendas. - Module wise new functionalities deployed on the GST Portal for taxpayers. - Advisory on taxpayers facing issue in filing GSTR-3B - Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns - If such taxpayers have filed all their pending returns, the system will automatically drop the proceedings and revoke suspension. - If the status of the GSTIN does not automatically turn ‘ACTIVE’, then taxpayers are advised to revoke the suspension once the due returns have been filed, by clicking on ‘Initiate Drop Proceeding’ for which navigation is as follows: “Log on to GST Portal > Services > User Services > View Notices and Orders > Initiate Drop Proceeding” - In case the system does not automatically drop the proceedings or taxpayer is unable to revoke the suspension by clicking on ‘Initiate Drop Proceeding’, then taxpayer is advised to contact Jurisdictional Officer. Note: This functionality is applicable to the taxpayers whose GSTINs have been suspended after 1st December, 2022. - Delegatus Non-Potest Delegare: - Lex Posterior Derogat Priori -  The 74th Republic Day was celebrated in the office of GST Council Secretariat (GSTCS) with much patriotic fervor. - On this occasion the GSTCS organized various events such as Essay writing, Slogan writing and Painting , in order to stir up the patriotic feelings amongst the Officers and staff alike. - The Constitution of India, which was adopted by the Constituent Assembly on November 26, 1949, came into effect on January 26, 1950 the Republic Day is celebrated as a mark of honor. - The Constitution of India is an embodiment of people’s faith and aspirations. - The Constitution of India is flexible and has stood well in emerging circumstances and situations from time to time, therefore it is often termed as an organic living document. - The Constitution was framed to establish the concept of democracy, equality, liberty, not only in the bigger political domain but also in our personal existence. - The Indian Constitution is unique in its contents and spirit as it has borrowed several good features and experiences from different Constitutions around the world like the Concept of Fundamental Rights was borrowed from the Constitution of USA and likewise the concept of Directive Principles was taken from Ireland. Our Constitution is a balance between rigidity and flexibility which enables us to sustain the core basic structure while amending some provisions according to changing requirements of the society and this shows that the Constitution has successfully steered us towards the path of advancement. - On this occasion, the Additional Secretary Sh. Pankaj Kumar Singh addressed the officials of GST Council Secretariat and encouraged everyone to participate effectively in the In house events. He also appreciated the efforts of the participants.

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Latest Post

GST Council Newsletter for Jan 2023

February 19, 2023

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February 19, 2023

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Margin Schemes for Second Hands Goods Under GST

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November 22, 2022 Read the full article

[finacbooks]

GSTR-3B Return Filing Online with FinacBooks

[mygstrefund]

Brief Explanation of GST Refund

The GST Refund Administration process requires the resident to follow elaborate advances, and submit records and proclamations at whatever point expected, to the GST specialists for ensuring a GST rebate. The limits under GST can be the cash balance in the electronic cash record kept in excess or cost paid unexpectedly or the gathered Data Tax cut (ITC) ill-suited to be utilized for charge portions due to zero-assessed bargains or modified charge structure.

The designs wherein a GST rebate is ensured vacillate according to the kind of GST markdown being ensured. For instance, the markdown of IGST in conveys (with charge portion) can be ensured simply by declaring nuances in the GSTR-1 and GSTR-3B. While the rebate of cash paid more than the electronic cash record can be declared by applying structure RFD-01. Thus, the means or the association differs with the kind of GST markdown.

Most recent Reports on GST Refund

05th July 2022 Citizens can avoid the Coronavirus pandemic period (first Walk 2020 and 28th February 2022) while working out as far as possible for recording GST Refund applications under Segments 54 or 55 of the CGST Act. first February 2022 Financial plan 2022 update-1. Segment 54 is changed to give that refund guarantee of any equilibrium in the electronic money record can be made in a specific structure and way endorsed. 2. As far as possible guarantee refunds by UN organizations are presently a long time from the last day of the quarter when supply was gotten rather than a half year. 3. The limitation to Refund citizens for charge defaults, that prior applied to unutilized ITC refunds, is currently reaching out to different sorts of refunds. 4. The important date to document the refund guarantee application for provisions to SEZ is explained in the new sub-statement (ba) of condition (2) of the clarification. first May 2021 Were as far as possible to pass orders for dismissing any refund guarantee completely or halfway falls between the fifteenth of April 2021 and the 30th of May 2021, it is expanded. The drawn-out time limit will be later of two dates: (1) 15 days after the answer to the notice OR (2) 31st May 2021

Moves toward presenting a refunds pre-application structure

Rebate pre-application is a design that residents ought to wrap up to offer information about their business, Aadhaar number, individual cost nuances, convey data, use and theory, and so on. Residents ought to record this pre-application structure for an extensive variety of GST rebates. This design need not be checked and can't be adjusted once submitted. Thusly, the client ought to be wary while entering the nuances.

The two phases drew in with recording the GST markdown pre-application structure according to the accompanying:

Stage 1: Sign in to the GST door, go to the 'Organizations' tab, click on 'Limits' and select the 'Rebate pre-application structure' decision.

Stage 2: On the page showed called 'Rebate pre-application structure', fill in the nuances asked, and click on 'Submit'. A certification of convenience will be displayed on the screen.

The going with nuances ought to be represented:

Nature of business - Producer, transporter exporter, dealer, and expert center Date of issue of IEC (only for exporters) - Those applying for a markdown by the righteousness of items (without a portion of obligation) ought to furnish the date of issue of the Import Ware Confirmation. The aadhaar number of the fundamental endorsed signatory is mandatory. Worth of products made in the FY 2019-2020 (only for exporters) - This ought to be enlisted at the GSTIN level and not the Holder level. Individual obligation paid in FY 2019-2020 Development evaluation paid in FY 2021-2022. Capital utilization and adventure made in FY 2019-2020

Markdown connection of IGST paid on an item of items (with charge portion) Conveys are considered as 'Zero-assessed supplies' under GST. Thus, the obligation paid (IGST and cess, if any) is equipped for a markdown by the exporter. Since the quantum of trades can be enormous in exporters, the GST entrance works with a less troublesome wrap-up of GST rebate. The same application in structure RFD-01 is normal for this present circumstance. Certain conditions ought to be satisfied by the exporter for a GST markdown.

Above all else, Table 6A in GSTR-1 ought to be finished off with Conveyance bill nuances associated with exchange trades (with a portion of the cost) and recorded by the due date. Moreover, the layout nuances ought to be represented in thing 3.1 (b) of Table 3.1 of GSTR-3B, the related charge ought to be paid, and the return should be archived by the due date suggested by the GST guideline.

In the item receipt data given under Table 6A of Design GSTR-1, the right, and complete conveyance bill number, moving charge date, and port code nuances ought to be given. It should be seen that convey trades carried out in a responsibility period ought to be reported in the GSTR-1 and GSTR-3B of a comparative significant cost period. Care ought to be taken to report the total of IGST and cess as a figure identical to or higher in Table 3.1 of GSTR-3B than Table 6A and Table 6B of GSTR-1.

The GST authority considers the conveyance bill as a rebate application. The GST doorway sends exchange nuances to the ICEGATE as revealed on GSTR-1. In like manner, a certification that GSTR-3B was requested for the appropriate obligation period is sent. The Practices structure takes a gander at the information on GSTR-1 to the information on their conveyance bill and Item Broad Manifest (EGM) and a short time later handles the rebate.

The ICEGATE structure will confer portion information to the GST entrance once the markdown portion has been credited to the residents' records. The GST door will give the information to the residents by SMS and email.

Pushes toward applying in structure RFD-01 for most kinds of GST markdown RFD-01 ought to be appealed to for the going with sorts of GST rebate claims:

Overflow cash balance from the electronic cash record or excess charge portion. IGST is paid on the result of organizations (with a portion of obligation). Accumulated ITC as a result of items of work and items without a portion of the obligation. Gathered ITC on account of arrangements made to SEZ unit/SEZ engineer (without a portion of the cost). ITC gathered given upset charge structure (charge on inputs higher than an obligation on yields). Expecting a recipient of considered exchanges has paid the obligation on inner supplies that qualify as considered conveys and has ensured ITC for the cost paid in their electronic credit record, the recipient of these considered items is equipped for a rebate of the obligation total paid (on a condition that the supplier of such considered exchanges doesn't ensure a markdown). A charge is paid on arrangements made to SEZ units/SEZ engineers (with portion of the cost). A charge paid on an intrastate reserve later held as roadway supply as well as the reverse way around. In case a supplier of considered conveys paid charge on considered supplies without charging an assembling charge from the buyer of considered exchanges, then, at that point, he would be able to promise it as a markdown (on a proclamation that the recipient or buyer of such considered exchanges doesn't ensure a rebate). On account of Assessment or Impermanent Evaluation or Appeal or another solicitation. There is in like manner a plan for ensuring a rebate on 'Another ground' in RFD-01. Care ought to be taken to report unsurprising information on the sales in both GSTR-1, where it applies, and RFD-01. A statement by an endorsed clerk/cost accountant ought to be submitted along in unambiguous cases.

Follow the underneath pushes toward recording a markdown application in RFD-01: Stage 1: Sign in to the GST door and go to the 'Organizations' tab, click on 'Limits' and select the 'Usage of rebate' decision.

Stage 2: On the page that appears, select the legitimization for markdown or the sort of rebate and snap on 'Make markdown application'.

Stage 3: Select the period for which a rebate is to be applied and select 'Yes' or 'No' on the trade box 'to report a nothing markdown'. n the occasion of nothing rebate application, the resident can sign or endorse the declaration and keep on recording using either DSC or EVC.

This step isn't fitting in sorts of limits, for instance, excess money balance in the record, intrastate stock later held as parkway supply as well as the reverse way around, examination or transitory assessment or charm or another solicitation.

Stage 4: Enter the nuances on the relevant page that gets shown, considering the sort of markdown picked in the past step.

Type 1: Overflow cash balance in electronic cash record Type 2: Excess charge paid through GSTR-3B Sort 3: Accumulated ITC given results of work and items without a portion of evaluation Type 4: Gathered ITC due to arrangements made to SEZ unit/SEZ engineer (without a portion of the cost) Type 5: ITC assembled due to changed charge structure.

For Following Issues Visit:-

GST Refund Sanctioned but not Received.

GST TDS Refund.

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How can Input Tax Credit be claimed under GST?

Input Tax Credit or ITC is the tax paid by the purchaser on Inward Supplies (purchase) on goods or services or both. Such tax which is paid at the time of purchase of goods or services or both is reduced from liability payable on his/her outward supplies (sale) which is known as an ITC. In other words, the input tax credit is the tax reduced from output tax payable on functions of accounting of sales.

For instance, you as a trader purchased goods of Rs. 100 and paid a tax of Rs 10 on it. Now the same goods are sold by you at Rs. 150 and a tax of Rs. 15 is collected from the buyer. Now you have to pay Rs.15 to the government for that good but you had already paid Rs.10, so this Rs. 10 is your ITC and it will be allowed as a deduction from tax payable and you have to pay net Rs. 5 as tax. This is available as a deduction from tax payable and you have to report the same while going for online GST return filing.

Documents required for claiming ITC

The registered taxpayer should possess at least one document from the list below:

Invoice issued by a supplier of goods or services or both

Invoice issued by the recipient along with proof of payment of tax

Bill of entry or similar document in case of imports

Document issued by Input Service Distributor (ISD)

How to claim ITC?

The amount of ITC should be reported by all regular taxpayers in their monthly online GST return filing form GSTR-3B. Table 4 requires the summary figure of eligible ITC, Ineligible ITC and ITC reversed during the tax period.

A taxpayer can claim ITC on a provisional basis in online GST return filing form GSTR-3B to an extent of 20% of the eligible ITC reported by suppliers in the auto-generated form GSTR-2A. Hence, a taxpayer should double-check the GSTR-2A figure before proceeding to file GSTR-3B. Earlier, A taxpayer could have claimed any amount of provisional ITC but, now a taxpayer can only claim not more than 20% of the eligible ITC available in the GSTR-2A as provisional ITC. This means that the amount of ITC reported in form GSTR-3B will be the total of the actual ITC in GSTR-2A and the provisional ITC being 20% of the actual eligible ITC in the GSTR-2A. Hence, matching the purchase register or expense ledger with the GSTR-2A becomes very important.

Time limits for claiming ITC under GST

ITC can only be claimed for tax invoices and debit notes which are less than a year old. In any other case, the last date to claim ITC is the earlier of the following:

Before filing valid GST returns for the month of September following the end of the financial year applicable to that invoice. For example, for an invoice issued on June 26, 2018, ITC should be claimed by September 2019.

Before filing a relevant annual return.

Final Thoughts

The taxation structure of GST allows businesses across India to claim input credit (ITC) for the tax they paid while purchasing goods or hiring any service for their company.

Claiming ITC helps you reduce the tax you have already paid on inputs and pay the remaining balance amount. For availing of this benefit, there is a proper set of guidelines. It ensures the accountability of the suppliers to pay the required tax and also prevents the overall increase in the price.

[vjmglobal]

10 new Features on GST Portal you must know

Goods and Service Tax Network (“GSTN”) keeps listing new features on GST portal (www.gst.gov.in) to streamline task for taxpayer and also to improvise compliance. GSTN has listed various new updates on GST portal in last 6 months such as:

Listing of option to file annual return in GSTR-9 & GSTR-9A,

Comparison of outward supply between GTSR-3B & GTSR-1 etc.

To complete compliance smoothly, it is important for the user to get informed about such updates so that he can use such online facility and don’t involve himself into cumbersome manual process.

Foremost new features listed on GST portal are as follows:

1. Comparison of Liability Declared and ITC claimed

Most of the taxpayers are facing challenge in preparation of reconciliation between liabilities reported in GSTR-3B vis-à-vis numbers filed in GSTR-1. Similarly, difference in also appearing between Input Tax Credit (“ITC”) claimed in GSTR-3B and ITC auto-populating in GSTR-2A. Both of these reconciliations are a pre-requisite for filing of annual return.

Accordingly, GSTN has simplified such task to some extent for taxpayer by providing difference online under a new tab named as “Comparison of Liability Declared and ITC Claimed”. Such tab captures following information:

Comparison of liability reported in GSTR-3B vis- à-vis liability reported in GSTR-1 on monthly basis.

Comparison of ITC claimed in GSTR-3B and ITC auto-populating in GSTR-2A on monthly basis.

Such comparison is further divided into 4 as follows:

Liability other than export/reverse charge

Liability due to reverse charge

Liability due to export and SEZ supplies

ITC credit claimed and due

By using it, user can get a readymade comparison statement for both liability and ITC and now he is required to prepare a reconciliation statement figuring out the reason of difference. It is available for both FY 2017-18 and 2018-19.

Such difference will appear on following path (screenshot follows):

Services>Return>Returns Dashboard>Relevant Tax Period>Comparison of Liability declared and ITC Claimed

2. Option to file annual return in now live

As per Rule 80 of Central Goods and Service Tax Rule, 2017 (“CGST Rules), Annual return should be filed by every taxpayer (other than input service distributor, person responsible for deduction of tax or collection of tax, a casual taxable person and a non-resident taxable person) in form GSTR-9. Annual return should be filed for every year on or before 31st December of the following financial year.

However, for person opting for composition scheme, annual return is applicable in form GSTR-9A. Now GSTN has made option to file annual return in form GSTR-9/9A live on GST portal.

Due date to file annual return for FY 2017-18 has been extended to 30th June, 2019. However, to avoid last minute rush and technical breakdown on portal, taxpayers are suggested not to wait for last date and file their annual return at earliest.

Option to file annual return is available at following path post login to GST portal:

Services>Return>Annual Return

3. File an appeal to Appellate Authority

GST portal has enabled online facility to file appeal to Appellate Authority in form GST APL-01 against either of the following orders:

Demand order

Registration Order

Refund order

Other order

Option to file such appeal will appear on following path:

Services>User Services>My Applications

Post selection of “Appeal to appellate authority” under application tab, user is required to click on “New Application” tab and then option to file appeal will start appearing in following manner:

Accordingly, appeal can be filed under either of the appearing options.

4. GSTN enabled option to claim ITC on inward supplies taxable under RCM while filing refund application on account of inverted duty structure

While filing online refund application on account of inverted duty structure (where GST rate on outward supply is less than GST rate on inward supply), applicant is required to provide invoice wise details for both outward and inward supplies.

However, earlier while filing details of inward supplies, applicant was not allowed to enter his own GST number for such inward supplies which were taxable under reverse charge mechanism and therefore, applicant was not able to take credit of GST paid on such transaction.

To prevent ITC loss of such taxpayers, GSTN has resolved such technical issue and now applicant can enter his own GST number.

5. Option to avail TDS/TCS credit is now available

GST portal has now enable option to check TDS/TCS credit reflecting against taxpayer’s GSTIN. Such credit can be checked on following path post login:

Services>Return>Return Dashboard>TDS and TCD Credit received

Auto-drafted details of TDS/TCS will appear under this tab in following ways:

On clicking “TDS Credit Received” tab, GST portal will divert user to list of TDS credit appearing against his GSTIN. Then taxpayer will be required to take action on each entry by way of accept or reject.

Screen for TDS credit pending for action will appear in following way:

On acceptance, such credit will become part of cash ledger of taxpayer and it can be utilized for payment of GST.

6. Postpone requirement to provide bank details

Earlier, any person who was seeking registration under GST was required to provide bank account details at the time of filing application for registration in form GST REG-01.

However, while applying for bank account opening, banks were asking for GST registration certificate and it created a loop with no solution. Therefore, persons were furnishing details of their saving bank account while applying for GST registration.

Now, department has resolved this issue by removing requirement of furnishing bank account details while filing registration application. Person may enter such details when then login on GST portal for the first time.

7. Monthly refund application for taxpayers filing GSTR-1 quarterly

If any taxpayer files GSTR-1 on quarterly basis, then earlier he was able to file refund application on quarterly basis only. However, now GSTN has added new feature which will enable such taxpayer to file his refund application on monthly basis.

Taxpayer can file application only if GSTR-1 for such quarter has been filed.

8. Payments through preferred bank

While making payment of GST through internet banking, GST portal now provides option to add preferred bank. Whenever user will make payment of GST through any bank, such bank will get added in his list of preferred bank. Upto six banks can be added in such list.

Therefore, while making payment, user will not be required to enter bank details every time and he can select his bank from such list of preferred bank and remaining information will auto-populate.

Click on this link to continue: click here

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How to claim maximum ITC under GST

GST taxation structure allows businesses across India to claim input credit (ITC) for the tax they paid while purchasing capital goods for their company. Input Tax Credit (ITC) simply means the tax already paid by a person at the time of purchase of some goods or services which is available as a deduction from tax payable while GST return filing.

Claiming Maximum ITC Under GST

The ITC on invoice or debit note may be availed only when the details of such invoice or debit note have been furnished by the supplier in the statement of outward supplies and such details have been communicated to the recipient of such invoice or debit note.

➤ Keeping a Regular follow-up with your dealers

Every taxpayer should follow up with their dealer on a regular basis for timely uploading their sales invoices in the GST return filing form GSTR-1. The GSTR-2A/2B of the recipient taxpayer will get auto-populated with the ITC values once the suppliers upload their sales invoices in the GST return filing form GSTR-1 return, and the recipient will be able to claim this credit in their GSTR-3B return.

➤ Identify tax payable on an Reverse Charge Mechanism basis

Under the reverse charge mechanism, tax should be paid by the recipient instead of the supplier. Thus, the expenses must be carefully analyzed by the taxpayers and inward supplies should be identified on which tax is to be paid on a reverse-charge basis. This tax should be paid timely, thus enabling ITC claims on these amounts in the next tax period.

➤ Keeping proper records of books of accounts

Taxpayers should ensure accurate records of all their sales, purchases and expenses. The Invoice copies should be maintained either in digital mode or paper-based. This will facilitate accurate ITC claims and make way for easy reconciliations while GST return filing.

➤ Consistent reconciliations

Input tax credit claimed by the person has to match the details that are specified by the supplier in the GST return filing. In case there is a mismatch the supplier and the recipient will be informed about the discrepancies once the GSTR 3B is filed.

Thus, the taxpayers should regularly check their GSTR-2B and reconcile the same at frequent intervals with the purchase register. It will in turn help in identifying defaulting suppliers and following up with them to upload the relevant invoices. Regular reconciliations help in identifying missed/mismatched/unclaimed ITC and claim the same within the prescribed time frame.

➤ Identifying debit notes raised at any subsequent time.

Taxpayers must check that a well-defined system is there for identifying debit notes raised at a later date so that any additional ITC can be claimed timely.

Time limits for claiming ITC under GST

ITC can only be claimed for tax invoices and debit notes which are less than a year old. In any other case, the last date to claim ITC is the earlier of the following:

➤ Before filing valid GST returns for the month of September following the end of the financial year applicable to that invoice. For example, for an invoice issued on June 26, 2018, ITC should be claimed by September 2019.

➤ Before filing a relevant annual return.

Cessation

Claiming ITC in GST return filing helps you reduce the tax you have already paid on inputs and pay the balance amount. For availing of this benefit, there is a proper set of guidelines. It ensures the accountability of the suppliers to pay the required tax also prevents the overall increase in the price.

[babatax]

GST Returns: 5 mistakes to avoid in Sept 2021 GSTR 1 and GSTR 3b

GST Returns: 5 mistakes to avoid in Sept 2021 GSTR 1 and GSTR 3b #gst #gstreturns #gstportal #gstr1 #gstr3

The September 2021 GST Returns are very important for every Registered Person under GST. Any changes or modification in the sale or purchase transactions done between April 2020 to March 2021 may be done only in the GST returns of September 2021. The last date for GSTR-1 of tax period September 2021 is 11th October 2021. The last date for filing the GSTR-3B for September 2021 is – 20-10-2021GST…

[lucknowite]

Govt extends deadline for availing GST amnesty scheme

Govt extends deadline for availing GST amnesty scheme

New Delhi: The Finance Ministry has extended the last date to avail of the late fee amnesty scheme under Goods and Services Act (GST), till November 30. The scheme was due to expire on August 31. The government had provided relief to the taxpayers by reducing or waiving late fee for non-furnishing form GSTR-3B for the tax periods from July 2017 to April 2021, if the returns for these tax…

[siya123sharma]

Taxpayers Are Allowed to File GSTR-3B Returns in a Staggered Manner from Now On!

On 22nd January 2020, the Finance Ministry announced that taxpayers are now allowed to file GSTR-3B returns in a staggered manner. After taking the hassle of return filing into account, the Government has decided to ease the process for trade and industries. Hence they have introduced different measures. Here you are going to get a complete overview below. Therefore, go through the post now and understand all the changes that are going to come.

Parameters for filing GSTR-3B Returns

Before the release of the latest notification, every taxpayer used to have a deadline of the 20th of every month to file GSTR-3B. But, from now on,

8 lakh regular taxpayers, who have an annual turnover of Rs. 5 crores and above; or had the same amount in the previous financial year, ought to file GSTR-3B returns within the 20th of every month. So no change for them.

For the taxpayers who have an annual turnover below Rs. 5 crore will be divided into two subcategories.

Category 1- Tax filers from 15 States/UTs [Madhya Pradesh, Chhattisgarh, Gujarat, Dadra, and Nagar Haveli, Daman and Diu, Maharashtra, Goa, Karnataka, Lakshadweep, Tamil Nadu, Kerala, Puducherry, Telangana, and Andhra Pradesh, Andaman and Nicobar Islands] will now have 2 days of extension to file GSTR-3B returns. Therefore, the last date of filing GSTR-3B for this category will be the 22nd of every month from now on. This category incorporates almost 49 lakh GSTR-3B fillers.

Category 2- Taxpayers from rest 22 States/UTs [Ladakh, Jammu and Kashmir, Himachal Pradesh, Chandigarh, Punjab, Uttarakhand, Delhi, Haryana, Rajasthan, Bihar, Uttar Pradesh, Sikkim, Arunachal Pradesh, Nagaland, Mizoram, Manipur, Meghalaya, Tripura, Assam, Jharkhand, West Bengal, and Odisha] with an annual turnover below Rs. 5 crore [in the previous financial year] will have the 24th of each month as the deadline to file GSTR-3B returns.

Now New due dates of GSTR 3B are as per the below table. Hence, go through the table to get a clear overview,

Note: As per the Finance Ministry, further necessary notification regarding this matter is going to release.

Conclusion

Furthermore, the Finance Ministry said that they had noted the issues expressed by regular taxpayers while filing GSTR-3B or other Returns. Even, the concerned matter has been discussed with GSTN and Infosys(Managed Service Provider). However, the Government is working out on some high-end technological measures to resolve the issues permanently and it will be rolled out by April 2020.

Read more: CGST Departments Has Started Blocking Fake Claims

Read for more - https://vjmglobal.com/gst/gstupdate/

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Last Date for GST Return form 3B Extended to 25th August 2017

Last Date for GST Return form 3B Extended to 25th August 2017

Due Date for GSTR 3B Return Extended till August 25th 2017. Last Date for GST Return form 3B Extended to 25th August 2017, GSTR 3B Extended to 25th August 2017. Last Date for Payment of Gst and Filing of Return For July 2017 Extended By 5 Days. as per Official Press Notification by CBEC “Last Date to file GST Return in Form 3B & Payment extended to 25th August 2017” The GST Implementation…

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A registered person will not be eligible to opt for furnishing quarterly returns if the last return, which was due on the date of exercising such an option, has not been furnished. The taxpayer has to follow the above procedure to opt for the monthly GSTR-3B. However, the GSTN case of registered persons falling within the classes specified in the table below, who have furnished their GSTR-3B return for Oct 2020 by thirtieth (30th) Nov 2020, it shall be deemed that they have opted for monthly filing as detailed below.