The first ever GST Return for July 2017 – GSTR-3B needs to be filed on or before August 20th this month. Owing to Complex procedure of filing GST Returns as perceived by many traders, taxpayers can file their GST Return by filling the “GSTR-3B” form in which they need to furnish just the inward and outward supplies only.
In an attempt to make the GST rollout smooth and GST returns simple, the government of India has extended the filing of GSTR – 1 for July ‘17 to September 5th and GSTR – 2 for July ’17 to September 10th next month. As of now there is no intimation of any late fees or penalty however it’s always better to be in time.
How to file GSTR-3B?
First of all you have to mention the year and month (i.e. 2017 July) for which GSTR-3B is being filed. Next, you have to enter your GSTIN after which your name will automatically appear. Please note that returns have to be filed for all your GSTINs.
There are different fields within the form wherein the form starts with “Field 3.1” in which you need to mention the supplies both outward and inward that attract reverse charge (under GST where liability of paying taxes falls on the recipient of the goods or services and not the supplier). That will be the total taxable value i.e. inter-state as well as intra-state supplies along with details of:
i. Outward taxable supplies (other than zero rate, nil rate and exempted)
ii. Outward taxable supplies (zero rated)
iii. Other outward supplies (nil rated and exempted)
iv. Inward supplies (liable to reverse charge)
v. Non-GST outward supplies
You will also have to mention the rate and details of tax i.e. CGST, SGST/UTGST or IGST.
Value of Taxable Supplies = 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
For those who aren’t registered and thus do not possess a GSTIN, they have to fill out the details under Field 3.2, pertaining to inter-state outward supplies (filled under Figure 3.1(a) other than zero rate, nil rate and exempted) whether made to Unregistered Persons, Composition Dealers or UIN Holders. You’ll also be required to mention the place to which the goods or services are being supplied along with total taxable value and value of IGST.
Part 4 pertains to the Eligible ITC i.e. Input Tax Credit further divided into 4 parts - ITC Available, ITC to be Reversed, Net ITC Available and Ineligible ITC.
A. ITC Available
Under this head you will be required to provide a detailed account of all the inward supplies or supplies that came in for which the ITC was availed. It is to be filled up elaborately under the following 5 categories:
1) Import of Goods:
You will have to fill IGST tax credit paid on receipt of any goods.
2) Import of Service:
You will have to fill up the IGST tax credit paid on receipt of any services.
3) Inward supplies liable to reverse charge (other than 1 & 2 above):
In case of any payment made towards a reverse charge, ITC can be claimed on the GST paid.
4) Inward Supplies from ISD (Input Service Distributor):
This head contains details of ITC in case of receipt of any goods via Input Service Distributor (ISD) route.
5) All other ITC:
Any ITC which doesn’t fit in any of the above heads can be filled in here.
B. ITC Reversed
It is divided into 2 parts.
1) As per Rules 42 and 43 of the CGST Rules.
Rule 42 specifies the procedure of determination of input tax credit pertaining to inputs or input services along with its reversal.
Rule 43 specifies the procedure of determination of input tax credit pertaining to capital goods and its reversal.
2) Others
Apart from the ITC covered under Rule 42 and 43, any other ITC reversal can be mentioned in the Others column.
C. Net ITC Available
To obtain the Net ITC Available subtract ITC Reversed (A) from ITC Available (B) i.e. C = A-B
D. Ineligible ITC
According to Section 17(5) ITC cannot be availed on certain inputs like motor vehicles, membership of a club, gyms etc.
Under Field 5, you will be required to mention the values of inward supplies that are exempt, nil-rated and non-GST, separately for inter-state and intra-state.
Under Field 6.1, you will have to specifically mention the IGST or CGST & SGST/UTGST paid by you along with the method of payment i.e. via ITC or tax paid through TDS/TCS or taxes or cess paid in cash or interest liability and if any late fees.
Field 6.2 pertains to TDS/TCS credit. If you work for a Governmental Department/Agency you will have to mention any TDS credit available to you whereas TCS credit is related to the e-commerce industry. TCS is the tax that is collected by the e-commerce portal when a supplier/vendor sells his products or services through the said e-commerce portal and the payment for the same is received by the E-commerce operator. Example of an e-commerce operators are popular websites like Amazon, Myntra, etc.
So that’s the summary of How to File your GST Return. You easily file your first GSTR online by logging on to https://www.gst.gov.in/ or taking help from a GST practitioner.
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