Extended deadline for GST return filing : File Your GST Returns on Time

Extended deadline for GST return filing : File Your GST Returns on Time

The new extended deadline for your first GST return filing

After the first extension of the due dates of GST returns; Now the GST Implementation Committee, consisting of State and Central Government officers, has taken a decision to extend the last date for filing the returns for GST again.

Here are the extended dates of GSTR Filing :

 

    • Now sales return or GSTR-1 for July will have to be filed by September 10 instead of September 5 earlier.
    • Purchase returns or GSTR-2 would be filed by September 25 instead of September 10 earlier.
  •  
    • GSTR-3, which is the match of GSTR-1 and GSTR-2, will have to be filed by September 30, in place of September 15.

 

Due dates of GST Return Filing has been updated : Munshijee.com Knowledge blog

So, what is GSTR-3B and how does one go about filing it?

GSTR-3B starts with the year and the month (July in this case) for which returns are being filed. Once you put the GSTIN, the form will automatically populate the name.

Under field 3.1, you will have to fill all the details of outward supplies and inward supplies liable to reverse the charge. The reverse charge under GST is the liability of the recipient to pay taxes instead of the supplier and is applicable for both goods and services. Very simply, this is the total taxable value of both intrastate and interstate of supplies with details like:

    1. Outward taxable supplies (other than zero rates, nil rate and exempted)

 

    1. Outward taxable supplies (zero-rated).

 

    1. Other outward supplies (nil rated and exempted)

 

    1. Inward supplies (liable to reverse charge)

 

  1. Non-GST outward supplies

In GST, you have registered person (those with a GSTIN) and then there is the unregistered person. Under column 3.2, one needs to give the break-up of the interstate outward supplies made to Unregistered Persons, Composition Dealers, and UIN Holders.

These details are related to what you have filed under figure 3.1 (a), related to outward table supplies (other than zero rates, nil rate and exempted). The details need to mention the place of supply (State or UT), total taxable value and amount of Int .. Integrated Tax.

The next part is divided into four parts and is one of the most important parts of the form. Part 4 is about Input Tax Credit (ITC) and is divided into ITC available, ITC to be reversed, the Net ITC available and ineligible ITC:

(A) Under ITC Available (whether in full or partially), you will have to provide the break-up of inward supplies or supplies that came into your business and for which the ITC was availed. It is further subdivided into:

    1. Import of Goods: Here you will fill up the tax credit of IGST paid when you receive any goods.

 

    1. Import of Service: Here you will fill up the tax credit of IGST paid when you receive any services.

 

    1. Inward supplies liable to reverse charge: If you have made any payment on the basis of reverse charge you can claim ITC on the GST paid. For example, inward supplies liable for reverse charge include sponsorship services, services provided or agreed to be provided by an individual advocate or firm of advocates, services by an arbitral tribunal, radio taxi service among others.

 

    1.  Inward Supplies from ISD: If you have received any goods through the Input Service Distributor (ISD), route, you can fill the details of input tax credit received here.

 

    1. All other ITC: Any other ITC can be added in this column.

 

(B) Under ITC Reversed, the first part pertains to Rules 42 and 43 of the CGST Rules. Rule 42 lays down the manner of determination of input tax credit in respect of inputs or input services and its reversal. This can be inputted being partly used for the purposes of business and partly for other purposes, or partly used for effecting taxable supplies including zero-rated supplies and partly for affecting exempt supplies,

Rule 43, on the other hand, talks about the manner of determination of input tax credit in respect of capital goods and its reversal. Like the earlier rule, it talks about inputs being partly used for the purposes of business and partly for other purposes, or partly used for effecting taxable supplies including zero-rated supplies and partly for affecting exempt supplies.

Rule 43, on the other hand, talks about the manner of determination of input tax credit in respect of capital goods and its reversal. Like the earlier rule, it talks about inputs being partly used for the purposes of business and partly for other purposes, or partly used for effecting taxable supplies including zero-rated supplies and partly for affecting exempt supplies.

    • Any other ITC reversed can be added in the column after that. After this, you would need to subtract ITC Reversed from ITC Available (1-2) to reach Net ITC Available.

 

    • Lastly, we need to include the ITC, which is ineligible. As per Section 17(5) inputs like motor vehicles and other conveyances and membership of a club, health and fitness center among others cannot be used for ITC purposes.

 

    • In this part, you have to enter the value of exempt, mil-rated and non-GST inward supplies separately for interstate and intrastate supplies. This will either be from a composition dealer or inward supplies at nil rate and exempt. For any non-GST inward supplies, the value has to be entered in the next column.

 

    • This part pertains to the payment of taxes under the different heads like IGST, CGST, SGST, UTGST, and Cess. You have to enter the tax payable, the ones you have paid through ITC, tax paid through TDS/TCS, taxes or cess paid in cash, interest liability and lastly late fees if any.

 

    • Lastly, if any credit is available to you because you have picked work from a department or an establishment of the Central Government or State Government, local authority or Governmental agencies, the value has to be inserted here under the column TDS.

 

TCSBSE 1.32 % on the other hand, pertains to e-commerce industry. TCS refers to the tax which is collected by the electronic commerce operator when a supplier, supplies some goods or services through its portal and the payment for that supply is collected by the electronic commerce operator.

The government has said there would be no late fees and penalty for the interim period, but it would be prudent to get you GSTR-3B filed by August 25. E-filing has been opened on August 5 and can be done by login into the GST Portal here.

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