All You Need To Know About Gstr 3B Return Filing

In the 17th meeting of GST Council, gstr 3b form was proposed to ease the process of tax file return. Gstr 3b form is a much-simplified tax return detail. It is an amalgamated form to create a summary of inward and outward supplies for businessmen and corporations. From 1st January 2021, minor taxpayers, whose annual turnover is less than 5 crores can file gstr 3b form quarterly.

When to file Gstr 3b?

There are two conditions while filing gstr 3b return. If an individual or corporation’s yearly turnover is less than 5 crore then they need to file gstr 3b return of a particular month, by the 20th of the following month.

In contrast, if the turnover is more than or equal to 5 crores per annum, the last date of gstr 3b return submission would be the 22nd or 24th of the following month depending upon the state or union territory of the business. Also, if you have up for the QRMP scheme, the rearmost date of filing the form would be the 22nd or 24th of the following month on a quarterly basis as per instructions of the state or UT of the company.

Things to Keep in Mind while filling Gstr 3b return

There are some details you need to keep in mind while filling out gstr 3b:

  • Gstr 3b return needs to be filled by any individual or company which is required to fill Gstr-1, Gstr-2, Gstr-3 returns every month.
  • You can find gstr 3b return form on the official GSTN website. There are also two methods: online payment and the bank challans through which you can pay the tax.
  • Your Gst returns can also be submitted utilizing the e-sign method which is Aadhar based.
  • Furthermore, you also need an OTP from your registered mobile number or an electronic signature to verify your return.
  • The copy-paste of the values on gstr 3b return form is not allowed.
  • The liabilities of GST are assessed after the submission of the return.

Who needs to file Gstr 3b return?

Every individual or organisation registered under GSTN has to file the gstr 3b return apart from the following exceptions:

  • Input Service Distributors
  • Composition Tax Dealers
  • Online Information retrieval and database suppliers
  • Non-resident taxable individuals

Details that need mention in Gstr 3b return

Following details must be mentioned while submitting gstr 3b form:

  • Inward supplies including exempted, nil and non-GST
  • Permitted ITC
  • Ineligible ITC with reference to section 17(5)
  • Any amount of interest or late fine must be mentioned
  • Tax on Outward supplies and inward supplies which are reverse charged
  • The total taxable amount of supplies including cess, CGST, SGST, ISGT
  • Any information related to the supplies made to UIN holders, composition dealers and unregistered individuals with the declaration of ISGT, place of supply and total taxable amount attached
  • Particulars of all the outward and inward supplies entitled to reverse charges

Write-in Process of Gstr 3b

Here is a descriptive guide of filling out gstr 3b return:

  • First, you have to visit the official GSTN portal and log in
  • Look for “Services” > “Returns” > “Returns Dashboard”
  • Look for the “Financial Return” option, choose from the financial year and return filing period
  • On-screen look for the “Monthly Return GSTR-3B” tile and then click on the ‘PREPARE ONLINE’ button
  • Now you will see a list of questions, answer them carefully. In case you are filing “Nil” return, select “Yes” in the first question
  • On the next page, you need to fill in the designated values including the interests and late fees
  • Save the values using the “Save GSTR 3B” button and recheck before submitting
  • Now check by which method you want to file the tax, the options are: “FILE GSTR-3B WITH DSC” or “FILE GSTR-3B WITH EVC”, select any of them
  • Click on the “Proceed” button
  • After successful filing, an acknowledgement pop up would be displayed with a reference number

These are the most basic details you need to be aware of while filling the gstr 3b form. Please follow each step very carefully.