On the 18th of June, 2017 – a much celebrated decision was put to effect at the 17th GST Council meeting – that to extend the timeline for invoice – wise return filing in Form GSTR 1 and Form GSTR 2 for the first two months of the GST era.
The move which was fuelled by the concerns raised by various trade and industrial bodies, was made to smoothen the roll-out of GST across the country. And it quite successfully will, as businesses will need to file a much simplified return, by declaring the summary of their inward and outward supplies for the months of July and August. However the invoice – wise details for both months, also do need to be filed, but at a later date.
The revised return days will not only provide an additional 25 days to businesses to get cosy with the GST era, but also keep late fees and penalties at bay, during the interim period.
| Revised Return Timelines | |||
| Month | GSTR-3B | GSTR-1 | GSTR-2 |
| July 2017 | 20th August, 2017 | 1st - 5th September, 2017 | 6th - 10th September, 2017 |
| August 2017 | 20th September, 2017 | 16th - 20th September, 2017 | 21st - 25th September, 2017 |
How to go about filing GSTR 3B
Form GSTR-3B consists of 6 tables in all, each requiring a specific detail. Let’s go through them one by one:
Form GSTR-3B consists of 6 tables in all, each requiring a specific detail. Let’s go through them one by one:
Table 1: Details of outward supplies and inward supplies liable to reverse charge
In this table you need to capture the total taxable value (both intrastate as well as interstate) along with the tax applicable (CGST, SGST / UTGST, IGST & Cess) of the following supplies:
- Outward Taxable Supplies other Zero Rate, Nil Rate and Exempted
- Outward Taxable Supplies (Zero Rated)
- Outward Supplies towards Nil Rated and Exempted
- Inward Supplies liable to be paid on reverse charge basis
- Non-GST Outward Supplies
Table 2: Details of Interstate supplies made to unregistered persons, composition dealers and UIN holders
In this table you need to capture the place of supply, total taxable value and the IGST applicable for all interstate supplies made to the following entities:
- Interstate supplies made to Unregistered Persons
- Interstate supplies made to Composition Dealers
- Interstate supplies made to UIN Holders
Table 3: Details of eligible Input Tax Credit
In this table, you need to capture the following details:
- ITC Available (Whether in Full or Part): You need to provide the break-up of the following inward supplies on which the ITC was availed:
- Import of Goods: Tax credit of IGST paid on import of goods.
- Import of Service: Tax credit of IGST paid on import of services.
- Inward supplies liable to reverse charge: You need to capture the ITC of GST paid on inward supplies liable for reverse charge, such as, sponsorship services, purchase from URD, and so on, other than import of goods or services.
- Inward Supplies from ISD: Input tax credit received from Input Service Distributor (ISD).
- All other ITC: Apart from above, ITC of other inward supplies has to be captured here.
- ITC Reversed: You need to provide the ITC reversible on usage of inputs / input services / capital goods used for non-business purpose, or partly used for exempt supplies. Also, if the depreciation is claimed on tax component of capital goods, plant and machinery - then the ITC will not be allowed. Such reversals needs to be captured in this table.
- Eligible ITC: Can be calculated by deducting ITC Reversed from ITC Available
- Ineligible ITC: You need to provide the details of GST paid on inward supplies listed in negative list, which are not eligible to fetch input tax credit.
Table 4: Details of exempt, nil-rated and non-GST inward supplies
In this table you need to capture the details of interstate and intrastate supplies for the following
- Supplies from composition dealers, exempt and nil-rated inward supplies
- Non-GST inward supplies.
Table 5: Payment of Tax
In this table you need to declare the self-ascertained tax payable. The tax payable will emerge from the following details:
- Tax paid through ITC (CGST, SGST / UTGST, IGST & Cess)
- Tax paid TDS / TCS
- Tax / Cess paid in Cash
- Interest & Late Fees
Table 6: TDS / TCS Credit
In this table, you need to capture the details of TDS and TCS, for CGST, SGST / UTGST & IGST. However, as a business, you need not worry about it at the moment, as these provisions are deferred from the initial rollout of GST, and are not applicable, till notified further.
Note: The total taxable value, to be used at all points in time, while filing your GSTR 3B can be calculated as:
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.
GST Returns including GSTR-3B and subsequent returns like GSTR-1, GSTR-2 and GSTR-3 can be easily filed using GST-ready software Tally.ERP 9.