Form GSTR-3B happens to be made the soul of this GST Act, 2017 Notification that is vide no.56/2017-Central, dt. 15-11-2017 that seeks to mandate the furnishing of return in FORM GSTR-3B till March, 2018. So, it becomes important to correctly file GSTR Form-3B.
Vide Circular No. 07/2017 dated 01-09-2017 the procedure that is detailed reconciliation of data furnished in FORM GSTR-3 and FORM GSTR-3B was explained.
The inward supplies shall be auto drafted for all registered persons and made available to them in FORM GSTR-2A after the registered person has filed his return in FORM GSTR-3B and the statement of outward supplies in FORM GSTR-1. Based on the details communicated in FORM GSTR-2A, the person that is registered prepare the statement of inward materials in FORM GSTR-2.
If the registered individual intends to amend any details furnished in FORM GSTR- 3B, it may possibly be done within the FORM GSTR-1 or GSTR-2 that is FORM.
The common portal shall auto-draft Part-A of the return in FORM GSTR-3 for the said month based on the information furnished in FORM GSTR-1 and FORM GSTR-2 after the registered person has furnished the statement of inward supplies in FORM GSTR-2 by the extended date. On the basis of the revised figures of output income tax liability and input that is eligible credit, dining Table 12 of role B of TYPE GSTR-3 shall be offered. The common portal would populate the best figures of tax payable in line (2) of Table 12 of FORM GSTR- 3, in line with the information furnished in FORM GSTR-1 and GSTR-2 that is FORM.
The income tax compensated through the cash that is electronic and electronic credit ledger into the return in FORM GSTR- 3B shall be exhibited by the machine in line (3) to (7) of the Table 12 of Part B of FORM GSTR-3. Where there is absolutely no distinction between the main points of output taxation liability and qualified input taxation credit furnished in FORM GSTR-3B plus the details furnished in FORM GSTR-1 and FORM GSTR-2, the amount of taxation payable and income tax compensated shall be the same in FORM GSTR-3B and GSTR-3 that is FORM. The individual can signal and submit GSTR-3 that is FORM any extra payment of tax.
Where the taxation payable by way of a person that is registered per FORM GSTR-3 is significantly more than what happens to be paid as per TYPE GSTR-3B, the common portal would show another instance of dining Table 12 to make additional re payment of taxes which may be compensated by debiting the electronic cash or credit ledger along with applicable interest on delayed payment of tax beginning with 26th day of August, 2017 till the date of debit into the electronic cash or credit ledger.
The same would be added to his output tax liability and shall have to be paid by him along with interest by debiting the electronic cash or credit ledger the transitional credit as declared in FORM GST TRAN-1 is credited to the electronic credit ledger, the same can be utilised for the payment of the said additional tax liability if the eligible ITC claimed by the person in FORM GSTR-2 is less than the ITC claimed and utilised by the registered person in FORM GSTR-3B. Where in actuality the qualified ITC reported by the taxpayer in FORM GSTR-3B is less that the ITC eligible depending on the main points furnished in FORM GSTR-2, the additional number of Inmate dating site ITC will probably be credited towards the credit that is electronic regarding the registered person as he submits the return in FORM GSTR-3.
Where the production income tax liability associated with the authorized individual as per the important points furnished in FORM GSTR-1 and FORM GSTR-2 is lower than the production tax obligation according to the facts furnished within the FORM GSTR-3B and also the same is not offset by way of a corresponding reduction in the input income tax credit to which he is entitled, the excess will probably be carried ahead to another month’s return become offset up against the output obligation associated with the next month by the taxpayer when he signs and submits the return in FORM GSTR-3.
Nevertheless, simultaneously, if there is a decline in the eligible input tax credit, the same are modified against the previously discussed reduction in production taxation liability plus the balance, if any, associated with the decrease in output taxation liability will probably be carried ahead to another month’s return to be offset from the production liability of the month that is next. But will not be prone to pay any belated cost offered the requisite return in FORM GSTR-3B was submitted on or prior to the date that is due. The return will probably be considered to be a valid return when the tax payable as per FORM GSTR-3 has been compensated in complete and after that the return shall be taken up for matching.
For the very first month of GST Regime in other words. July 2017, only “SAVE GSTR3B” button and “Submit” button was available on the GST Portal where we’re able to edit and “Save GSTR-3B” a variety of times, but once we “SUBMIT”, the input details got freezed.
There is no way to once revise GSTR-3B it is often submitted.
As much taxpayers once we as professionals faced hardships due to the freezing regarding the figures after clicking on the “Submit” button, Govt. consequently from August 2017. introduced with another option to “Preview and Submit GSTR 3B” to deliver ease to your taxpayers wherein we are able to preview the data input by us then “Confirm and Submit”.
So, in the nutshell we conclude that though till now there is not revision facility available for GSTR-3B and also the just possible quality to correct it’s via GSTR-1 and GSTR-2 in case the numbers got wrongly input by us while publishing the GSTR-3B. November however, it is expected by GST Network to operationalize editing facility for GSTR-3B returns by 21st.