Integra ERP Software

GST Returns

The GST regime introduces the following changes:

      o  The GST regime requires all businesses to mandatorily file monthly returns along with the requisite quarterly or annual returns. Even businesses which now file returns quarterly or half-yearly (such as returns for service tax etc.) now need to file returns every month.

      o  There will now be ‘3 compliance events every month’ compared to 1 event today. This means, businesses will now need to comply with the requirements of filing GSTR- 1, GSTR-2 and GSTR- 3 (as mentioned below) as against filing 1 return today.

      o  The first compliance event (filing GSTR-1) has a due date of 10th of the subsequent month as against the deadline of 20th in the current VAT regime.

      o  Composition scheme will no longer be a favorable option since returns need to be filed quarterly and the details in those returns need to be filed relating to purchases, though sales would be lump sum like earlier. Another big deterrent in the scheme would be non availability of input credit to the chain below which would increase the selling price for the composite dealers. This would mean that businesses would reduce their purchases from these dealers.

Regular Dealer:Monthly Filing

  GSTR-1: Upload all sale invoices (By 10th)   

  GSTR-2: Accept the auto-populated counterparty sales as your purchase, and add any missing purchases (By 15th)

  GSTR-3: Submit the auto-populated GSTR-3 by 20th

Composition Dealer: Quarterly filing

  GSTR-4: Submit by 18th after quarter-end   

          •  GSTR-8: Annual Return for both Regular and Composition by 31st Dec of subsequent year. Know More>>

    There is lot of confusion in the minds of businesses regarding filing of Form GSTR3B. We hope the following explanatory note will address their concerns to a great extent.

    Firstly we need to understand what is GSTR3B. Registered dealer is mandated to file an average three Returns in every month and 1 return annually under the GST. So, that total comes at 37 Returns every year for the registered taxpayer. Considering the time taken for adaption of the new tax regime by the Registered Users, Government had extended the due date for filing of GSTR 1,2 and 3 for the month of July and August 2017. The government then introduced GSTR 3B as an ad-interim measure for recording the transactions for the months of July and August only. GSTR 3B is the first and foremost filing of return under GST which is a summary of self-assessed tax liabilities with consolidated details of outward supplies and input credit. The due date for filing GSTR3B for the month of July is 20th August while the same for the month of August is 20th September.

    After filing the GSTR 3B, the Registered dealer will also have to file GSTR1, GSTR2 (This auto populated data) and GSTR3 for the above two months on or before the due dates given below:

     Form       For July 2017       For August 2017

      GSTR3B     20th August             20th September
      GSTR1       5th September         20th September
      GSTR2       10th September       25th September
      GSTR3       15th September       30th September

Coming back to GSTR3B, the return is split into 8 parts as under:

Part-1&2    Enter GSTIN ID. (2) Legal name of registered person

Part-3.1      Details of Outward supplies and Inward supplies liable to reverse charge

Part-3.2      Details of Inter-State supplies

Part-4         Details of eligible Input Tax Credit

Part-5         Values of exempt, nil-rated and non-GST inward supplies like petroleum

Part-6         Payment of tax (State & Central taxes, Integrated taxes & Cess, interest, late fee, etc.)

Part-7         TDS/TCS Credit

Part-8         Affidavit by the Registered Dealer

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