GSTR 3B Return Filing | New GST Return Filing | Enterslice
Section 39 of the CGST Act, 2017 provides that every registered person is required to file a monthly return electronically. The particulars such as inward and outward supplies of goods or services, input tax credit availed, tax payable, tax paid, etc. are required to be declared in such return.
Rule 61 of the CGST Rules, 2017 prescribes Form #GSTR3B which is required to be filed by the registered person, monthly or quarterly, as the case may be. With effect from January 1, 2021, the small taxpayers with an aggregated turnover of less than Rs. 5 Crores can opt for Quarterly Return Monthly Payment (‘QRMP’) scheme and file #FormGSTR3B on a quarterly basis. However, if such taxpayers do not opt for the QRMP scheme, they are required to file the return on monthly basis.
Every person who is registered under the GST laws is required to file Form GSTR3B. Even in case of zero liability, a NIL return must be compulsorily filed. However there are certain set of taxpayers who are exempted from filing this return. They are Taxpayers registered under the Composition Scheme, Input Service Distributor, Non-Resident Taxable Person, Person liable to deduct tax at source, Person liable to collect tax at source.
What Information should be filled in GSTR 3B.
You need to provide information such as Summary details of outward supplies and inward supplies liable to reverse charge and tax liability;
Details of inter-State supplies made to unregistered persons/composition taxable persons and UIN holders;
Details of ITC available, ITC reversal, Net ITC available, Ineligible ITC, etc.
Summary details of exempt, nil, and non-GST inward supplies;
Details of interest and late fee;
Details of payment of tax and interest and late fee (if any);
Details of TDS/TCS credit.
Earlier, this return was required to be filed by 20th of the next month. But now the government has made certain changes in due dates whereby now those with an annual turnover of more than 5 crore rupees shall file return by 20th of the next month and those taxpayers with an annual turnover of less than 5 crore rupees shall file this return by 22nd or 24th of the next month as the case maybe.
What happens if you fail to file GSTR 3B within the due date?
If it is not filed within the due date then late fees shall be levied. A late fee of Rs. 50 per day (Rs. 20 in case of NIL liability) is charged for filing the return after the due date. Further, you also cannot edit or you cannot proceed to file the return until you have paid the late fees. There is a domino effect of not filing this return form, and the late fee will increase continuously till it touches the capped limit.
Another consequence of not filing GSTR 3B can be seen where a taxpayer is required to pay tax within the due date, but he fails to pay the same, then interest at the rate of 18% shall be levied for such delay in payment. The interest shall be payable if you use cash ledger balance to pay tax. Hence if you have enough input tax credit and you don’t pay taxes via net banking/challan, then interest will not be levied. Moreover, there is no maximum capping of interest. Hence you should ensure that you file GST returns within the due date.
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