Details to be mentioned in Form GSTR-3B

In order to address the concerns of small taxpayers who are still maintaining manual records, the GST Council has now proposed a relaxation in return filing for the month of July and August. September onwards, every taxpayer has to strictly follow the regular provisions of filing return on 10th, 15th and 20th of next month i.e. October. Also, there will be no late fee or penalty levied for the initial two months.

As per the revised rules, a new form GSTR-3B will be introduced by the government. Every taxpayer needs to file his return on self-assessment basis for the first two months i.e July and August. These return forms have to be filed by 20th of next month. Simultaneously, the taxpayer has to file the GSTR-1 for the month of July on or before September 5; an extension of 25 days has been extended for the month of July. For the month of August, this extension is limited to a period of 10 days. Once GSTR-1 is filed, GSTR-2 and GSTR-3 will auto-populate with information furnished under GSTR-1. Eventually, this GSTR-3 will be matched against GSTR-3B and any difference will be refunded or needs to be paid as the case may be. However, no penalty or late fees will be charged on the difference.

Form GSTR-3B needs to be filed by a taxable person under GST for submitting the provisional assessment of the tax liability. Provisional assessment of the taxes to be filed under form GSTR-3B is only applicable for the month of July and August. A taxable person has to file the GSTR-3B for the invoices generated in July by 20th August and for the invoices pertaining to the month of August has to be filed by 20th September. Each manufacturer, trader, service provider who is liable to register under GST has to complete a self-assessment of his taxes and has to file form GSTR-3B.

A full detail of the tax under different heads CGST, SGST, UTGST, IGST and cess for the transactions which were taxable due to reverse charge. Tax applicable on following transactions has to be mentioned

1. Sale of goods/ providing services which are not zero rated, nil rated or exempted.
2. Sale of goods/ providing services which are zero rated
3. Sale of nil rated or exempted goods or service provided which are nil rated or exempted.
4. Purchase of goods or services received on which reverse charge is applicable.
5. Sale of products or services provided which are not covered under GST.

Following details are to be mentioned for the sale of goods or providing service to an unregistered dealer, composition taxable person and entities holding UIN like WHO, embassy etc.

1. Name of the place from where the goods were dispatched or from where the service was provided.
2. Total Taxable value* of the goods sold or the services provided.
3. A total of the Integrated goods and service tax (IGST) applicable on the transactions.

* Value of Taxable Supplies = 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

Details of ITC Available

A thorough calculation of the ITC available on the import of goods or services and on account of the purchases made from an ISD and purchases on which reverse charge is applicable has to be completed by the taxable person. Net ITC available has to be mentioned after deducting the ITC reversed for example due to the inputs being returned. ITC which is ineligible to be claimed under GST like the ITCon the supply of goods or service by a fitness club or health center.

The total value of the purchase of inputs from a composition taxable person or services received and nil rated or exempted inputs have to be bifurcated separately for intrastate and interstate.

Every taxable person under GST needs to calculate the tax liability under the different heads IGST, CGST, SGST, UTGST, and cess. Details of ITC available under different heads used for paying the tax liability. Any liability under head interest and the late fee has to be shown separately. The amount of tax or cess paid in cash is to be shown separately.

Credit available due to the TDS deducted on acceptance of government contract or TCS collected on being an online aggregator has to be mentioned in the form GSTR-3B. Advance received is to be adjusted while calculating the total taxable value of the goods supplied or services provided and is not required to be shown separately in the form GSTR-3B.

➤Format of GSTR- 3B