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What is GSTR 3B Filling?

The GSTR-3B is a way to ease the requirements for companies that have recently moved to GST. Because many small and medium-sized companies have used manual accounting processes, it will be difficult for many of these enterprises to file returns.

When to file GSTR-3B Return?

The GSTR-3B is to be sent for a particular month by the 20th of the following month. For eg, GSTR-3B for the month of March should be filed by 20 April, and GSTR-3B for the month of November by 20 December, and so on.

Prerequisites for GSTR 3B filing

  • Any organization which is responsible for filing the monthly returns should apply the GSTR-3B form.

  • It is easy to file the GSTR-3B form online via the GSTN portal. The tax due can be paid in banks or online payment by challans.

  • To check your return, you will need an OTP from your registered phone using an EVC (electronic verification code) or a certificate of digital signature. Your GST returns can also be filed using an e-sign based on Aadhar.

GSTR 3B Return Filing

You will need to include your GSTIN and legal name on GSTR-3B and fill in other tax-related sub-sections, such as:

1. Details about your sales and transactions that are responsible for the reverse charge:

In this section, you will be required to enter the total taxable value and to enter the tax collected under the various tax headings:

  • Sales supplies (Zero rated supplies).

  • Other supplies of sales (Nil rated and exempted supplies.)

  • Purchase supplies liable for a reverse fee.

  • Supplies for non-GST sales (for example, diesel)

  • For industries, such as automobiles and cigarettes, cess applies. There is no need to enter cess-related information if your company is not interested in selling such items.

2. Inter-state sales details rendered to non-registered buyers, buyers registered under the composition system, and holders of UIN (Unique Identification Number):

In this section, you will need to include information of the place of delivery, the total taxable value, and the IGST received for the following types of interstate transactions made by you:

  • Supplies made to unregistered individuals.

  • Supplies made to taxable persons in composition.

  • Supplies made to the holders of UIN

3. Eligible ITC (Input Tax Credit)

Based on your ITC, your final tax bill and credits will be determined. You will have to enter information about the following in this section:

  • ITC available: join the tax sums related to imports of products (1), imports of services (2), reverse chargeable inward supplies (3), inward supplies from distributors of input services (4) and all other ITCs (5) not protected by subsections (1) and (2) of section 4A.

  • ITC Reversed: You will be expected to provide information of capital goods/services which have been used for non-business purposes. The ITC against such products and services would be made inaccessible to you because legally, you can only assert ITC on taxable goods and services by selling them or for business purposes.

  • Net ITC available: Measure this by subtracting from the available ITC (A the reversed ITC (B).

  • Ineligible ITCs: This involves blocked credits that arise when such programs are involved. By default, you are not permitted to demand ITC for transportation services.

4. Exempted, nil-rated, and non-GST inward supply values:

The taxpayer should enter, under this subsection, taxation information for interstate and intrastate transactions made. This includes supplies purchased from a supplier under the Composition System, purchases of goods and/or services that are either excluded from GST, nil-rated or non-GST supplies.

5. Tax Payment:

Before filling up this line, you have to pay the GST you owe to the government because it captures the total tax sums charged for CGSTSGSTIGST, and cess. Include the total tax payable, the tax payable by ITC, the tax payable in respect of TDS/TCS credits and the tax payable in cash.

6. Credit from TDS/TCS:

You earn credit against it if a consumer or an e-commerce deducts or collects tax at source. If you have accrued certain credits during this month, different tax heads are captured under this line.

Therefore, filing the GSTR-3B will help a business function in a smoother manner. One can note that a business loan available on Finserv MARKETS will be a great choice for an influx of liquidity to help your business run even smoother. It comes with a flexible tenure for repayment, amazing deals, and low interest rates. The entire application and approval process is simple, quick and can be done entirely online.

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