Goods and Services Tax – GST – By: – Anuj Bansal – Dated:- 18-7-2017 Last Replied Date:- 23-7-2017 – As per the decision taken in 17th meeting of GST Council on 18th June, 2017, a summary return i.e. GSTR-3B is required to be filed for the month of July and August, 2017 in lieu of GSTR-3. According to the government this is a relaxation in filing GST returns for the first two month. However, there is a slight twist in the tale, GSTR 3B is not the only return to be filed for the month of July and August, 2017. Taxpayers also need to file GSTR-1, GSTR-2 for the aforesaid months. Let s have a glance on the return filing dates for the upcoming months:- Returns to be filed in the month of August, 2017 20/08/2017 GSTR-3B of July, 2017 Returns to be filed in the month of September, 2017 05/09/2017 GSTR-1 for July, 2017 10/09/2017 GSTR-2 for July, 2017 15/09/2017 GSTR -3 for July, 2017 20/09/2017 GSTR-1 & GSTR-3B for August, 2017 25/09/2017 GSTR-2 for August, 2017 30/09/2017 GSTR -3 for A
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as per present legal position. What is GSTR- 3B? Rule 61(5) of CGST Rules, 2017 states Where the time limit for furnishing of details in FORM GSTR-1 under section 37 and in FORM GSTR-2 under section 38 has been extended and the circumstances so warrant, return in FORM GSTR-3B, in lieu of FORM GSTR-3, may be furnished in such manner and subject to such conditions as may be notified by the Commissioner. Let s scrutinize details to be furnished in GSTR-3B 1. Basic Information:- Analysis:- No need to give detail of last year turnover pertaining to Financial year 2016-17 and from April 2017 to June 2017, which was required to be given in GSTR-3. 2. Details of Outward Supplies and inward supplies liable to reverse charge:- Analysis: – In the aforesaid table details of both inter-state & intra-state outward supplies will be furnished. However, if taxpayer is making any supply on which tax is paid under RCM by the recipient, then it will be included in part (a) above. Secondly, point (e) t
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mposite taxable persons and UIN holders separately? If the motive here is to capture the Place of Supply in case of inter-state supplies, then what about the details of B2B inter-state outward supplies? Secondly, how it is possible to capture the supplies made to composition taxable persons. At the time making outward supplies do we need to record the details of supplies made to composition dealers separately? Thirdly, for the details of outward supplies made to UIN holders, one need to capture such details in the books of accounts separately so as to furnish such details in the aforesaid table. 4. Eligible ITC:- Analysis: – It is required that the taxable person should capture all such details beforehand, as per the aforesaid table in the accounting system in order to avoid last minute hassle. In Part (A) of above table all the ITCs available in the accounting system are required to be reported and tin part (B) / (D) all the ineligible credits are required to be reversed. Accordingly,
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