Goods and Services Tax – GST – By: – Sanjeev Singhal – Dated:- 15-11-2017 Last Replied Date:- 21-11-2017 – Form GSTR-3B is summary return inserted by Government vide Rule 61 of the CGST Rules,2017 in lieu of Form -GSTR-3 . It is a summary return in place of GSTR-3. Form was introduced as time gap arrangement to collect the tax from the payer of tax. Since all the periodical monthly return were delayed and tax payers were not able to understand and file the returns on time. Government has come out with the temporary solution to introduce Form-3B and start collecting the tax. This return was not thought of at the time of making the GST Act. Moreover this return is so poorly drafted which is full of deficiency. One of the most dangerous part of the return is that after submit the return you can not make changes. Pay off section of the return is made after the submission of the return means thereby if you did any mistake and then you are caught and struck. Now I will elaborate the history
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ted 08.08.2017. After that Notification no. 35 dated 15.09.2017 was issued where the date of filing the Form GSTR-3B was extended to December,2017. After that in GST council meeting dated 10.11.2017 it is said that all taxpayers would file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018 Looking at the history it may be said that this great anomaly of the Government that this temporary return was adopted as tool for collecting the payment because normal return GSTR-1, 2,and 3 could not have been filed because of the deferment of due dates. Standing of GSTR -3B in CGST Act and Rules , 2017 As per the CGST Rules ,2017 , Clause 5 of the Rules 61 States that where the time limit for furnishing the return GSTR-1 and GSTR-2 mentioned in section 37 and Section -38 respectively is extended and the circumstances so warrant , the commissioner may by notification specify the manner and conditi
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
section of Eligible ITC , for claiming ITC you have to fill the figure in sub clause -v of clause -4 and instead by mistake you fill the figure one line down which is of clause -B-1 then impact of the same shall be double. Instead of claiming ITC the same shall convert in to liability. Suppose you fill the figure of ₹ 10000 wrongly in clause-B then liability shall be increased by 20000. And if you submitted the return and next stage is payoff . For the said mistake you need to pay ₹ 20000 first and then you can file the Form-3B. Means thereby a small mistake can lead you to pay heavy amount and there is no recourse to it. Moreover there is no provision of filing the revised return. Why I am saying it is wrong frame work. First of all one should prepare the return fully including the pay off portion. Means thereby total liability under the return should have been knock off by ITC or out of cash as the case may be. And after the preview section , return should be
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
sumed that none of the above said returns will be filed on due date till 31.3.2018. Provision of Quarterly Return to be filed by small and medium businesses Clashing with Form-3B Contents of GST council Meeting on 06.10.2017 To facilitate the ease of payment and return filing for small and medium businesses with annual aggregate turnover up to ₹ 1.5 crore , it has been decided that such taxpayers shall be required to file quarterly returns in FORM GSTR-1, 2,and 3 and pay taxes only on a quarterly basis, starting from the Third Quarter of this Financial Year i.e. October-December, 2017. The registered buyers from such small taxpayers would be eligible to avail ITC on a monthly basis. The due dates for filing the quarterly returns for such taxpayers shall be announced in due course. Meanwhile, all taxpayers will be required to file FORM GSTR 3B on a monthly basis till December, 2017. All taxpayers are also required to file FORM GSTR-1, 2,and 3 for
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
means that for the Quarter October to December, 2017 the payment shall be due on 20.1.2018. If the Form -3B to be filed by all taxpayer including the quarterly taxpayer one need to pay the taxes on monthly basis. This is totally contradictory to provision of GST act and rules thereof. Matching Concept on Stake Once the return of small and medium business started filing on quarterly basis how the GSTR-2 shall be auto drafted . Registered Person buying from the small dealer can not be matched as small dealer will files their return on Quarterly basis. One registered person is filing return on monthly basis and another is filing on quarterly basis where the matching concept stands and how the GSTR-2A will be created. So auto drafted concept of GST will be in loop and basic fundamental concept behind the GST will collapse. It is very clear that all the decision of recent GST council is in air and nothing material has so far produced . Government need to seriously pla
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
