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TMI BlogDecoding Form GSTR-3B vis-à-vis legal provisionsX X X X Extracts X X X X X X X X Extracts X X X X ..... Decoding Form GSTR-3B vis-à-vis legal provisions - By: - Anuj Bansal - Goods and Services Tax - GST - Dated:- 18-7-2017 - - 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 Au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gust, 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 August, 2017 After reviewing the above table, though month of August will be a relaxing month as w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e can see there is only one return to be filed but one has to be on toes in the month of September, 2017, since back to back returns /inward supplies statement / outward supplies statements have to be filed for both July, 2017 and August, 2017 for respective states.However, once taxpayer files GSTR-1 in the month of September, GSTR-2 GSTR-3 will be auto generated from GSTR-1 .Then, GSTR-3 will be matched against GSTR-3B for the month of July and August. Any balance amount of tax, if in excess will be refunded, or if there is a short deposit of tax, the same has to be deposited. There will be no penalty or late fees on account of short payment of tax in GSTR-3B filed earlier. It is important to note that there is relaxation on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly in the due dates for filing the above returns and that too for the first two months. From September onwards, the regular return filing dates will be applicable 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 l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ast 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) talks about furnishing details of Non-GST outward supplies. Does this mean, here taxpayer has to furnish details of sale of alcohol, petrol, diesel, etc which are out of the purview of GST law.Clarification of the same is required from the g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... overnment. Further, 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 advances as well as adjustment of same against invoices to be adjusted and not shown separately.Amendment in any details to be adjusted and not shown separately. 3. Of the supplies shown in table above, details of inter-State supplies made to unregistered persons, composition taxable persons and UIN holders are to be shown separately in table below:- Analysis : - The question here is that what is the requirement to show the details of inter-state suppli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es pertaining to only unregistered persons, composite 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 shoul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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, in this manner, net ITC available for set off will be determined. However, it is pointed out that the taxable person shall maintain system to determine the block credits for his business as per Section 17(5) and the credits which are liable to be reversed, in order to properly report the details. 5. Value of exempt, nil-rated and non-GST inward supplies: - Analysis : - In the above table ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is required to report figures for purchases made which are either exempt, NIL rated or non- GST supply. However, as stated in the table above, the meaning of non-GST inward supplies is not provided under the law, which is leaving us with a confusion whether non GST supplies means the transactions which are out of the purview of GST. 6. Detail of Payment of Tax and TDS / TCS credit :- Analysis - In the table above, detail of taxes paid and adjustment with ITC ledger cash ledger is required to be given here. However, provisions with regard to TDS TCS are deferred by the government, hence for the initial returns no such detail / information is required to be given. Need of the hour To get prepared:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In the light of the above discussion, it is stated that registered person shall take care of capturing the details in the books of accounts in the manner that the same shall be available in the formats / form for reporting in GSTR-3B. Thus, one needs towork in a systematic manner right from today itself in order to avoid complexities at a later stage. - Reply By Narhar Nimkar as = Thanks Anuj for the information and analysis done. In the statement / 3B return, no clarity available for Cenvat balances carried forward in GST. How to give effect to this while calculating the liability for final payment in August, 2017 ?? Dated: 19-7-2017 Reply By SUMIT JHA as = you have to file declaration in transitional form 1 to avail previous c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... redit as per return and credit lying in raw material semi finished and finished goods. Dated: 23-7-2017 - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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