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GST-3B Return filing, format , due date & rules.

December 23rd, 2023

Finance & Investment,Law
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Every registered taxpayer must file a GST Return. There are many GST forms or returns. The most important of these forms is GST-3B. This article will provide all the information you need about GST-3B Return Filing. It includes format, due date and rules.
What is GST-3B Return Filing and how do I get it? GSTR-3B forms are used to notify and remit GST obligations. For each tax period, a normal taxpayer must file Form GSTR-3B returns. GSTR-3B returns are not required to be submitted by taxpayers. This is in contrast to other GST forms. It is simply a summary report of all inward and outward supplies.

What is the best time to file GSTR-3B If their annual combined turnover is less than Rs. 5, small taxpayers can choose the Quarterly Return Monthly Payment (QRMP), and submit Form GSTR3B quarterly. 5 crores. However, such taxpayers must still submit their returns monthly if they decide not to join the QRMP plan.

Who needs to do GST-3B Return Filing? GST-3B Return Filing is required for every individual and business entity that has GST Registration. Only the following individuals are exempt:

GST Registration for Businesses under the Composition Scheme

Input Service Distributors

Online Information Database Access and Retrieval Services Suppliers

Non-resident taxable people

GSTR-3B Essentials Businesses must also file GSTR-1, GSTR-2 and GSTR-3 monthly returns.

You can connect to the GST Portal Network or file GSTR-3B online through challans at banks or online payments

Register mobile number

Click on “Monthly return GSTR 3B.” Complete all fields of Form GSTR-3B.

To release any obligation to pay taxes, interest, penalties or fees, debit the computerized credit/cash ledger.

To verify the return (digital signature certification of class 2 or higher), use an EVC or DSC (electronic verification cod)

After validation, you should note down a success message as well as an acknowledgement reference number.

GSTR 3B: Details Summary information on reverse charge and tax liability for inbound and outbound supplies

Information on interstate deliveries to unregistered persons, composition taxable individuals and UIN holders

Accessible ITC, reversed ITC, available net ITC, unavailable ineligible ITC, etc.

Descriptions of inbound supplies exempted, zero, or non-GST are given.

Information on late fees and interest

Information on late payments, interest and tax (if applicable)

Credit information for TDS/TCS

What are the penalties or late fees for failing to file GSTR-3B? You will be charged a late fee if you submit GSTR-3B after the deadline. It is assessed according to the following:

Rs. 50 for every additional day of delay

The penalty for taxpayers who do not have any tax due for the month is Rs. 20 per day for delay

If the GST obligations are not paid by the deadline, interest of 18% per year is charged on any unpaid tax.

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