The Central Board of Excise and Customs (CBEC) came up with a list of forms for filing the Goods and Service Tax (GST) in India. GSTR 3B is one of the essential ones. If you are an eligible business owner in India, it is mandatory to file GSTR 3B at the right intervals to avoid legal complications.
Do you wish to know the meaning of GSTR 3B? Keep reading this article to get a complete overview.
GSTR 3B is mainly your return summary every Month/Quarterly. As a registered taxpayer, you must file GSTR 3B monthly, even if it did not have significant returns during a month. It is a consolidated summary of every inward and outward supply that your business dealt with during this month/quarter.
The general format of a GSTR 3B form includes the following:
People often wonder if they should file GSTR 3B. It is important to know the eligibility criteria here. It is safe to say that every taxpayer under the GST regime is required to file this form. You need to file it even if your monthly transaction is nil. However, you can avoid filing this form in the following exceptional cases.
Now that you have an idea about its meaning, you must be curious to know how to file GSTR 3B. Here are the steps to file this form online.
Step 1: Visit the official portal of GST. Log in with your credentials.
Step 2: Select “Services” and click on “Returns”. Next, click “Returns Dashboard” to proceed.
Step 3: The screen will be redirected to the “File Returns” page. Select the relevant financial year.
Step 4: Click on "Return filing" from the drop-down list. Next, click on “Search” to proceed.
Step 5: Click on “Monthly Returns GSTR 3B” from the list of GST return forms. Select “Prepare Online” next.
Step 6: Fill up this form with your details. Keep clicking on "Save" through the various steps, and finally, click on "Submit.”
Step 7: After submitting the form, go to the "Payment of Tax" section of your returns. Then, click on "Offset Liability" and then on "Ok" on the pop-up message.
Step 8: Click on “Proceed” on the warning message to complete the GSTR 3B filing and tax payment process. You will see a success message after completing this process.
Now that you know how to file GSTR 3B online, here are the details you must keep handy while completing this process.
It is mandatory to file GSTR 3B for every tax period within the due date. You must file it on the 20th (For Monthly Tax Payers) and 22nd (for Quarterly tax payers )the subsequent month/quarter. Taxpayers are not required to provide any invoice with the GSTR 3B returns.
Laws regarding taxes keep amending with the changes in the environment and fluctuations in the economy. The recent government vide Notification No. 14/2022 brought about some changes to Table 4 of the GSTR 3B form. It is related to the information related to the Input Tax Credit (ITC). The changes have been available on the GST portal since September 1, 2022. Here are the two areas of change:
|
Business Type |
Monthly fees |
|
Small Business ( B2C Sales ) |
₹ 500 to ₹ 1,000 |
|
MSME Business / E-Commerce |
₹ 1,000 to ₹ 3,000 |
|
Exports of Services |
₹ 1,000 to ₹ 3,000 |
|
Manufacturing Units |
₹ 2,000 to ₹ 5,000 |
Now that you know the steps to file GSTR 3B, you might be curious to know the features of this form. These are listed below.
|
Tables |
Details |
|
Table 3.1 |
Tax on outward supplies and reverse charges inward supplies. |
|
Table 3.1.1 |
Supplies notified u/s 9(5) of the Act |
|
Table 3.2 |
Inter State Supplies |
|
Table 4 |
Eligible ITC |
|
Table 5 |
Inward supplies that are either nil-rated or exempted from GST |
|
Table 5.1 |
Interest and Late Fees for Previous Tax Period |
If you are still dubious, here are the benefits of filing GSTR 3B.
|
NILL GSTR 3B |
Rs 10 each for Central and State. Subject to maximum of Rs 10,000 per Return (5000 CGST + 5000 SGST) |
|
Other Case GSTR 3B |
Rs 25 each for Central and State. Subject to maximum of Rs 10,000 per Return (5000 CGST + 5000 SGST) |
There will be a rate of interest levied on these taxes. Starting immediately from the due date, the taxpayer will be charged 18% of interest upon the applicable late fees. If the taxpayer has sufficient input tax credit and does not require net banking or challans for paying taxes, he/she does not have to pay the interest on the late fees.
Hopefully, now you have a basic understanding of the meaning of GSTR 3B. It is a form under GST, which is mandatory for taxpayers to file unless they fall under the exempted category. As this article pointed out, you must fill up this form and file it every month/quarter within the due date to avoid paying late fees or facing penalties.
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