On 1st July 2017, the Indian Government initiated GST, or Goods and Sales Tax which is a replacement of several taxes that were levied on people previously. These taxes were excise duty, VAT, service taxes, etc. However, after the coming of GST, all these came under one umbrella tax system, and the whole process became much easier.
Hence, taxpayers need to file different GST forms as per their business and transaction type. GSTR 3 is such a type that is required for recording details of monthly transactions. Keep scrolling to know what is GSTR 3 and other related details.
GSTR 3 is a tax document of monthly returns that includes purchases, sales, interstate stock movement in a month, etc. with full GST liability. GSTR 3 is an auto-generated return based on the details of GSTR 1 and 2.
GSTR 3 is mandatory for all regular GST payers. So, if you are supplying goods and services over 20 lakhs, you are eligible for paying GST and filing GSTR 3 as well. However, in the below-mentioned cases, you do not need to file a GSTR 3:
GSTR 3 gets generated automatically after filing GSTR 1 and GSTR 2. Further, you will have to file some fields manually. To get GSTR 3 form online you can visit the GST official portal.
However, if the amount declared in GSTR 3 exceeds, you have to file GSTR 3B. The filing process is as follows:
Step 1: Go to the official portal for GST and Login.
Step 2: Click on “Services” tab.
Step 3: Choose “Returns” option.
Step 4: Click on “Return Dashboard.”
Step 5: Choose a financial year, quarter, and period or month.
Step 6: Click on “Search.”
Step 7: Fill out the consent form.
Step 8: Click on submit.
Generally, taxpayers need to provide different details as official documents to file GSTR 3. So, if you are wondering how to file GSTR 3 you should check the following discussion on the necessary details of GSTR 3:
GSTIN is the PAN-based unique 15-digit identification number
The taxpayer’s legal and trade name will be required. However, it will be auto-filled.
Hence, GSTR 3 has two parts: Part A and Part B. You do not need to fill in Part A as the system automatically fills it with the information from GSTR 1 and GSTR 2.
However, you have to fill in Part B with accurate details. Scroll down to know more.
The details of Part A are as follows:
This part is manual and taxpayers should carefully fill in each detail to file a GSTR 3. Different sections of this part are:
Prerequisites you must have to file GSTR 3 are as follows:
Taxpayers have to file GSTR 3 before the 20th of a particular month. Before filing GSTR 3, taxpayers must complete filing GSTR 1 and GSTR 2.
However if the taxpayer opted to file quarterly return then the due date of filling GSTR3B is 22nd of succeeding month.
GSTR 3 and GSTR 3B have got compiled amendments. The recent important amendments that include in GSTR 3 B and GSTR 3 details are as follows:
To execute these amendments Central Board of Indirect Taxes and Customs took steps like
As you have got a comprehensive idea about GSTR 3, now check out its benefits:
Late filing of GSTR 3 will cause a penalty charge of ₹ 20. However, there are a few more explanations for GSTR 3 penalty which are as follows:
GSTR 3 is a must and the GST system fills certain parts of it automatically from the information and documents provided in GSTR 1 and GSTR 2. The article has presented a comprehensive discussion on what GSTR 3 is and other related important details for your help. However, you can access any other necessary information by visiting the official portal of GST.
Please try one more time!
Continue with {{bikeCtrl.lastVisitedData.lastVisitedUrl.indexOf('DigitPaymentGateway/payments')
!== -1 ? 'payment completion': 'previous choice'}}
{{healthCtrl.lastVisitedData.dropOffPolicyHolderData ? 'Complete your purchase': healthCtrl.lastVisitedData.lastVisitedUrl.indexOf('plans-page')
!== -1 ? 'Continue Browsing' : 'Continue with your previous choice'}}
