GSTR-3B is a crucial form that must be submitted each month, much as other GST return forms. More specifically, the GSTR-3B is only a self-declaration form that serves as a comprehensive overview of all the inbound and outbound supplies your company used within a given month.
- What exactly is GSTR 3B?
GSTR 3B is the form that compiles all of your monthly returns, as was previously stated. You must tally up the total amounts of purchases and sales your company has made using GSTR 3B.
If the preliminary information you have provided does not correspond with the sales and purchase data you submit through GSTR-3B, then you may run into issues whenever you file your GST return through GSTR-1.
- Information on GSTR 3B
The following are some essential details concerning the GSTR-3B.
You must submit the self-declaration form GSTR 3B on a monthly basis.
For each GSTIN you possess, you must submit a separate GSTR-3B form.
You must pay the tax owed before the due date when filing GSTR 3B for a specific month.
GSTR-3B for your company cannot be amended once it has been filed.
GSTR-2A, GSTR 1, and GSTR 3B must be reconciled. This will assist you in raising your GST Compliance rating and preventing fines for underpaying taxes.
With the GSTN portal, you can submit GSTR-3B forms online. The tax payable may be paid electronically or via bank challans.
You require an OTP from your registered phone in order to validate your return using an electronic verification code.
- Who Must Submit GSTR-3B
GSTR 3B must be submitted by all taxpayers who have a GSTIN. You must still file the GSTR 3B even if your company has no transactions or only minor ones within a given month. Companies have until the 20th of the next month to submit GSTR-3B forms for a given month. For instance, on 20th April, you must submit the GSTR 3B for the month of March.
However, you are exempt from submitting the GSTR 3B in the following circumstances:
If you are a composition supplier,
If you are an input services distributer.
If you offer online database access or retrieval services,
If you are a non-resident taxable person.
- Penalties and Late Fees Related to GSTR-3B
As we’ve already shown, it’s important to file the GSTR 3B even if your company has zero transactions within a given month. Even for zero returns, late costs apply if the form is not filled out. Once the time has gone, you will be required to pay Rs. 50 per day of delay. The late fee is Rs. 20 per day of delay in the event of no tax liability. Moreover, you will be required to pay interest at a rate of 18% annually on the entire amount of outstanding taxes.
- Information You Must Include While Submitting GSTR-3B
You must include the following information when filing a return using the GSTR 3B form:
GSTIN
The official name of your company
Information about your purchases and sales
Details of interstate sales made to unregistered buyers, buyers under composition scheme, and UIN holders
Eligible Input Tax Credit
Value of inward, non-GST, and nil-rated supplies
Payments of Tax
TCS or TDS credit.
