Deadline for filing GSTR-3B form extended; here’s what you need to know

In the interest of taxpayers, the Ministry of Finance has decided to extend the last date for filing of return in Form GSTR-3B for the month of April 2018. This is among many forms that traders, exporters or industry have to file under the Goods and Services Tax (GST) regime. The GST Council on multiple occasions has given timely relief to these bodies in order to make GST transition very flexible and efficient. It needs to be noted many traders and exporters have been complaining about the pressure their business faced after GST regime was put into active mode. The new deadline for filing GSTR-3B has just been extended by 2 more days till May 22 compared to previous scheduled time. 

In a notification, the ministry said, “Earlier it was brought to the notice of the competent authority that certain technical issues are being faced by the taxpayers during the filing of FORM GSTR-3B for the month of April, 2018. In order to resolve the same, emergency maintenance is being carried out on the system.”

GSTR 3B is a simple return form introduced by the CBEC. You must file a separate GSTR 3B for each GSTIN you have. Some portions of Part B of GSTR-3 will be automatically populated from GSTR 3B filed by you. If there is any discrepancy between the two you can correct your GSTR-3 later and deposit any taxes which are payable.

It needs to be noted that, tax liability of this form must be paid by last date of filing for that month. Whereas one should remember to avoid error while filling the GSTR-3B form, as it cannot be revised. 

Almost everyone can file for GSTR-3B return even if they have zero returns. However, input service distributor, composition dealers, supplier of OIDAR and non-resident taxable person are not needed to file this form. 

If you have still not filed, this is how you can do it:

Specify the Month and Year for which return is being filed

1. Provide GSTIN (you can use your provisional id as your GSTIN if you do not have a GSTIN)

2. Legal Name of the Registered Person 

3. Outward supplies and inward supplies on reverse charge i.e. Details where tax is payable by you: These details are further broken down into the following. For each of these you must provide, the total taxable value (total which has been invoiced). And then further break this up into IGST, CGST, SGST/UTGST and cess if any. 

4. Eligible ITC: This is the detail required for input tax credit. It must be provided separately for IGST, CGST, SGST, UTGST and Cess. Only total values have to be reported and invoice level information is not required.

5. Provide values of exempt, nil rated, and non-GST inward supplies:  Here you have to report any purchases made by you of goods or services, which are from a composition dealer, are exempt, nil rated or not covered by GST at all. This information must be broken down into inter-state and intra-state.

6. Payment of Tax: Under this section you have to report the final tax payable by you on taxable supplies made by you, which will match with 3rd point. The amount is separately reported under IGST, CGST, SGST and UTGST. 

In case if you miss out on the due date, then penalty will be levied by the Income Tax Department. One will have to pay Rs 50 per day as penalty, whereas the fine is Rs 20 for taxpayers having nil tax liability for the month. 

So only four days are left to file GSTR-3B form, then hurry up! Before you end up paying penalty for missing the deadline.