GSTR3B- the first return in GST 

We have to file return in GST within 20th of this month Aug2017. As Government informed it is a simplified summary return.
We have to declare the summary GST liabilities for the tax period and the discharge of these liabilities in a timely manner.

GSTR1,2, & 3

As their is extension of due dates for filing of GSTR 1 and GSTR 2, GSTR 3B needs to be filed, GSTR 3B is now to be done. Subsequently if there is any discrepancy between the system generated 3B and earlier filed 3B the taxpayer will have to pay additional tax, liability and other dues. 

 

Capital budgeting
How to file GST return? working professionals 

A presentation is for you to know more about GSTR3B. Know to file the return in this.

3b from PSPCL

 

For the first two months of GST rollout (July and August, 2017), below are the notified due dates for filing of the statements..
 

Before filing GSTR3B

We have to give a summary of following

  1. Sales
  2. Interstate sales
  3. Purchase by import of goods
  4. Import of services
  5. Inward supplies
  6. All other ITC
  7. Reversal of ITC under Rule 42 & 43
  8. Ineligible ITC

Rule 42 & 43 reversal means inputs and inputs services intended to be used exclusively 

  1.  purposes other than business
  2. for effecting exempt supplies
  3. credit is not available under sub-section (5) of section 17

Precautions

It is better to categorize the books of accounts based on the breakup mentioned above.

Suggest to create separate General ledger for each sales type and purchase. For reversal of input tax credits also, better to create separate General ledger in order to review the return easily.

3d time clock deadline
3d time clock deadline countdown red watch

 So dead line reaching, please ensure your workings.

After filing GSTR3B

We have to file it on or before 20th Aug2017, After that, upon generation of GSTR 3, if liabilities are different from those declared in GSTR 3B, the system will update the delta (difference) between GSTR 3B and GSTR 3 automatically.

Note: In case of an upward revision of liabilities, you will be liable to pay differential tax along with interest on the (differential) amount.
 
Best of luck for the GST users.
I have a facebook group for GST users if you register here i will share you the link you can join in that.
Thanks for reading the article hope it is useful to you. Share your thoughts
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