Most businesses either make small mistakes or outsource the task to a third party. But not anymore! Here, we have explained a step-by-step guide on how to file GST-3B form in detail. With this, the task will become hassle-free and help you protect your business from legal and audit liabilities.
GST-3B: What is it?
Before we learn how to file GST-3B, let’s understand the purpose and significance of the document. This is a simplified monthly return form every taxpaying business needs to file. It doesn’t matter whether any transaction was done in the concerned period. Filing is mandatory as it helps in future audit purposes.
- Every GST-3B contains essential information, including:
- Details of the outward supplies or the sales records
- Inward supplies or purchases are liable for a reverse charge
- Eligible input tax credit
- Tax paid and the tax payable
Legal ValidationIn Rule 61(5) of the CGST Rules, Form GST-3B has been mentioned. It states that every taxpaying business needs to fill out the document by the 20th of the following month. The due date, however, might differ. Parameters like the state and the turnover under the Quarterly Return Monthly Payment scheme will influence the same.
Who Needs to File the GST-3B Form?
It’s important to know who is eligible to file this monthly GST return form. This will help avoid the penalties for non-filing.
- Regular taxpayers, including those who are classified as composition taxpayers, switched to standard ones
- SEZ units and developers
- Taxpayers recognized under the QRMP scheme
- Casual taxable person
- Non-resident taxable person
For businesses that didn’t make any transactions, filing the NIL GST-3B form is mandatory.
Documents Required for Filing
As we are discussing how to file GST-3B, it’s important to know the necessary papers needed. This will prevent rejection of the return due to the lack of supporting documents. So, here’s a checklist you need to follow thoroughly.
- GSTIN and unhindered access to the GST portal of the Indian government
- Sales and purchase invoices of the month for which the GST-3B form needs to be filed
- Credit and debit notes without any discrepancies
- Reverse charge liability details for the purchases or inward supplies
- Details of the Input Tax Credit
- Cash ledger, liability ledger, and credit ledger
- Previous returns (GSTR-1 and GSTR 2A/2B) for a thorough reconciliation
If any document is missing, you may have to think of another workaround. That’s why you can connect with the experts at Heet FinServe. We will guide you through all the prerequisites that should be met. Only then can you file the GST-3B form without any hurdle.
How to File GST-3B: A Step-by-step Guide
Step 1: Log in to the GST Portal
Once you have gathered all the documents, it’s time to file the GST-3B form. For this, log in to the official government portal for GST.
- Only use credentials that are valid to avoid penalties.
- Now, navigate to the Returns Dashboard on the homepage.
Step 2: Select the Filing Period
You need to select the correct financial year for which you want to file the GST-3B form. Apart from this, the Return Filing Period is also crucial. You can choose from the available options and then click on the Search button. A new window will open. Choose from “Prepare Online” or “Prepare Offline” under the GSTR-3B tab at your convenience.
Step 3: Fill in the Details
Now it’s time to fill in all the details associated with your business. Numerous sections will be there. So, in this guide on how to file GST-3B, we will guide you through each category.
Details of Inward and Outward Supplies
Here, you need to provide the tax breakup and taxable value for IGST, SGST, CGST, and Cess. These will include the following parameters:
- Outward taxable supplies: Other than zero-rated, exempted, and nil-rated
- Outward taxable supplies: Zero-rated, like exports
- Other outward supplies: Exempted and nil-rated
- Inward supplies: Only those for which the reverse charge is applicable
- Non-GST outward supplies
Interstate Supplies to Unregistered Persons, Composition Dealers, and UIN Holders
These details should be state-specific. Here, you need to enter the information for:
- Unregistered dealers: Businesses who are yet to register themselves
- Composition scheme dealers
- UIN holders like diplomatic missions
Eligible ITC
The Input Tax Credit will be eligible for:
- Import of goods and services
- Domestic purchases, if any
- Inward supplies or purchases that are liable for the reverse charge
- ITC reversed under the rules, like exempted supplies
You also need to provide the information for the Net ITC available. This will be auto-calculated once you enter the details.
Exempt, Nil, and Non-GST Inward Supplies
You have to mention the purchase value of inward supplies, including exempted, nil-rated, and non-GST supplies.
Payment of Tax
Once you have declared, the system will autofill the tax amount to be paid. All you have to do here is:
- Checking the credit balance and cash in the ledgers
- Choosing the appropriate ITC utilisation order
- Paying the remaining amount using the Electronic Cash Ledger
Interest and Late Fee
Sometimes, you may have missed a deadline or received a penalty. The details should be mentioned here.
Step 4: Save and Preview
Go through all the details you have filled in and the auto-calculated numbers. If you are satisfied, click on Save. You can download a summary by clicking the button that says “Preview Draft GSTR-3B”.
Step 5: Submit and File
Click on the Submit button and check if the status of your return shows Submitted. If it does, select the option “File GSTR-3B with DSC/EVC”. Here, you can use either of the two:
- DSC: Digital Signature Certificate
- EVC: Electronic Verification Code
Once the form is submitted successfully, you will receive an ARN or Acknowledgement Reference Number.
How will Heet FinServe Help You file GST-3B?
Being a reputed provider of taxation and financial services, we at Heet FinServe will help you successfully file the GST-3B form in no time. Our experts will work diligently on your business details to prepare the entire return file. With us, you will get the following benefits:
- Accurate ITC claim: We will reconcile the ITC claims with the GSTR-2B form to ensure the amount is precise and without any discrepancies.
- Preventing penalties: With us, you can file the GST-3B form on time. There won’t be any type of late fees or interest.
- Correct filing period: Our experts always double-check the return filing period and the financial year before proceeding.
- Matched tax liability: We will ensure the outward supplies eligible for the tax match with the details provided in the GSTR-1 form.
Conclusion
As you are now aware of how to file GST-3B, missing the filing period or delays can be eliminated from the picture. Just follow this guide to fill out the form with all the accurate information. Feeling confused? Do not worry! Connect with the experts at Heet FinServe to get more clarity.