An important update for taxpayers as GSTR-3 GST Return Filing can be now revised. The change will lessen the problem of phony invoicing, in which sellers report suppressed sales on GSTR-3B to reduce GST payment while reporting greater sales on GSTR-1 to allow buyers to claim input tax credit. This article discusses all the important information about GSTR-3B GST Return Filing can be revised.
What is GSTR-3B GST Return Filing?
GSTR-3B is a monthly return. It is a consolidated summary return. Taxpayers enrolled in the Composite Scheme under GST Registration have to file this return quarterly. The summaries of sales claimed ITCs, and net tax due must be reported by taxpayers in GSTR-3B.
Key Points of GSTR-3B GST Return Filing
- Taxpayers must file a unique GSTR-3B for each unique GSTIN.
- GST Liability must be paid on or before the due date of filing GST Return.
- Even if you have zero liability, it is mandatory to file GSTR-3B.
- Input Service distributors, Non-resident suppliers of OIDAR service, and Non-resident taxable persons must also file GST4-3B.
- When filing GSTR-3B for a tax period beyond the deadline, the late fee is imposed.
- It is simple to file GSTR-3B form online through GST Portal and tax can be paid through online payment or bank.
- To verify the return, the taxpayers need to have a Digital Signature Certificate or EVC or OTP.
- Earlier it was not possible to revise GSTR-3B.
GST Council Meeting: GSTR-3B GST Return Filing can be revised
To ease the burden and provide relief to taxpayers, the GST Council Meeting has decided to implement multiple changes in the GST Regime. In addition, the GST Council addressed to make certain required adjustments to GSTR-3B, the monthly tax payment form.
According to the announcement, the changes would include a non-editable tax payment table and the automatic filling of outbound supplies from sales returns.
Currently, the form GSTR-3B indicates any discrepancy between GSTR-1 and 3B and auto-generates input tax credit (ITC) statements based on inbound and outbound B2B shipments.
The GST Council suggested that some rows in GSTR-3B will have values from GTSR-1 automatically filled in. This action will reduce the amount of user input required in GSTR-3B and streamline the GSTR-3B filing procedure. Form GSTR-3B’s tax payment table will be automatically filled out using data from other tables.
Other Important Updates for GST in GST Council Meeting
- Taxpayers with AATO(Annual Aggregate Turnover) up to Rs. 2 crores would receive an exemption from submitting yearly returns in FORM GSTR-9/9A for FY 2021–22.
- In accordance with Rule 87(3) of the CGST Rules, UPI & IMPS would be made available as an additional method for paying Goods and Services Tax to taxpayers.
- E-Commerce can apply for Composition Scheme under GST Registration
- Waiver of the late filing penalty for Form GSTR-4 for the Fiscal Year 2021–2022 and an extension of the deadline for Form GST CMP–08 for the Fiscal Quarter 2022–2023.
- CMP-08 GST Return due date for Quarter 1 FY 2022-23 deadline extended
- Refund of unused Input Tax Credit on account of Electricity Export will be provided by an amendment to the CGST Rules. This would make it easier for energy exporters to get a refund of ITC that was used on zero-rated supplies.
To know more about all the recent updates announced in the GST Council Meeting, you can visit: 47th GST Council Meeting – Latest GST Updates and Highlights.
Moreover, If you want any other guidance relating to GST Registration, please feel free to talk to our business advisors at 8881-069-069.
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