Introduction: GSTR-1 And GSTR-3B
GST registration brings along a few mandatory compliances that need to be followed by taxpayers. The taxpayers are required to submit the details of sales and purchases made during a particular period. This detail needs to be submitted through the filing of GST returns. In this article, we will discuss two basic GST returns i.e. GSTR-1 And GSTR-3B.
What is GSTR-3B
GSTR-3B is the consolidated return in which a registered taxpayer shall declare their aggregate value of outward supplies (whether taxable/zero rated/non GST/ nil rated/exempt/RCM) and the aggregate value of inward supplies on which total input tax credit is to be claimed. A taxpayer shall pay tax on filing this consolidated return. Care should be taken by taxpayers while bifurcating outward supplies into different heads of supplies. In this return, a taxpayer shall bifurcate their outward supplies into taxable supplies, Zero-rated supplies, nil-rated or exempt supplies, non-GST supplies, and outward tax liability on which tax is to be paid under the reverse charge mechanism.
For input tax credit also a taxpayer shall bifurcate into ITC about the Import of goods, import of services, ITC about RCM, ITC received from input service distributors, and other ITC. A taxpayer must take note that if any ITC availed wrongly in previous returns shall be reversed in the return of the current period under the reversal column of return.
What is GSTR-1
GSTR-1 is the return in which a registered taxpayer needs to submit invoice-wise details of the outward taxable supplies along with aggregate of HSN or SAC code-wise outward supplies. Moreover, the taxpayer shall declare the series of invoices issued in a particular period of time for which the GSTR-1 is being filed.
A taxpayer shall prepare an invoice considering the invoice rules made by CBIC. The taxpayer shall include details such as invoice number, invoice date, GST of the receiver, taxable value, and amount of tax.
PARTICULARS
| GSTR-3B | GSTR-1 |
Details to be submitted | The aggregate of outward supplies, liability to be discharged under reverse charge mechanism, total input tax credit to be claimed | Invoice-wise details of outward supplies, HSN/SAC code-wise details of outward supplies, Number of invoices issued |
Frequency of return | Monthly or Quarterly (As per the preferences selected by the taxpayer) | Monthly or Quarterly (As per the preferences selected by the taxpayer) |
Due date | 20th of the next month for Monthly taxpayers 25th of the next month for IFF* taxpayers (Only for payment tax) 22nd of the next month from the end of the quarter for IFF taxpayers to file GSTR-3B on a quarterly basis (*those taxpayers who have opted to file returns under IFF- Invoice furnishing facility) | 11th of the next month for Monthly taxpayers 13th of the next month for furnishing invoices under IFF- Invoice furnishing facility |
Late filing fees | Rs. 20 per day for Nil return Rs. 50 per day for others | Rs. 100 CGST &Rs. 100 SGST Total Rs. 200 Per day |
Interest on late payment of tax | Interest @ 18% p.a shall be charged on net tax liability | NA |
Can we revise it? | No, once filed and liability discharged cannot be revised | Can amend invoice once filed |
