Skip to main content

Gst update

GST UPDATE:

The first return of GST is here and is due for filing is 20th of August, 2017. Most of the registered persons still haven’t filed the Return GSTR-3B.
Here are some points you need to remember for filing the first GST Return GSTR-3B.
1) It is Mandatory to file GSTR-3B and there is no exemption from filing GSTR-3B even if you have not carried on any business in the month of July’2017. NIL GSTR-3B is also to be filed mandatorily.
2) GSTR-3B is the provisional return for the month of July’2017. Therefore all dealers who are required to file monthly returns under the GST Regime are required to file GSTR-3B.
Composition dealers are required to file quarterly returns therefore dealers who have opted for composition scheme are not required to file GSTR-3B.
3) GSTR-3B is not the final return for the month of July’2017 this is only a provisional return. GSTR-1, GSTR-2, GSTR-3 for July’2017 are still required to be filed.
4) GSTR-3B cannot be revised. Any revision in the figures for July’2017 has to be done through GSTR-1, 2 and 3 to be filed later on.
5) Any taxes due for July’2017 have to be paid before filing GSTR-3B.
6) If there is any change in the figures at the time of filing forms GSTR-1,2 & 3 and if there is excess tax payable then the same will have to be paid with interest before filing GSTR-3 due in September.
7) If your input credits are more than your output in GSTR-3B then you need not pay any taxes before filing this return. However, it is to be noted that no refund can be claimed in form GSTR-3B and excess credit will be credited to the ITC Ledger.
A very important point to remember about filing GSTR-3B is that the transitional credits available from the previous VAT/Service Tax/Excise regimes will not be available for credit and use in GSTR-3B. Any such credits have to be shown by filing form TRAN-1 and will be available for use only after filing TRAN-1.
9) GSTR-3B is a simplified return where only total figures of purchases, sales input tax credits and payments are to be entered. Individual entries for each sale invoice are not to be entered in this return.
10) GSTR-3B is to be filed from the period from which the registration is taken by the supplier. Therefore, if you have taken registration in the month of August’2017 the option for filing GSTR-3B for July’2017 will not be available and the no GSTR-3B is to be filed for July’2017.

Labels:

Comments

Post a Comment

Popular posts from this blog

frequently asked questions about gst india

For better understanding of GST. 100 Freqeuntly Asked Question GST 1. Does aggregate turnover include value of inward supplies received on which RCM is payable? Ans. Refer Section 2(6) of CGST Act. Aggregate turnover does not include value of inward supplies on which tax is payable on reverse charge basis. 2. What if the dealer migrated with wrong PAN as the status of firm was changed from proprietorship to partnership? Ans. New registration would be required as partnership firm would have new PAN. 3. A taxable person's business is in many states. All supplies are below 10 Lakhs. He makes an Inter State supply from one state. Is he liable for registration? Ans. He is liable to register if the aggregate turnover (all India) is more than 20 lacs or if he is engaged in inter-State supplies. 4. Can we use provisional GSTIN or do we get new GSTIN? Can we start using provisional GSTIN till new one is issued? Ans. Provisional GSTIN (PID) should be converted into ...
Post a Comment
Read more

DOCUMENT IN GST INDIA

Every document needed under GST in excel : . 1.Payment Voucher -  Payment Voucher.xlsx . 2.Export Invoice -  Export Invoice.xlsx . 3.Debit Note -  Debit Note.xlsx . 4. Tax Invoice( Inter - State) -  Tax Invoice - Inter State.xlsx . 5. Tax Invoice (Intra - Sales) -  Tax Invoice - Intra State.xlsx . 6. Revised Invoice -  Revised Invoice.xlsx . 7. Refund Voucher -  Refund Voucher.xlsx . 8. Bill of Supply -  Bill of Supply.xlsx . 9. Credit Note -  Credit Note.xlsx . 10. Receipt Voucher -  Receipt Voucher.xlsx 3 views  ·  Posted Jul 2
Post a Comment
Read more

SOME MYTHS ABOUT GST IN INDIA

There are seven myths going around about GST which are not true. I want to dispel them one by one in form of myth and reality. Pl see these. Myth 1: I need to generate all invoices on computer/ internet only. Reality 1: invoices can be generated manually also Myth 2: I need internet all the time to do business under GST. Reality 2: internet would be needed only while filing monthly return of GST Myth 3: I have provisional ID but waiting for final ID to do business. Reality 3: provisional ID will be your final GSTIN number. Start business. Myth 4: My item of trade was earlier exempt so I will immediately need new registration before starting business now. Reality 4: U can continue doing business and get registered within 30 days Myth 5: There are 3 returns per month to be filed. Reality 5 : There is only 1 return with 3 parts, out of which first part filed by dealer and two other parts auto populated by computer. Myth 6: Even small dealers will have to file invo...
Post a Comment
Read more