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Hi friends here is the detailed live demo of GSTR 3B needs to be filled on 20th August 2017.
GSTR 1 Offline Utility Playlist - https://www.youtube.com/playlist?list=PLpneb46S2v6NAWcEY5azKpNkqIrIdcjpr
How to Install emSigner and Add DSC to GST Portal | Digital Signature Certificate - https://www.youtube.com/playlist?list=PLpneb46S2v6OOCvBVU7Oe9GYror2emYur
GST Portal Tutorials - https://www.youtube.com/playlist?list=PLpneb46S2v6O3tYHiTKnX1-0mhAlNA-HT
GSTR 3B is a simpler return that businesses need to file in the first two months of GST (July and August, 2017) instead of the normal returns – GSTR 1, 2 and 3.
• Sales are of two main categories – Inter state and Intra state (within state). Inter state sales will be charged with IGST and Intra state sales will be charged with CGST and SGST.
• Further, these sales can be made to registered dealers (B2B sales) or unregistered dealers (B2C sales). For all B2B sales, GSTIN of buyer will be required (not under GSTR 3B, but the same will be required later)
• Sales made to SEZ or exports made outside India without levying of GST are called Zero rated sales
• Sales of commodities which are chargeable at 0% GST or are exempt from GST are called Nil rated and exempted sales respectively.
• Commodities like petrol, diesel, liquor, etc are not chargeable under GST. Such goods are called Non GST goods
Please bifurcate your sales based on above understanding
Purchases / Expenses:
Purchases and expenses will have same categories as sales above. Besides that, additional points which need to be taken care are as follows:
• Input Tax Credit (ITC) will be available on almost all purchase / expenses made for the business. Following conditions are applicable to claim the ITC:
o Seller should have issued Original invoice with particulars prescribed under the GST law.
o The invoice should have your business’ name, address and GSTIN
o Seller has to show the invoice in his sales return (this is the most important condition)
o Seller has to pay the tax as per the invoice
• ITC is not available on following expenses:
o Car rental
o Food expenses
o Hotel stay in state other than the state in which you are registered
Please note that this is not an exhaustive list. These are the main expenses which will be not available as credit. We will review the credit and will let you know in case any other expenses are incurred which are not allowed for claiming ITC
• Reverse Charge Mechanism (RCM) is applicable under GST. As per the concept of RCM, the buyer will be liable to discharge the liability of GST instead of seller. RCM will be applicable on following purchases / expenses:
o Import of goods: At the time of clearance of goods from port, Basic Customs Duty (BCD) as well as IGST will be payable to the Customs authority. This IGST will be available as credit, provided bill of entry has the GSTIN of the importer
o Import of services: On import of services within India, the importer will have to discharge GST and then claim ITC, if the expenses are eligible for ITC
o Purchase from Unregistered dealer (URD): If the purchases (of goods or services) are made from URD, the buyer will have to discharge GST on behalf of seller to the government. ITC may be available later, if expenses are eligible for ITC.
There is an exemption on payment of tax if the expenses / purchases from URD is less than Rs. 5000 per day. Please note the exemption is only for this category and up to Rs. 5000 per day. In case the expenses exceed Rs. 5000 per day, tax is payable on entire amount.
o Specific expenses: Apart from the above, specific expenses, like Transport by road, legal expenses, etc are chargeable to RCM.
Under GST, a registered dealer is required to file three returns every month and one annual return. So, in total 37 returns have to be filed every year. Since filling up these complex forms require a great amount of time and understanding, the government has postponed the filing of GSTR 1,2 & 3 for July and August, 2017.
In the place of these monthly returns, GSTR 3B has been introduced.
Deadlines for July and August GST Returns are as follows:
Forms For July 2017 For August 2017
GSTR 3B 20th August 20th September
GSTR 1 5th September 20th September
GSTR 2 10th September 25th September
GSTR 3 15th September 30th September
There will be no late fee or penalty levied for the months of July and August. Eventually, this GSTR-3 will be matched against GSTR-3B and any difference will be refunded or will require payment as the case may be.
From September 2017, every taxpayer has to strictly follow the regular provisions of filing GSTR 1, 2 and 3 on 10th, 15th and 20th of the next month respectively:
Due Date GST Form No. Form Name
10th of the next month GSTR 1 Details of outward supplies of taxable goods and/or services effected