Friday, 11 August 2017

All you need to know about GST return filing


All PrivateLimited Company, LLP, Firms, Individual having GST Registration must file GSTR-3B in the month of August and September by 20th of the month.  We are trying to simply put the GST Return Filing process in this article. In this sense GSTR-3B is a temporary provision till October 2017.

Q: Who should file GSTR-3B return (GST Return)?

A: All companies and individuals having GST Registration must file GSTR-3B until the normal schedule for filing of GST return commences in the month of October 2017.

Q: Due date for filing GSTR-3B return?

A: GSTR-3B return is due on the 20th of August and 20th of September 2017. After that, from October onwards all GST Registered entities would be required to file GSTR-1, GSTR-2 and GSTR-3, as per normal schedule.

Q: Penalty for not filing GSTR-3B return?

A: There is no penalty for not filing GSTR-3B return. Though for not filing GSTR-1, GSTR-2 and GSTR-3 returns from the month of October, there is a provision of penalty of Rs.100 per day.

Q:  Details to be provided in GSTR-3B return?

GSTR-3B is a simplified GST return but it is advisable to use service of a professional to file the returns accurately to help fulfil your compliances.
Though for the companies with GST Registration, they would need the details of outward supplies/invoices and inward supplies/invoices.

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