Businesses can start filing their first tax return under the new Goods and Services Tax GST regime as the GST Network has started the facility for return filing and paying taxes on the portal.
“The window for filing GSTR-3B has opened on August 5 and is fully functional now. Taxpayers can log into their account at the GST Portal and file their GSTR-3B return anytime. They can also make tax payment using internet banking at the portal.
The GST returns for July and August will be filed on the Goods and Services Tax Network (GSTN) portal by filling up GSTR 3B form in which the taxpayer needs to provide consolidated details of outward supplies and input credit.
The last date of the filing the GSTR-3B for July 2017 is August 20, 2017, and the same for the month of August 2017 is September 20.
The GSTN, in a statement, said that in GSTR-3B a taxpayer has to provide details under three sections.
In the first section, the summary details of liabilities on outward supplies and inward supplies subject to reverse charge including tax paid on zero-rated supplies are to be provided. Also, the taxpayer has to give details of interstate supplies and the integrated goods and services tax (IGST) paid.
In the second section, the taxpayer has to declare self-assessed ITC available, ITC reversals and ineligible ITC.
In the third section, the taxpayer has to declare the details of payment of tax with accumulated ITC and/or cash available in cash ledger.
“The taxpayer is required to file his return by electronically signing either using DSC (compulsory for companies) or through Electronic Verification Code (EVC) sent on taxpayer’s registered mobile,” GSTN said.
Later, when the taxpayer files GSTR 1 and GSTR 2, the details furnished in GSTR-3B would be compared with the details generated from the declarations in GSTR 1 and GSTR 2 and in case of short payment of tax, the taxpayer will have to pay any additional amount along with interest through GSTR 3, it added.
Source: Times of India