How to file GST monthly return GSTR 1 and GSTR3B?
GST monthly return GSTR 1 and GSTR3B
In this post we will discuss about how to file GST monthly return GSTR 1 and GSTR3B live in full process. But let me clear you one thing that if I will write here complete process of GST Return Filing , still you have a lot of problems, that is why, I want to show you how to file GST monthly Return with full live process.
Why it is necessary to file GST Return monthly?
- GST was the second major step of the government after demonetization, in which our Prime Minister Narendra Modi give a slogan “One Nation, One Tax”.
- The government wanted to remove all the small and big Indirect taxes and implement a new tax system which is GST.
- GST(Goods and Services tax) has to be filed by all the business entities who are registered under the GST system.
- The GST filing process depends on the basis of the nature of the business.
- Generally for any business taxpayer require to file 2 returns on a monthly basis and 1 return on an annual basis.
- It is a document that showcases the income of a registered taxpayer.
- Such a document needs to be filed with the tax authorities in order to pay tax to the government.
- And if you have taken the GST number and you do not file, then you can get a letter from the Income Tax Office.
What is GSTR – 1?
GSTR-1 return form has to be filed by a registered taxable supplier with details of the outward supplies of goods and services. This monthly return showcases the sales transactions of a business in a particular month.
Who Needs To File GSTR-1?
Every normal registered taxpayer under GST is required to file GSTR-1 each month. This form is filled by the supplier. This return showcases details of
- invoices
- debit notes
- credit notes
- revised invoices issued pertaining to your outward supplies.
Due Date for Filing GSTR-1
GSTR-1 has to be filed by 10th of the following month.
However, the due date to file GSTR 1 can be extended for any class of persons beyond the tenth of the succeeding month by the Commissioner. The reasons for such an extension would be notified.
What is GSTR – 3B?
GSTR 3B is a monthly return to be filed by a registered GST holder and it implified return to declare summary GST liabilities for a tax period.
GSTR-3B is a form that cannot be revised. Furthermore, this form does not require the compliance of comparing invoices between supplier and purchaser. That means both the suppliers and the recipients file the GSTR-3B form separately. Therefore, such a facility does not cause delays in filing of returns which would consequently attract late fees and interest.
Who Needs To File GSTR-3B?
Every normal registered taxpayer filing GST Returns is required to file GSTR-3B. GSTR-3B is also filed during the tax periods for which the tax liability is zero. That time, taxpayer needs to file a Nil Return in case there are no outward or inward transactions during a particular month.
Due Date for Filing GSTR-3B
GSTR-3 has to be filed by 20th of the following month.
In case no transactions have been undertaken in a particular month, the registered person needs to file a NIL return for that period.
How to File GST Monthly Return GSTR1 and GSTR3B?
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