GSTR-3B: File returns now or face daily penalties after August 20

Just eight days left for filing Goods and Service Tax Return form 3B (GSTR-3B) for the month of July. This is the first tax return the traders will be filing after the roll out of new tax regime Goods and Service Tax (GST). 

Goods and Service Tax Network (GSTN) on its portal has already opened the filing process of GSTR-3B. The last date to submit the form is August 20. 

Form GSTR-3B needs to be filed by a taxable person under GST for submitting the provisional assessment of the tax liability. Each manufacturer, trader, service provider who is liable to register under GST has to complete a self-assessment of his taxes and has to file form GSTR-3B.

If you are thinking to avoid filing the form, then beware of penalties. 

Archit Gupta, Founder & CEO ClearTax, said, "Filing GSTR-3B is mandatory. Even if a business has no transactions during July, it will still have to file nil return. If you do not file by 20th August, you will be liable to pay interest and a late fee. Interest is 18% per annum."

"It has to be calculated by the tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing (21st Aug) to the date of payment. Late fee is Rs. 100 per day. Maximum is Rs 5,000. This will be calculated by the GST Portal," Gupta added.

GST-3B includes a full detail of the tax under different heads CGST, SGST, UTGST, IGST and cess for the transactions which were taxable due to reverse charge.

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. 

ALSO READ:

• Businesses need to submit GSTR-3B by August 20, this is what the form is
• 27 lakh biz yet to complete GST registration process: GSTN
• Are you ready to file 37 tax returns under GST regime? All your questions answered