The following article written in Marathi by CA. Dr.Sanjay Burad has been published in Maharashtra Times on 20.01.2017. Marathi Version can be read by clicking the above button
English Version :
Goods and Service Tax is applicable from 01st July 2017, but it still suffers from ambiguity. Every taxpayer has to file GSTR-1, GSTR-2 and GSTR-3 for every month. But, due to technical problems faced on the portal government has introduced GSTR-3B as an alternative.
In GSTR 3B details relating to purchase & sales along with the tax amount are to be submitted in a summary format. Oct 17, all taxpayers categories on the basis of their scope of turnover into 2 categories. A taxpayer with turnover is below Rs 1.5 crores will required to file quarterly return. While other taxpayers will be required to file monthly returns.
GST Portal being a newly introduced system there are plenty of chances that mistakes can be committed in filling of 3B. Keeping this in mind the Government already issued circular on dated 29th December.
- Amount of liability was under-reported in 3B.
Return Edit Facility will available to correct the tax amount to only those taxpayers who have not offset the liability and filled the return
In case Taxpayers has off-set the tax liability and have filled GSTR-3B, then the balance tax liability will have to show in GSTR-3B of next month along with payment of Interest on that balance tax amount. Further they will be required to state the rectified amount of tax liability in table no. 9 of GSTR-1.
- Tax amount disclosed at higher value in 3B
In case tax amount mentioned in 3B is higher than the actual the Return Edit Facility will be available similar to conditions mentioned above which are have not offset the liability and filled the return
If taxpayer has off-set the Total Tax Liability by way of Cash and/or ITC and has filled their return then the Edit facility will not be available.
They can be rectify their mistakes in subsequent months. If Tax Credit (Total Input Tax and Cash Payment) is more than Total Tax Liability then they can apply for refund.
Illustration:
Suppose, ‘ABC’ a Trader had disclosed Interstate Sales transaction twice erroneously and excess amount of IGST. He can then in next month show lower amount of net tax liability after adjusting this extra credit (Cash Payment & Input Tax). If the extra credit cannot be adjusted then, the trader can apply for refund by providing required details in Table No. 9 of GSTR-1.
- If Input Tax Credit availed in GST Return is lower than the actual amount available
The Return Edit Facility is available to rectify the mistake though the facility is subject to conditions as mentioned earlier
But if the facility is not available due to filing of return then, pending Input tax credit (Not claimed in previous return) can claimed in next GST Return.
- If Input Tax Credit availed and utilised in GST Return is higher than the actual amount available
The return edit facility can be used to correct the mistake subject the conditions mentioned earlier.
When the facility cannot be used then the excess credit should be reversed in subsequent months and interest on such amount should be paid.
No rectification in GSTR-1 would be required
- Timetable in GST Returns
GSTR-3B and GSTR-1 in due dates.
| Sr No. | Taxpayer | Return | Month | Limit |
| 1 | All | GSTR-3B | Dec-2017 | 20 Jan 2018 |
| Jan -2018 | 20 Feb 2018 | |||
| Feb 2018 | 20 Mar2018 | |||
| Mar 2018 | 20 Apr 2018 | |||
| Apr 2018 | 10May 2018 | |||
| 2 | Up to
Rs. 1.50 cr |
GSTR-1 | July – Sep 2017 | 10 Jan 2018 |
| Oct – Dec 2017 | 15 Feb 2018 | |||
| Jan – Mar 2018 | 30 April | |||
| 3 | More than
Rs. 1.50 cr |
GSTR-1 | July- Nov 2017 | 10 Jan 2018 |
| Dec 2017 | 10 Jan 2018 | |||
| Jan 2018 | 10 Feb 2018 | |||
| Feb 2018 | 10 Mar 2018 | |||
| March 2018 | 10 April 2018 | |||
| 10 May 2018 |
- Late fee to be paid for delayed submission of Returns.
i) GSTR-3B Return:
The late fee for delayed filing of GSTR-3B for months of July 17, August 17 and September 17 has been waived. While in case of 3B for October 2017 and later months the late fee is Rs. 50 per day (CGST Rs. 25 and SGST Rs.25). In case of NIL Return the late fee for that month is reduced to Rs.20 per day.( CGST Rs.10 and SGST Rs 10).
ii) GSTR-1 Returns late fee
The late fee for delayed filing of GSTR1 is Rs 200 per day. (Rs.100 CGST and Rs.100 SGST). Hence taxpayers avoid delayed submission of GSTR-1.
Jan 20, 2018 - GST - Sanjay Burad
