What is Gstr 3B and its due date?
Unlike other GST forms, Taxpayers need not provide any invoice details while filing GSTR-3B returns. GSTR 3B due date is mentioned at the bottom while it must be filed every 20th, 22th, and 24th of the subsequent month.22-Aug-2022
GSTR 1 is a return of reporting. It is filed by the taxpayers either monthly or quarterly. This return indicates your return on outward supplies, which is nothing but a sales return. GSTR 3B is the return of tax payments.
Is Gstr 3B monthly return?
GSTR-3B is a monthly return. All regular taxpayers need to file this return till March 2021. You can file your return on GST Portal.23-Feb-2022
Filing GSTR 3B form is mandatory for all those who have registered for the Goods and Services Tax (GST). The GSTR 3B is a simple tax return form introduced by the Central Board of Excise and Customs (CBEC) for the month of July and August.16-Nov-2017
How is Gstr 3B tax calculated?
This GSTR-3B calculation Sheet can be used to calculate Monthly GST liability along with late fees and Interest if Any.GSTR-3B Calculation Sheet (Updated on 31.01. 2021)
The interest will be calculated per section 50 of the CGST Act, 2017. Interest will be auto-calculated and displayed in Table 5.1 of GSTR-3B – Interest and late fee for the previous tax period. Interest calculated for each tax period will be totalled, and the same will reflect in the respective cells.16-Feb-2022
What is r1 return in GST?
Who is required to file Form GSTR-1? Form GSTR-1 is a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services.
× Input Tax Credit means claiming the credit of the GST paid on purchase of Goods and Services which are used for the furtherance of business. The Mechanism of Input Tax Credit is the backbone of GST and is one of the most important reasons for the introduction of GST.
What should I file first Gstr 1 or 3B?
The GSTR 1 cannot be filed, if the previous period GSTR 3B is not filed. The Tax Liability declared in GSTR 1 should be paid in GSTR 3B.04-Jan-2022
₹ 5 Crore
What is the turnover limit for GST?
Rs 20 lakhs
'Nil' return can be filed by you for a particular tax period, if you have not made any outward supply (commonly known as sale) and have NOT received any inward supply (commonly known as purchase) of any goods/ services and do not have any tax liability for that particular tax period.
What is the penalty for not filing Gstr 3B?
(a) In case of nil GSTR-3B filing, the maximum late fee charged shall be capped at Rs. 500 per return (i.e Rs. 250/- each for CGST & SGST).28-Mar-2022
Is filing GSTR 3B mandatory? Ans. Yes, filing GSTR3B filing is mandatory for all the normal and casual taxpayers, including those with no business in the particular tax period.26-Apr-2021
How is ITC calculated in GST?
D2 = 5% of Common Credit So by our example, D2 = 5% of 55,000 = 2,750 The formula calculates the amount by assuming 5% of inputs are used for personal purposes. The amount of Rs. 2,750 is deemed to be the amount of ITC pertaining to personal supplies and must be reversed in GSTR-2.12-Jan-2022
What is Input Tax Credit (ITC) Input Tax Credit refers to the tax already paid by a person at time of purhase of goods ro services and which is available as deduction from tax payable . For eg- A trader purchases good worth rs 100 and pay tax of 10% on it.
How much is the penalty for late GST?
Late fees for non-annual GST returns If the taxpayer fails to file the GST return on time, then a late fee of Rs. 100 is applicable under the CGST Act and Rs. 100 under SGST Act. Thus, per day a late fee of INR 200 is applicable.09-Nov-2021
For example, if a product or service costs Rs. 100 and the GST levied on that is 18%, the GST amount will be 100 x 18% = Rs. 18.
How is GST late fee calculated?
Late fees for GSTR-9 and GSTR-9A is Rs. 200 (Rs. 100 for CGST and Rs. 100 for SGST) per day up to a maximum of 0.50% (0.25% for CGST and 0.25% for SGST) of turnover.
As per GST terms, B2C Supply The terms B2C and B2B are used very frequently these days, these are stand for 'Business to Consumers' and 'Business to Business', these two are totally different kind of transactions because the intention of transaction are altogether different.11-Jun-2022
What is RCM in GST?
Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply.
What is Gstr 3B and its due date?