Which should I file first gstr1 or Gstr 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
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.
Can we file Gstr 3B without filing Gstr 1?
YOU HAVE TO FILE GSTR 1 ON DUE DATE. well said by RAHUL MORADIA.
What's the difference between GSTR 1 and GSTR 3B? 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.
Who can file Gstr 1 monthly?
Every registered dealer is liable to file GSTR 1. It is mandatory irrespective of the transactions and sales for a particular month, which means that even if there are no sales or transactions, you, as a registered dealer, have to file GSTR 1.
In GSTR-1 and GSTR-3B other than nil filing, maximum late fee is fixed based on annual turnover slab, as follows: If the annual turnover in the previous financial year is upto Rs. 1.5 crore then the late fee of maximum Rs 2,000 per return can only be charged (i.e Rs. 1000 each for CGST and SGST).28-Mar-2022
What is Gstr 3B with example?
What is GSTR-3B? GSTR-3B is a monthly self-declaration to be filed by a registered GST dealer along with GSTR 1 and GSTR 2 return forms. It is a simplified return to declare summary GST liabilities for a tax period. IMPORTANT: You have to file GSTR-3B even when there has been no business activity (nil return).26-Apr-2021
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
Why is Gstr 3B filed?
Taxpayers are required to declare their GST liabilities for a particular tax period and discharge these liabilities in Form GSTR-3B. A normal taxpayer is required to file Form GSTR-3B returns for every tax period applicable. Note: Taxpayer has to file Form GSTR-3B even if there is no business activity (Nil Return).
The following registered persons are not required to file GSTR-1:
What is eligible ITC in Gstr 3B?
As per the sub-rule (4) inserted in rule 36 of the Central Goods and Service Tax Rules, a taxpayer filing GSTR-3B can claim input tax credit only to the extent of the eligible credit available in GSTR-2B. Until 31st December 2021, this was 105% of the ITC in GSTR-2B/GSTR-2A between 1st Jan 21 up to 31st Dec 21).23-Feb-2022
The due date to file GSTR-1 for April 2021 is extended from 11th May 2021 to 26th May 2021. On the other hand, The time limit to furnish B2B supplies on the IFF (optional facility), for April 2021 has been extended from 13th May to 28th May 2021.11-Aug-2022
What is ITC in GST?
Input Tax Credit Mechanism. in GST. Uninterrupted and seamless chain of input tax credit (hereinafter referred to as, “ITC”) is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is 'tax on tax'.
There are 13 returns under GST. They are the GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-10, GSTR-11, CMP-08, and ITC-04. However, all returns do not apply to all taxpayers.15-Aug-2022
What are the types of GST?
Currently, the types of GST in India are CGST, SGST, and IGST. This simple division helps distinguish between inter-state and intra-state supplies and mitigates indirect taxes.
GST taxpayers with a turnover of over Rs 5 crore can now self-certify their annual return, instead of a mandatory audit certification by chartered accountants, the CBIC has said.01-Aug-2021
Is TDS deducted including GST?
The value for TDS purpose shall not include 18% GST. The TDS, so deducted, shall be deposited in the account of government by 10th of the succeeding month.
GSTR-1 is a sales return that is required to be filed by every GST registered person. Tax payers are to enter details relevant to their sales & outward supplies in the GSTR 1 sales return.11-Nov-2021
Is monthly GST return mandatory?
A regular taxpayer under GST is required to file two monthly returns and one annual return. However, there are special category taxpayers registered under GST who need to furnish separate returns.01-Aug-2019
Late Fees and Penalty Under the GST law, the late fee towards not furnishing GSTR-1 will be Rs 200 per day for late filing (Rs 100 as per the CGST Act and Rs. 100 as per SGST Act). The late fee imposed will be from the date post to the last date.04-Aug-2022
Is there any penalty for gstr1?
A taxpayer who have not file GSTR 1 in a time they are eligible to pay INR 50 per day as a penalty for late filing of GSTR 1. In case of taxpayer is going to file nil GSTR 1 then penalty for late filing of GSTR 1 will be INR 20 per day.18-Feb-2022
Which should I file first gstr1 or Gstr 3B?