The basic definition of GST
The goods and services tax or popularly called GST is the tax which eliminates all the indirectly levied taxes earlier. It is applicable to all the Indian goods, products and services. This tax is something which makes India fall under one unified market tax. Taxpayers no longer have to pay multiple taxes such as VAT, service tax, customs duty, etc. Since this tax came into effect from 1st July 2017, the GST day is celebrated on the 1st of July every year.
What is GSTR 3B?
The GSTR-3B is a monthly self-declaration which a dealer has to be file within the tenure of July 2017 till March 2020. These are the following points to be noted while filing the GSTR 3B.
A separate GSTR-3B has to be filed for each GSTIN
Tax liability of GSTR-3B has to be paid by the last date of filing GSTR-3B for a particular month
Once filed, the GSTR-3B form cannot be revised
Those who have registered for GST have to file GSTR 3B. This even includes the Nil Returns. But as usual, there are some of those who do not have to file GSTR-3B. These registrants are listed below:
The Input Service Distributors & Composition Dealers
The suppliers of OIDAR
A Non-resident taxable person
Penalties of not filing GSTR 3B
As discussed above, the filing of GSTR 3B is necessary for everyone who has registered for the GST, including the Nil Returns. Thus if not filed, then the defaulters are penalised with a late fee. There is a need for reconciliation of GSTR-1 with GSTR-3B. The penalties are as follows:
Rs. 50/day of delay has to be paid.
You need to check if there is any invoice which has been missed out or duplicated
Those taxpayers who have Nil Tax Liability for a month are penalised with Rs. 20 per day of delay.
On the outstanding tax which has to be paid, a total of Interest @ 18% per annum is payable on it.