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What is GSTR-3B? Know The Penalty For Not Filing GSTR-3B

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Marg ERP Ltd
Marg ERP Ltd
MARG ERP Ltd. has its expertise in providing the perfect customized inventory and accounting solutions for all businesses to get GST compliant.

What is GSTR-3B?

GSTR-3B is a simple form that summarizes a taxpayer’s returns every month. As a taxpayer, you will need to fill in the details and submit the form on a monthly basis all along the nine months starting from July 2019. GSTR-3B does not require invoice level information. It just requires accumulating and listing the total values of sales and purchases for your business.

As a taxpayer,

  • You need to file separate GSTR-3B for each GSTIN
  • You cannot revise GSTR-3B
  • Tax liable for GSTR-3B must be paid by the last date of the month in which you are filing GSTR-3B

Who needs to file GSTR-3B?

GSTR-3B must be filed by every taxpayer registered under the GST regime. Even if you have nil or less significant transaction for a specific month, you need to file GSTR-3B at regular intervals. In case you are a composition dealer, an input service distributor, a supplier of online information & database access or retrieval services, or a non-resident taxable Indian, you need not file GSTR-3B.file gst with marg gst software

What is the penalty for not filing GSTR-3B or filing it late?

It is mandatory to file GSTR-3B even if you have nil transactions. If you delay the submission, you will have to pay late fees as follows –

  • INR 50 per day of delay; if you have transactions to account for in your returns
  • INR 20 per day of delay; if you are filing nil GSTR-3B
  • 18% interest per annum on your dues; if you fail to pay the GST amount by the due date
  • 100% penalty on your tax amount; if you miss the GST payments deliberately

Why comparing GSTR-3B with GSTR-2A and GSTR-1 is essential?

Reconciliation of GSTR-2A with GSTR-3B is important to:

  • Avoid notice from the GST department in case of any discrepancy in the input tax credit claims in GSTR-3B
  • Get to know if you miss any input tax credit
  • Notify the supplier in case he failed to upload the invoice details on GSTR-1

Reconciliation of GSTR-1 with GSTR-3B is important to:

  • Eliminate any interest or penalties levied due to short payment of tax
  • Get to know in case you miss any invoice or have duplicate invoices
  • Let the recipient claim precise input tax credit depending on GSTR-2A

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Frequently Asked Questions about GSTR-3B

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