Updated on 15th Oct 2020: Due dates of GSTR 1 Quarterly returns for tax period Oct 20 to Mar 21 is notified to be 13th of the month following the quarter | GST Notification 74/2020
Due dates of GSTR 1 Monthly returns are notified for tax period Oct 20 to Mar 21 | GST Notification 75/2020
Updated on 10th Nov 2020: CBIC extends the time limit of filing GSTR 1 | GST Notification 83/2020
The latest update on the GST portal is that the system will compute values for Table 3 of Form GSTR-3B using information reported in GSTR-1 Statement (monthly) and it will be made available as PDF statement.
It is good to note that this PDF will be available on the taxpayer’s GSTR-3B dashboard, from the tax period of August 2020 onwards. It will contain the information of GSTR-1 filed by them on or after 4th September 2020.
Thus, this facility will make the filing of Form GSTR-3B easier for taxpayers. This facility will also be provided to quarterly GSTR-1 filers soon.
Who will benefit from this facility?
This facility is provided to all taxpayers registered as a normal taxpayer, SEZ Developer, SEZ unit and casual taxpayers.
Details of Tables that will be auto-computed in the PDF Format:
Following are the Tables of Form GSTR-3B that will be auto-drafted, on the basis of values reported in Form GSTR-1 statement, for the said period:
- 3.1.(a) – Outward taxable supplies (other than zero-rated, nil rated and exempted)
- 3.1(b) – Outward taxable supplies (zero-rated)
- 3.1(c) – Other outward supplies (Nil rated, exempted)
- 3.1(e) – Non-GST outward supplies
- 3.2 – Supplies made to unregistered persons
- 3.2 – Supplies made to composition taxable persons
- 3.2 – Supplies made to UIN holders
- However, while doing auto-population for GSTR 3B details mentioned in GSTR-1 will be aggregated and negative values may arrive in the following cases
- Where credit note value is greater than the invoice value
- Where only credit notes are issued
- Negative values are not allowed in GSTR-1 except while reporting B2C outward supplies
- Amendments and advances, credit notes, debit notes, if any, will be taken into account before computing the turnover and tax.
- If any of the above-mentioned values are in negative as per the GSTR-1 statement then the auto-drafted PDF will show it as Zero and it would not get carried forward to the next tax period.
- Taxpayer will have to manually carry forward and adjust for the following in GSTR 3B
- Negative values from GSTR-1 assumed as Zero in auto drafted PDF
- Advances against which the invoices issued in current month
- Auto-population of PDF mentioning liability in Form GSTR-3B will be within few minutes post monthly GSTR-1 is filed
- Minimising mismatch in GSTR 1 & GSTR 3B and assisting in long run reconciliation
- Minimising manual errors which delays refunds
- Improving overall taxpayer compliance by assisting in filing GSTR 3B
Currently this PDF is provided just as a help or aid to taxpayers for filing Form GSTR 3B but onus of filing GSTR 3B correctly still lies on the taxpayer.
IRIS GST aims to help all its readers with its premium product – IRIS Sapphire which is a cloud-based GST Return Filing Software and has advanced reconciliation module with strong reconciliation rules like match invoices across FY, beyond invoice number, fuzzy logic and user-defined tolerance that helps you completely match your purchase data with GSTR 2A and maximize your ITC.