How to File GSTR-3B Return | 5 min me easily | GSTology

Summary

This video tutorial provides a step-by-step guide on how to file the GSTR-3B return on the GST portal. It covers logging in, filling out necessary details like taxes, eligible and ineligible ITC, and exemptions, as well as how to proceed with payment by generating a challan. The process includes making the payment through various modes such as net banking, and finally filing the return using DSC or EVC. The video simplifies the filing process, making it easier for GST taxpayers to complete their return and payments accurately.

Takeaways

• 😀 GSTR-3B filing involves logging in to the GST portal using your username and password.
• 😀 The main focus of the video is explaining how to file GSTR-3B and make the payment through challan.
• 😀 After logging in, navigate to the 'Return' section on the GST portal to access GSTR-3B.
• 😀 The GSTR-3B filing form includes sections for taxes, ITC (Input Tax Credit), and reverse charge mechanisms.
• 😀 Eligible ITC credits, including those from imports and other services, need to be recorded in the 'Eligible ITC' section.
• 😀 Ineligible ITC credits are also displayed separately for users to identify and manage them.
• 😀 Ensure that details of interstate supplies made to unregistered persons or composition taxpayers are recorded correctly.
• 😀 Users must update any late fee or interest penalties for previous periods in the relevant section of the form.
• 😀 After completing the GSTR-3B, you can proceed to the payment section and check if additional cash is required.
• 😀 If additional tax payment is needed, generate a challan and select one of the available payment modes (e.g., net banking).
• 😀 Once payment is made and the challan is created, proceed to file the return with DSC or EVC for final submission.

Q & A

What is GSTR-3B and why is it important?

GSTR-3B is a summary return that businesses file under the Goods and Services Tax (GST) system. It includes details of outward supplies, inward supplies, and the payment of taxes. It is essential for businesses to file this return to ensure they comply with GST regulations and pay the correct amount of tax.

What is the first step to file GSTR-3B?

The first step is to log in to the GST portal using your username and password, followed by entering the OTP (One-Time Password) to authenticate your login.

What happens after logging into the GST portal?

After logging in, you need to navigate to the 'Returns' section on the portal, select 'GSTR-3B', and click on 'File Online' to begin the process of filing the return.

What is integrated tax and how is it calculated in GSTR-3B?

Integrated tax (IGST) is applicable for interstate transactions under GST. It is calculated based on the total value of supplies made across state borders, and this amount is displayed in the GSTR-3B form.

What is the ITC (Input Tax Credit) section in GSTR-3B?

The ITC section in GSTR-3B allows businesses to claim credit for the tax paid on inputs, including imported goods, services, and other eligible credits. It helps businesses reduce their tax liability by deducting the eligible credit from the tax due.

What should be done if there is ineligible ITC?

Ineligible ITC is any credit that does not meet the conditions for claiming, such as blocked credits under specific provisions. These ineligible credits are entered in a separate section in GSTR-3B and should not be used to reduce the tax payable.

What is the process for payment of taxes after filing GSTR-3B?

Once GSTR-3B is filed, if there is a payment due, the next step is to proceed with the payment. You can create a challan and select a payment method (e.g., net banking) to complete the payment. The challan helps ensure the payment is processed correctly.

How is the payment for GSTR-3B calculated?

The payment for GSTR-3B is calculated based on the tax liability arising from the sales and purchases made during the period. If there is any additional tax liability beyond the available credit, the taxpayer needs to make the payment using the available payment methods.

What happens after making the payment for GSTR-3B?

After the payment is made, the system will show that the additional tax requirement has been fulfilled. You can then proceed to file the return by clicking on the 'File' option, either using DSC (Digital Signature Certificate) or an EVC (Electronic Verification Code).

What are the different modes of payment for GSTR-3B?

There are three main modes of payment for GSTR-3B: Net banking, over-the-counter payment, and debit/credit card. These methods allow businesses to settle their GST liabilities electronically.