FORM GSTR 3B (OTHER THAN QRMP SCHEME)

FORM GSTR 3B (OTHER THAN QRMP SCHEME)

GSTR 3B Is Additional Statement To GSTR1 And GSTR2 which is monthly filed by Registered Dealer. It is collective statement introduced by Government Of India to provide relaxation to Businesses that transitioned to the GST regime. No one can do any amendment in GSTR 3B and dealers must file separate GSTR 3B for each of their GSTIN.

The Form GSTR 3B is filed every month and its due date is the 20^th day of the month.

GSTR 1: It is a monthly/quarterly return that outlined all sales of a taxpayer. Due date to file GSTR 1 is 11^th day of next month.

GSTR 2: It is a monthly return that allows the taxpayer to declare and summarise the details of inward purchases of taxable goods and/or services. Due date of GSTR2 is 15^th of next month.

INPUT TAX CREDIT (ITC): ITC is the tax a business pays on its purchase (input GST), which it can claim back to lower the tax it owes when it sells products or services (output GST).

QUARTERLY RETURN MONTHLY PAYMENT SCHEME(QRMP)

QRMP (Quarterly Return Filing and Monthly Payment) Scheme under GST (goods and services tax) Is Introduced by The Central Board Of Indirect Taxes And Customs (CBIC) To Provide Benefits To Small Taxpayers Whose Turnover Is Equal Or Less Than 5 Crores.Earlier, Taxpayers Were Obligated to File GSTR-1 And GSTR3B Monthly. However, With the QRMP Scheme, They Now Have the Flexibility to File Returns Once Every Quarter.

ELIGIBILITY UNDER QRMP SCHEME

A Registered person filing GSTR3B who has an aggregate turnover of up to Rs.5 crore

In the preceding financial year, is eligible under QRMP scheme. In case the aggregate turnover is more than Rs.5 crore during any quarter in the current financial year, the registered person shall not be eligible for the scheme from the next quarter.

QRMP SCHEME BENEFITS FOR SMALL BUSINESS OWNERS

Reduction in compliance burden of taxpayer.
Further, reduction in compliance cost.
Only 4 returns has to file by the taxpayer in the form of GSTR3B in 12 months.
Small businesses can understand their tax obligations better and can manage their cash flows effectively.

FAQ’S ON GSTR 3B

WHAT IS GSTR 3B?

It is additional statement to GSTR1 and GSTR 2 filed every month by taxpayer includes summary figure of sales, ITC claimed and net tax payable.

IS GSTR3B AMENDED OR REVISED ONCE FILED?

No, GSTR3B is not amended or revised after filed.

DATE FOR FILING GSTR 3B?

Due date for filing GSTR3B is 20^th day of the next month.

WHERE CAN I FILE GSTR 3B?

Form GSTR3B can be filed on the GST Portal in return section. In the post login mode, you can access it by going to Services > Returns > Returns Dashboard. After selecting the financial year and tax period, Form GSTR-3B, in the given period will be displayed.

WHO SHOULD FILE GSTR 3B?

Every person registered under GST must file GSTR3B

Exception-

Taxpayer registered under the composition scheme.
Non-resident suppliers of OIDAR service.
Non-resident taxable persons.
LATE FEE AND PENALTY FOR GSTR3B?
If the taxpayers tax liability for the month is nill than RS. 20 per day of delay.
Otherwise Rs. 50 per day of delay.

CONCLUSION

For businesses not covered under the QRMP scheme, GSTR 3B is a critical tool in the monthly GST compliance process. While simplified, it requires diligence in accurate tax reporting, timely filing, and effective management of input tax credit (ITC). Regular reconciliation of sales and purchases, along with disciplined adherence to filing deadlines, helps avoid penalties and ensures smooth operations.

GSTR 3B is more than just a compliance form; it represents a business’s commitment to proper tax management and contributes to maintaining financial health under GST regulations. Through careful attention to detail, businesses can optimize their ITC claims, fulfill their tax obligations, and stay compliant with minimal disruption.

QRMP scheme is provide significant advantage for small taxpayers as it is cost reducing, streamlining the GST compliance process and minimizing potential errors and disputes.

GST compliances is complex process so it is advisable to take professionals assistance for incorporation of business. By seeking expert advice, you can mitigate the risk of non-compliance, streamline the conversion process, and establish a solid foundation for the future operations of your Business. If you have any doubt regarding this and for compliance services, then connect with company suggestion and our team of experts will guide you.