GST is a document that contains all the details of the taxpayer who has to file GST returns. GST filing makes tax filing easier for the taxpayer since they will pay just one taxation. Under the GST, the taxpayers running interstate or intrastate business across India are liable to file GST. Registered companies are required to file for GST monthly, quarterly, and annually based on the type of business.

Types of GST

There are four types of GST. They are:

  • Central Goods and Services Tax (CGST)
  • State Goods and Services Tax (SGST)
  • Integrated Goods and Services Tax (IGST)
  • Union Territory Goods and Services Tax (UTGST)

Central Goods and Services Tax

The Central Government levies CGST on the intrastate supply of products and services. This tax is governed by the Central Goods and Services Tax Act. The revenue for CGST is remitted to the Central Government.

State Goods and Services Tax

The State Government levies SGST on the sale of products or services within a state. This SGST tax replaces all the previous taxes such as Value Added Tax, State Sales Tax, cesses, and surcharges. The revenue for SGST is collected and remitted to the State Government.

Integrated Goods and Services Tax

IGST is a tax levied on inter-state transactions of products and services and imported goods. The Central Government collects revenue for IGST and distributes it among the states. This tax is levied when goods or services are transferred from one state to another.

Union Territory Goods and Services Tax

UTGST is levied along with CGST. This tax is levied on the supply of products and services in any of the Union Territories in India. Andaman and Nicobar Islands, Daman and Diu, Dadra and Nagar Haveli, Lakshadweep, and Chandigarh are places where UTGST is applicable.

What is GSTR 3B form?

The GSTR 3B is an important form for all individuals who have registered for the Goods and Services Tax (GST). It is a simple tax return form introduced by the Central Board of Excise and Customs(CBEC) The forms – GSTR-1, GSTR-2 and GSTR-3 – for the months of July and August are to be filled in the month of September. All GST registrants have to file GSTR-3B form. For every Goods and Service Tax Identification Number (GSTIN), a separate GSTR 3B has to be filed. Only total values of each field have to be filled in the form; invoice level information is not required for this form.

Pre-filled GSTR-3B form

GST registered businesses will soon get a prefilled GSTR-3B return form to ease the tax filing process for taxpayers. They will also get an option to edit the form and allow businesses to make past adjustments, etc. GSTN has started offering tax legal responsibility knowledge in keeping with gross sales go back GSTR-1 of the taxpayer for use in his tax fee shape GSTR-3B in pdf shape. The taxpayers will be offered an auto-generated invoice-wise input tax credit (ITC) statement that will be based on the information furnished by the supplier. This will help the taxpayer to understand how much ITC is available for the month. However, currently, the liability and ITC are being provided as separate pdf documents. After two months, these two sets of data will be included in the GSTR-3B return. GSTN has over 1.26 crore registered taxpayers out of which 1.07 crore taxpayers are required to file GSTR-1 and GSTR-3B. Around 58 lakh taxpayers file for GSTR-1 on a monthly basis, whereas the rest file on a quarterly basis.

GST Registration Fee

Individuals applying for GST Registration will not be charged any GST registration fee under the Goods and Services Tax (GST) regime. However, for online registration process individuals are required to pay a fee for the services availed from professionals.

How to file GST Return?

With the help of software provided in Goods and Services Tax Network, the GST return filing can be done online. Here’s a step by step guide to filing GST return online:

Step 1: Visit the official GST portal.

Step 2: Login using the state code and Permanent Account Number, a 15-digit GST identification number will be issued after data verification.

Step 3: On uploading the invoice, a unique invoice reference number will be generated; the taxpayer can use the number to file outwards and inwards return and cumulative monthly returns.

Step 4: Now, file the outward supply returns in GSTR-1 form through the information section at the GST Common Portal (GSTN) on or before the 10th of the following month.

Step 5: If there are any errors, you have the option to get those errors corrected and refile the GST returns.

By Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles of partners on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to [email protected].