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A significant change for taxpayers, as the GSTR-3 GST Return Filing can be updated. This change should lessen the risk of fake invoicing, which is where sellers claim to have suppressed sales on GSTR-3B in order to lower GST payment , while reporting more sales on GSTR-1 in order to permit buyers to claim input tax credits. This article explains all the essential information regarding GST Return Form GSTR-3B. Gst Return Filingthat can be changed. What is GSTR-3B GST Return Filing? GSTR-3B is a monthly report. It's a consolidated summary return. Taxpayers who have enrolled under GST Registration under the Composite scheme under GST Registration must submit this form every quarter. The summary of sales, claims for ITCs and net tax due have to be submitted by taxpayers to GSTR-3B. Key Points of GSTR-3B GST Return Filing Taxpayers must file a unique GSTR-3B for each unique GSTIN. GST Liability is to be paid by the due date for the filing of GST Return. Even if there is no liability, it is still required to file a GSTR-3B. Distribution of input service distributors. non-resident providers of OIDAR service and non-resident taxpayers must also be able to file GST4-3B. If you file a GSTR-3B form to extend a tax period past the deadline, a late fee is charged. It's easy to fill out the GSTR-3B forms online using GST Portal and tax can be paid online or via a bank. To confirm the authenticity of the return, taxpayers require an Digital Signature Certificate or EVC or OTP. In the past, it was impossible to change GSTR-3B. GST Council Meeting GSTR-3B GST Return File could be modified To reduce the burden and offer relief for taxpayers To ease the burden and provide relief to taxpayers, tax payers will be relieved. GST Council Meeting has decided to make a variety of changes to GST Regime. GST Regime. Additionally the GST Council resolved the need to make necessary modifications to GSTR-3B, which is the tax form that is used to pay taxes monthly. As per the notice, changes will include a tax payment that is not editable table as well as the automatic filling out of items from sales tax returns. Presently, the form GSTR-3B shows any difference between GSTR-1 and 3B . The form automatically generates ITC input (ITC) statements using outbound and inbound B2B shipment. It was suggested by the GST Council suggested that some rows of GSTR-3B would include GTSR-1 values which will be filled in automatically. This will decrease the amount of input by users required for GSTR-3B and simplify the GSTR-3B process of filing. The tax payment table on Form GSTR-3B will be filled in automatically with data from tables in other tables. Other Important Updates for GST in GST Council Meeting Taxpayers who have AATO(Annual Total Turnover) that exceeds 2 crores. 2 crores will be granted an exemption from having to submit annual tax returns on FORM GSTR-9/9A, for FY 2021-22. As per the provisions of Rule 87(3) in the CGST Rules, UPI & the IMPS will be available as an alternative option for the payment of Goods and Services Tax to taxpayers. E-Commerce is a valid option to the Composition Scheme in the context of Gst Registration Refusal of penalty for late filing of Form GSTR-4 in the Fiscal Year 2021-2022 as well as an extension on the filing deadline for the Form GST CMP-8 for Fiscal Quarter 2022-2023. CMP-08 GST Return due date for Quarter 1 FY 2022-23 deadline extended Refund of Input Tax Credits that are not used Credit for electricity Export is expected to be made available through amending the CGST Rules. This will make it easier for energy exporters who want to claim the refund of ITC that was used for non-rated products. For more information about the latest updates made public in the GST Council Meeting You can go to: 47th GST Council Meeting The Latest GST highlights and updates.
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