sales return exceeding sales in gstr 3b
“For ease of taxpayers, now the system will auto populate GSTR-3B (monthly) on the basis of details filed in GSTR-1 and auto-drafted ITC statement GSTR-2B from November 2020 tax period onwards,” Goods and Services Tax Network (GSTN) said. Now I am filing August 2020 GSTR 3B in September 2020. A very Good day to all the readers. In case of GSTR 3B, You have to reduce the sales return values from the total sale. Contents; If the sales return amount is more than the sales amount, the negative value is been captured in GSTR-1 but not in GSTR-3B. RAJA P M. RAJA P M (Expert) Follow. GSTR 3B is a monthly return with due date on 20th of the following month. GSTR-3-> Monthly return along with payment of Tax – 20th of the next month. But such error cannot be rectified after the due date of filing return of September of next financial year. What to do in such a case? DIPANSHU (Querist) Follow. GSTN would be auto-populating the liabilities on the basis … 3. Negative sales amount in GSTR-3B, Goods and Services Tax - GST. GSTIN portal has enabled the facility to report the negative figure in GSTR3b. Showing Replies 1 to 1 of 1 Records. Currently, such businesses are required to file GSTR-1 or final sales return of a particular month by the 10th day of the succeeding month. The 42nd GST Council Meeting held today has decided to allow the quarterly filing GSTR-3B returns having less than five crores turnover. NEW DELHI: The Finance Ministry Wednesday said any mismatch in GST monthly sales return and outward supply details will have to be reported in annual return form and due taxes should be paid. But, we can't leave our Inputs and Outputs from Sales / Purchase return.. The government has modified the due date for filing of final GST sales returns by businesses with turnover exceeding Rs 1.5 crore to the 11th day of the succeeding month. Interstate sales made to unregistered persons for an invoice value exceeding Rs.2.5 lacs ; B2C Others . CGST - 9,000. How to File GSTR – 3B if Sales Return exceed Outward Supply? 142. In Tally.ERP 9, you can view GSTR-3B in the report format with tax computation details. High Sea Sales should be treated as NON-GST supply for the period prior to 1st Feb 2019. 1 Dated: 19-4-2019 By:- ASHISH SHAH: If … GSTR 3-B is a summary form for making adjustments and payments of GST liability and Input Tax Credit for the month. Now., GSTR 3B have Two major option like Outward supplies and Inward Supplies (All other "ITC"). For the taxpayers having an aggregate turnover of more than Rs 5 Cr. Under QRMP Scheme, in order to facilitate small tax payers they will be allowed to file GSTR-3B return on quarterly basis, however payment of GST will be required to be made on monthly basis. I missed one invoice of 14.7.2020 (Tax liability Rs.2,160 Intra State Supply) in (July 2020 GSTR 3B) in august 2020 due date. the month or quarter for which the return is filed; B2B Sales – Sales made to registered taxpayers holding a valid GSTIN; B2C Large . Posts / Replies. Accordingly, ITC shall be adjusted for purchase return. But now, since "Sales - Sales Returns" is a negative figure, GSTR-3B is not taking the negative amount in the field. Return period i.e. The GSTR-3B form does not need you to provide invoice-level information or figures from every sale. (1) Where any goods on which duty, if any, had been paid under the existing law at the time of removal thereof, not being earlier than six months prior to the appointed day, are returned to any place of business on or after the appointed day, the registered person shall be eligible for refund of the duty paid under the existing law where such goods are returned by a person, other than a registered person, to the said … Filing GSTR-1 and GSTR-3B Returns: Errors & Resolutions This topic will take you through some of the issues that might occur while preparing your returns using the GST Offline Tool or while filing your returns on the GST portal. GSTR-3B Report. In GSTR-1 State wise details are filed in B2CS Sale and if in particular month your sales return is more than your sale then negative figure is also accepted in GSTR-1 B2CS sale. Return period i.e. The Government has extended the last date for filing summary sales return, GSTR-3B, for March month by three days until April 23. RAJA P M (Expert) Follow. SGST - 10,800, Show Nil taxable value and tax liability in the current month GSTR 3B and Adjust the balance amount of sales return in the subsequent month GSTR 3B, Transportation of Display materials from dealer shops, Accounting For Changes in Partners in LLP, Repayment of Loan to its Director by Private Limited Company, Filing of 3B and 1 for business which is under RCM, Society related taxation and individual member taxation, How can treated Damage Stock Marine Claim Received. Limited Period Offer Avail 25% Off in CA Final and CA Inter and 40% in CA IPCC subjects.Coupon- CA25 & CCIIPCC40 Call: 088803-20003, India's largest network for finance professionals, Where to show goods Returned by customer in GSTR 3B & GSTR 1. Sales Taxable Value 1,00,000. Intrastate sales made to unregistered persons irrespective of the invoice value; Interstate sales made to unregistered persons for an invoice value up to Rs.2.5 lacs ; … At the same time, after all the accounts, how much tax is being created on you, it will … You just need to fill out the total amounts for each category: 3.1 Outward Supplies and Inward Supplies That Are Liable to Reverse Charge. Due to the Covid-19 situation in the country, the above due … Credit/Debit note shall be issued also and same will be treated in GSTR-1. Email . This tax return is a summary of outward sales that includes both taxable and non-taxable. Kindly Clarification issues based 3b if sales return exceed outward supply..???? DIPANSHU (Querist) Follow. Show Tax types in separate columns– Enable it to view the breakup of tax amount. Please note that the word mentioned is the due date of filing GSTR-3B of September … GSTR 3B Due Date- It is a type of GST return filed on monthly basis. The sub-section (1) and (2) to this section reads as follows:- "(1) Where a tax invoice has been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods … But in GSTR-3B negative figure is not accepted. One of the practical issues among them is How to fill GSTR 3-B Form if the Sales return (Credit Notes … "For ease of taxpayers, now the system will auto populate GSTR-3B (monthly) on the basis of details filed in GSTR-1 and auto-drafted ITC statement GSTR-2B from November 2020 tax period onwards," Goods and Services Tax Network (GSTN) said. Preparing to File Your GSTR-3B Return. Liable Tax. SGST - 9,000 Then Sales Return ( Credit Note ) 1,20,000. My question is if there is no interstate sales in future as well how to adjust that Interstate sales return in GSTR 3B? So we need to be extra – cautious in filling the GSTR 3-B Form so that the required Output Liability and the available … Credit/Debit note shall be issued also and same will be treated in GSTR … In case of GSTR 3B, You have to reduce the sales return values from the total sale. Tax Paid. 3.71K views April 30, 2018 Return DISCLOSURE OF EXCESS PURCHASE RETURN GOODS VALUES IN GSTR 3B. GSTN mandated GSTR 3B return filing for all taxpayers including Nil returns. (see attachment – Tally data GSTR 3-B view) To get the compliances and returns all right and on time, we first need to understand the purpose of Filing that GST Return. Show break-up of nett values – Enable to view sales return values reduced from total sales to show the nett amount. Tax payers are to enter details relevant to their sales & outward supplies in the GSTR 1 sales return. In GSTR-3B, press F12 (Configure). Treatment in case of sales return:-Section 34 of CGST Act 2017 prescribes provisions related to sales returns. GSTR 3B is a monthly return to be filed under GST in which every taxable person has to summarize the details of outward and inward supplies. According to Goods and Services Tax Network (GSTN), “For effortlessness of taxpayers, now the system will auto populate GSTR-3B (monthly) on the basis of details filed in GSTR-1 and auto-drafted ITC statement GSTR-2B from November 2020 tax period onwards.”. In GSTR3B you can’t show sales figures in negative. My question is if there is no interstate sales in future as well how to adjust that Interstate sales return in GSTR 3B? Please help me https://taxguru.in/.../gstr-3b-practical-issues-sales-return-exceeding-sales.html But any errors can be rectified as per the prescribed manner. New Delhi, Dec 7 (PTI) Businesses with up to Rs 5 crore turnover will have to file only four GST sales returns, or GSTR-3B, from January instead of 12 at present, according to sources. GSTR 1 to be filed quarterly. WHERE AS OUR PURCHASE RETURNS … From Jan 2021, the number of returns for small taxpayers will be reduced from 24 to 8. There is no concept of revision of return in GST. RAJA P M . The GSTR-3B form does not need you to provide invoice-level information or figures from every sale. … Businesses to get complete auto-populated monthly sales return form GSTR-3B states GST Network on Sunday. Form GSTR-3B is an interim return form the GST dealers with regular registration should use, to file monthly returns. Points to Note: * You will have to file a separate GSTR-3B for each GSTIN you have * Tax liability of GSTR-3B must be paid by the last date of filing GSTR-3B for that month * GSTR-3B cannot be revised. Similarly for purchase. NEW DELHI: Businesses with up to Rs 5 crore turnover will have to file only four GST sales returns, or GSTR-3B, from January instead of 12 at present, according to sources. How to show Sales Return and Purchase Return in GSTR 3B? GSTR-1 is a sales return that is required to be filed by every GST registered person. GSTR-1 is the return in which details of all outward supplies of goods and services made, or in other words, sales (B2B or B2C) or exports made during a tax period, and also for reporting debit/credit notes issued. Issue Id: - 114870 Dated: 16-4-2019 By:-Nisha Prabhu : Negative sales amount in GSTR-3B. The GSTR-9 return form consists of 19 tables grouped into 6 parts. Generally, in GSTR-3B, we reduce the amount of sales return from the sales and while filing GSTR-1 we give the breakup of Sale invoices and credit notes. CCI Online Learning offers a library of courses for CA/CS/CMA Aspirants from the best faculties in India. Show nil sale (sales- sales return) and the left excess sales return show in next month. this video shows how to return file gstr 3b when we have only sales in a simple and easy method in tamil Still if such situation arise then in GSTR-3B fill sales … It is a huge relief for the taxpayer. The due date for filing summary sales return of GSTR-3B and payment of taxes for every month between July 2018 to March 2019 is the 20th day of the succeeding month. Please suggest how to resolve this. You just need to fill out the total amounts for each category: 3.1 Outward Supplies and Inward Supplies That Are Liable to Reverse Charge. GSTR-3B will be a summary of both of these return forms. In your first return form GST-1, you had completed the details of all the sales and gave details of the GST deposited on them. Table 3.2 of GSTR 3B Return. GSTR-2-> Details of inward supplies (purchases) and ITC claimed on it – 15th of the next month. Table 7 of GSTR-1 (Value of invoice less than INR 2.5 Lacs) contains following details: Place of supply; GST Rate; Taxable Value; Amount of IGST; Table 7 of GSTR 1 Return. CGST - 10,800. Share. While GSTR-3B is in the initial sales returns filed by the 20th day of the succeeding month, GSTR-1 is the final sales return. Accordingly, ITC shall be adjusted for purchase return. Ans. Form GSTR-3B is an interim return form the GST dealers with regular registration should use, to file monthly returns. GSTIN enabled the facility to report a negative figure in GSTR 3b-Now you can enter a negative figure in GSTR 3b. “This month’s return filing data till date shows that the GSTN return filing system was working within its expected limits, evident by the fact that till Jan 14, a total of 24.66L GSTR-3B were filed,” an official said. the month or quarter for which the return is filed; B2B Sales – Sales made to registered taxpayers holding a valid GSTIN ; B2C Large . This can only be filed on monthly basis. GSTR 3 which was previously issued by the GST council was further replaced by the GSTR 3B which is a consolidated monthly return filing form for the payment of the net liabilities (output tax – input tax) i.e. Due Date: For monthly return, the Due Date is the 11 th of next … Previous. New Delhi, Dec 7: Businesses with up to Rs 5 crore turnover will have to file only four GST sales returns, or GSTR-3B, from January instead of 12 at present, according to sources. Any invoice/debit note/credit note (including sales invoice) or ITC claim of FY 20-21 missed to be reported in GSTR 3B can be reported/adjusted in upcoming GSTR 3B till earlier of September 2021 or before filing of annual returns. We have successfully completed 3 quarters of GST compliance and return filing (July’17 – Mar’18) and we must have experienced some or the other practical problems while doing so. GSTR 1 - Sales Return. 50 per day is levied till the date the return is filed. Hence rule 42 / rule 43 (reversal of ITC) shall be applicable. Also it's a interim return. GSTR-1 and GSTR-3B cannot be revised once filed. RAJA P M . DIPANSHU. Kindly add the ITC amount missed in Table 4(A) of GSTR 3B with the amounts due in current month e.g. GSTR 1 GSTR 3B; Basic: GSTR 1 is a sales return that is required to be filed by the regular taxpayers under the GST regime. GSTR-3B: The return GSTR-3B can be filed only after paying the Tax Liability (CGST, SGST and IGST). Goods and Services Tax Network (GSTN) says, "For ease of taxpayers, now the system will auto-populate GSTR-3B (monthly) based on details filed in GSTR-1 and auto-drafted ITC statement GSTR-2B from November 2020 tax period onwards." Tweet. Details taxpayer have to furnish in the form are: Sales and Purchase made by the taxpayer. The GST Network has recently declared on Sunday that businesses will now get complete auto-populated monthly sales return form GSTR-3B. Ans: Currently the periodicity of filing GSTR-3B return along with payment of GST is monthly. We have explained them in the next headline. The eligible tax payers can … Also, payment of late fees, if any, is mandatory before filing the return. GSTR-3B is a monthly summary return submitted by all taxpayers except taxpayers registered under the composition scheme. The government has modified the due date for filing of final GST sales returns by businesses with turnover exceeding Rs 1.5 crore to the 11th day of the succeeding month. Businesses will now get complete auto-populated monthly sales return form GSTR-3B, GST Network said on Sunday. Our top notch courses aim to make your journey from a student to a professional, a successful one. In GSTR 3B less the credit note value in your total sales value.... Transportation of Display materials from dealer shops, Accounting For Changes in Partners in LLP, Repayment of Loan to its Director by Private Limited Company, Filing of 3B and 1 for business which is under RCM, Society related taxation and individual member taxation, How can treated Damage Stock Marine Claim Received. You … GSTR-1: If GSTR-1 is filed after the Due Date then a late fee of Rs. Our top notch courses aim to make your journey from a student to a professional, a successful one. LinkedIn. How to File GSTR – 3B if Sales Return exceed Outward Supply? The government has extended the last date for filing summary sales return, GSTR-3B, for March month by three days until April 23. DIPANSHU. SALES RETURN IN GSTR 3B This query is : Open Report Abuse Follow Query Ask a Query. 18 March 2018 If it's negative then add the values in ITC … i.e (July, August, September). Incorrect reporting will lead to invocation of penalty proceeding under Section 125 of Central Goods and Service Tax Act, 2017 against such taxpayers. In simple terms, GSTR-3B is the goods and services tax return which is filed on a monthly basis by taxpayers. One of the practical issues among them is How to fill GSTR 3-B Form if the Sales return (Credit Notes issued) for any month is more than the actual Outward Supp. This new Scheme will be effective from 01.01.2021 and it is an optional scheme. (1) Where any goods on which duty, if any, had been paid under the existing law at the time of removal thereof, not being earlier than six months prior to the appointed day, are returned to any place of business on or after the appointed day, the registered person shall be eligible … Please tell me how to add missed invoice in August 2020 GSTR 3B return. We have successfully completed 3 quarters of GST compliance and return filing (July’17 – Mar’18) and we must have experienced some or the other practical problems while doing so. When you fill in the GST-3 return form in the fourth step, then you have to fill some details separately. HOW TO DISCLOSE EXCESS PURCHASE RETURNS IN GSTR 3B. For example: if a taxpayer over-reported a bill or reported a bill twice then in form GSTR 3B, the over-reported sales amount needs to be deducted from the total sales amount (if possible) from outward supplies and inward supplies on reverse charge. Taxable Rs.454488 CGST Rs.21366 SGST Rs.21366. GSTR-3B is a monthly summary return submitted by all taxpayers except taxpayers registered under the composition scheme. Now the third return form i.e. … Consequences of Missing the Due Date. Based on the supplies return GSTR-1 … Recommended: Benefits of Newly Launched Gen GST Software Java Version 2.0. NEW DELHI: Businesses with up to Rs 5 crore turnover will have to file only four GST sales returns, or GSTR-3B, from January instead of 12 at present, according to sources. GSTR 3B Due Date. In addition to GSTR-3B return, relaxations have also been announced in final sales return or GSTR-1 for April 2019. One of the practical issues among them is How to fill GSTR 3-B Form if the Sales return (Credit Notes issued) for any month is more than the. To promise a successful career as a … Limited Period Offer Avail 25% Off in CA Final and CA Inter and 40% in CA IPCC subjects.Coupon- CA25 & CCIIPCC40 Call: 088803-20003, India's largest network for finance professionals. Aditi Kaur (Practising CA) 03 June 2019. Non-GST supply is convered in the definition of exempted sales. Read our article on Amendment, Corrections and Rectifications of GSTR-3B returns First of we ll think about GSTR 3B, it's not a Main return as per GSTR 1 2 and 3. One of the practical issues among them is How to fill GSTR 3-B Form if the Sales return (Credit Notes issued) for … CA Somil Bhansali on 10 July 2017. Preparing to File Your GSTR-3B Return. In your query, if the Sales return exceeds the outward supply, the respective accounting entries will impact the total tax liability for that period and accordingly you might have to pay No taxes, depending upon taxability of the goods being returned. From Tally.ERP 9, you can generate GSTR-3B, export the data in the JSON format, and upload it to the portal to file the returns. CCI Online Learning offers a library of courses for CA/CS/CMA Aspirants from the best faculties in India. For business owners in Odisha as the principal place of operation and an aggregate turnover exceeding Rs 1.5 crore, the GSTR-1 due date has been extended to 10th June 2019. High Sea Sales shall appear in GSTR-3B and GSTR-1 as Non-GST outward supplies. GSTR-3B like last return forms GSTR-1 and GSTR-2 will also be filled in just 5 steps. GSTR-1-> Details of outward supplies (sales) – To be filed by 11th of the next month for a tax period. The due date of GSTR 3B return is the 20th of the following month. RAJA P M (Expert) Follow. GSTR 3B due date for Dec 2019 is on 20-Jan-2020. Very Simple steps to follow. 0. meda mounica 12 April 29, 2018 0 Comments A practical problem : During the month of 01/2018 our total purchases are as under . Any error made in GSTR-3B is to be rectified in the GSTR-3B of the month in which such error comes to your knowledge. 19 September 2017 Where to show goods Returned by customer in GSTR 3B & GSTR 1. A GSTR-3B form of August 2017 can be filled up by 15th October. Businesses will now get complete auto-populated monthly sales return form GSTR-3B, GST Network said on Sunday. One of the practical issues among them is How to fill GSTR 3-B Form if the Sales return (Credit Notes issued) for … This facility will be available from January 1st, 2021. GSTR 3B is a consolidated return form whereas GSTR 3 is a detailed form including sale/purchase details of the month. Or you can claim ITC on your sales return by … The GSTR-3B is a consolidated summary return of inward and outward supply: Filing: This return can be filed monthly or quarterly depends on the turnover of the assessee. Liable Input Tax Credit. Sales Return in GST Act. Next . Likewise, in the second return form, GSTR-2 had given details of all the purchases and the repaid GST on them. From TallyPrime, you can generate GSTR-3B, export the data in the JSON format, and upload it to the portal to file the returns. Disclaimer:-"All the … Aditi Kaur (Practising CA) 03 June 2019. 19 September 2017 Where to show goods Returned by customer in GSTR 3B & GSTR 1 . Process for filling GSTR-3B form. Any amendments to sales invoices made, even pertaining to previous tax periods, should be reported in this return. How to File GSTR – 3B if Sales Return (Credit Note) exceed Outward Supply? in the preceding financial year, who fail to furnish the return in FORM GSTR-3B for the months of May, 2020 to July, 2020, by the due date but furnish the said return till the 30th day of September, 2020, the total amount of late fee shall be capped at Rs 500 per return and shall stand fully waived for those taxpayers where the total amount of tax … Interstate sales made to unregistered persons for an invoice value exceeding Rs.2.5 lacs ; B2C Others . GSTR-1 The following is a list of errors that may occur with respect to filing GSTR … I. Statutory Provisions . GSTIN doesn’t allow us to edit the GSTR 3b. Step 1 for the month of November 2020, the due date is 20th December 2020. A very Good day to all the readers. the 1st part which is initial 3 tables, covers the basic details such as financial year, GSTIN, legal name, and trade name while the 2nd part deal with outward supply.