Recently, the Indian Government came up with a GSTR 3B form for the Businesses to file their return only for the initial 2 months of GST implementation. This specific form declared by the government is to be filled up for the month of July and August 2017 instead of the normal return forms (GSTR 1, 2 & 3) announced earlier. Any registered dealer has to mandatorily file 3 returns on an average every month and 1 return annually under the GST. This entitles a registered tax payer to pay a total of 37 returns every year. For the month of July and August 2017, the GSTR 1, 2 and 3 have been discarded for filing by the government and have been replaced by the GSTR 3B. So, in order to file the GST return, companies need to upgrade to the latest offering of GST ready Tally ERP 9 Release 6.
The government has not imposed any penalty or late fees for both these months (July & August), however, will scrutinize the GSTR 3 and GSTR 3B to check for any differences being made. If any shortage is found then the required payment will be taken while the refund will be done in case of surplus taxation files.
What’s GST Return?
Every individual and organization registered under the GST Act need to periodically provide the details of sales and purchases along with tax collected and paid thereon, respectively, by filing online returns. One thing to remember is before filing the return, payment of tax due is mandatory or else such return will be invalid.
Steps to File GST Return
One can file his/hers’ GST return in varied forms depending upon the nature of transaction and registration. Registration forms that are available for normal tax payers from September 2017, as the first two months (July & August) the return need to be filed with GSTR – 3B, are:
- Form GSTR-1 for monthly details of outward supplies by the 10th of next month
- Form GSTR-2 for monthly details of inward supplies by the 15th of next month
- Form GSTR-3 for monthly filing return along with payment of tax due by 20th of next month
- Form GSTR-9 for annual filing of return by 31st December of next financial year
Incapability of Government Portal
The process of return filing under GST is quite complex and comprehensive which creates an issue for the sellers and service providers at all stages of the supply chain to get up to accelerate on compliance requirements. However, there is an issue with the government portal that it’s not suitable for a company possessing a large number of invoices as acceptance and reconciliation are manual for each invoice. Tally software integrated with GST automates matching of your purchase register with the supplier data.
Further, every time the government portal requires Chartered Accountants and other professionals to login for each client individually. However, with Tally GST software, a session can be created for a longer period to file return of several clients without having to log in several times.
Antraweb Technologies Pvt Ltd, a master Tally partner providing a suite of Tally services ensures you to be with you throughout the GST journey and ensure you that with Release 6 of the Tally ERP 9 you can easily file your GST return with ease.