How to Revise GSTR 3B after filed? - Mix Masala/Tech Info

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Sunday, 12 July 2020

How to Revise GSTR 3B after filed?

Today we are visiting discuss a way to Revised GSTR 3B  after filled? except for your better understanding, we are visiting discuss the term GSTR 3B.

How to Revise GSTR 3B after filed?

The Goods and repair income tax return|return|legal document|legal instrument|official document|instrument} 3B (GSTR 3B) may be a simple tax return which is introduced by the Central Board of Excise and Custom (CBEC). the shape GSTR-1, GSTR-2 and GSTR-3 for the months of July and August are to be filled within the month of September. I the interim, all GST registrants need to file the GSTR-3B  form.

An important point to notice is that some portions of Part B of GSTR-3 are going to be automatically populated from the GSTR 3B file. just in case there's any discrepancy between the 2 forms you'll correct GSTR 3 later and deposit the taxes payable.

The GSTR-3B must be filled by everyone who has registered for GST. However, individuals like input service distributors, composition dealers, suppliers of online information, and database access.

(Note: Who must pay tax themselves as per section 14 of the IGST Act, and non-resident taxable person don't need to file GSTR 3B.)

How to revise GSTR 3B after filled?

It is impossible to boost GSTR-3B after filled, but the govt. of India has now allowed to reset GSTR 3B through which the status of submitted is changed to yet to be filled, and every one the small print filled within the return is going to be available for editing. All the entries posted within the electronic liability register are going to be deleted and also the ITC of this return integrated with the electronic credit ledger is reversed. this feature is availed just the once.

Let us see how it's to be done:
  1. Login to the GST portal and to travel to the Return Dashboard
  2. Select the year and also the month that you wish to reset GSTR 3B
  3. Click on Prepare Online
  4. Since you've got already submitted a return, a choice to Reset GSTR 3B is going to be activated.
  5. Click on Reset GSTR 3B
  6. Click on YES and so OK
Now that you just have reset the return and standing changed to ‘Yet to be filed’ make changes to return and submit again. Note: Details provided within the return won't be changed only status changes.

Invoice level details needn't be provided within the GSTR-3B. Thus, this leaves scope for errors while computing output liabilities and input step-down (ITC) resulting in the inaccurate tax paid. Any incorrect computation of liabilities would add on to the extra compliance burden of the taxpayer. There was no option for creating changes or corrections within the GSTR-3B once you clicked on the ‘SUBMIT’ button. 

You had to directly proceed to file using the DSC or EVC. The taxpayers were therefore inconvenienced if they committed any errors while submitting GSTR details within the values or tax figures or omitted to furnish some information within the return. the govt. has now provided a breather to taxpayers by allowing them to create a one-time correction within the Tax figures posted to Electronic Liability Ledger before making payment of tax in GSTR-3B by the introduction of the ‘RESET GSTR-3B’ feature. 

Therefore, these options give the taxpayer chances to be cautioned of any errors apparent on record and make corrections.

Common Error Types in GST return:


1. Under-reporting of liabilities (Return filed):

Liability could also be added within the return of subsequent month(s) after payment of interest. (Suppose during a certain month some sale bill missed to be reported and thanks to this while adding this sales amount to current month sales, liability will get increased. The said liability will be paid together with the appropriate interest amount. 

Under GSTR 3B additional sales figures are added in point no. 3.1 i.e. “Outward supplies and inward supplies on reverse charge”. Though in GSTR 3B where the said interest is often shown isn't explained so only payment is often made.).

If such liability wasn't reported in FORM GSTR-1 of the month/quarter concerned, then such liability is also declared within the subsequent month’s/quarter’s FORM GSTR-1 during which payment was made. (The liabilities together with interest considered in GSTR 3B are often reconciled with GSTR 1 data).

2.  Over-reporting of Liabilities:
Liability could also be adjusted reciprocally of subsequent month(s) or refund could also be claimed where adjustment isn't feasible. (Suppose if a bill was booked twice or some sales return transactions were missed to be considered then the identical are often adjusted with the present month liability, if feasible otherwise refund are often claimed. 

Under GSTR 3B over reported sales figures are going to be deducted from the overall sales figure (if feasible) from point no. 3.1 i.e. “Outward supplies and inward supplies on reverse charge”.). it should be noted that while making adjustments within the output liabilities or input diminution, there will be no negative entries within the Form GSTR-3B.

Where the liability was over-reported within the month’s / quarter’s FORM GSTR-1 also, then such liability is also amended through amendments under Table 9 of FORM GSTR-1.

3.  Wrong-reporting of Liabilities:

Unreported liability is also added within the next month’s return with interest, if applicable. Also, adjustment could also be made reciprocally of subsequent month(s) or refund is also claimed where adjustment isn't feasible. 

(Suppose interstate liability was shown as intrastate liability or liability was shown with low charge per unit. Then said interstate liability or the balance liabilities should be paid and earlier paid the intrastate tax may be adjusted later or can for claimed as refund.).

Such taxpayers will need to file for amendments by filling Table 9 of the following month’s / quarter’s FORM GSTR-1.

4.  Under-reporting of ITC:

Input diminution which wasn't reported is also availed while filing the return for a subsequent month(s). (Suppose we've got missed to contemplate certain purchases then we are able to consider the identical in subsequent months purchase together with input step-down available. 

Under GSTR 3B in point no. 4 i.e. “Eligible ITC” Additional ITC will be added. No, need for any action in GSTR 2 &3 because the same isn't effective currently.).
No action required in GSTR-1.

5.  Over-reporting of ITC:
Pay (through cash) / Reverse such over reported input diminution with interest reciprocally of subsequent month (s). (Suppose if we've got claimed more input step-down and also utilized then we'd like to regulate or pay the identical together with the applicable interest amount.)

No action required in GSTR-1.

6.  Wrong-reporting of ITC:
Pay (through cash) / Reverse any wrongly reported input decrease reciprocally of subsequent month(s).

For under-reported input reduction, the identical could also be availed reciprocally of subsequent month(s).

No action required in GSTR-1.

7.  Cash Ledger wrongly reported ( Only Stage 2 effected): 

Add cash under the correct tax head and seek a cash refund of the cash added under the incorrect tax head. (Suppose if we've deposited IGST into the wrong head (i.e. CGST head and SGST head) then we've got to deposit CGST and SGST and that we can adjust the excess IGST with future liability or can claim the refund.)

No action required in GSTR-1

Summary: 
In this article, we discussed about how to revise GSTR 3B after filled?, we also try to explain the most common error types in GST return.

Please contact us if having any difficulty during revising the GSTR 3B after filled.

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