Form 3B will have to be filed by business entities registered under GST by 20th August, prior to filing their first GST return on 5th September for the month of July. Besides filing the return, the business entities will have to deposit GST for the month of July to the credit of government exchequer by 20th August.
Form 3B, seen as a temporary measure, will bridge the gap caused due to extension of return filing by the government for the first two months and will serve as a summary return for business transactions. This will continue till regular filing of returns is restored, feels Confederation of All India Traders (CAIT).
CAIT’s national president B C Bhartia and secretary general Praveen Khandelwal, while informing the trading community about this obligation, said that in Form 3B invoice-wise details are not required, but full details of outward and inward supplies are to be given along with tax details.
“In Form 3B, consolidated details of outward supplies made, inward receipts, details of supplies liable for reverse charge, eligible input tax credit, details of inter-state supplies made to unregistered persons, composition taxable persons and UIN holders, and also details of tax payment needs to be submitted,” informed Khandelwal. These details need to be entered state-wise/Union Territory-wise total with taxable value and total IGST levied on these supplies. Details of inward supplies made from composition dealer, inward supplies at nil rates and from exempted goods and non-GST inward supplies, if any, also need to be submitted in Form 3B. “This form, Form 3B, will be available on GST portal and one needs to file it electronically from the portal,” said Khandelwal.