The Goods and Services Tax Network (GSTN) has announced that it will provide the system computed values of GSTR-1 in Form GSTR-3B. The system calculated values will be made available in a PDF statement. As of now, this facility is made available for the monthly GSTR-1 filers, and it will be extended to the quarterly GSTR-1 filers in due time.
The PDF mentioned above will be prepared based on the values reported by the seller in their GSTR-1 for the respective tax period. This PDF will be available on the GSTR-3B dashboard, from the tax period of August 2020 onwards. It contains the information of GSTR-1 filed by them on or after 4th September 2020.
This facility is available to all taxpayers registered as a regular taxpayer, SEZ unit, SEZ Developer and casual taxpayer. Also, this facility is expected to make the filing of Form GSTR-3B easier for taxpayers.
The following Tables of Form GSTR-3B will be auto-drafted, based on values reported in GSTR-1 statement:
- 3.1(a): Outward taxable supplies (other than zero-rated, nil rated and exempted)
- 3.1(b): Outward taxable supplies (zero-rated)
- 3.1(c): Other outward supplies (Nil rated, exempted)
- 3.1(e): Non-GST outward supplies
- 3.2: Supplies made to unregistered persons
- 3.2: Supplies made to composition taxable persons
- 3.2: Supplies made to UIN holders
The GSTN stated that this PDF is only for the assistance of taxpayers. However, the taxpayers are required to verify & file their Form GSTR-3B, with correct values.
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The following points should be noted while using this facility:
- In case any of the above values are damaging as per the GSTR-1 statement, those figures would be mentioned as zero (0) in the auto-drafted PDF, and it will not be carried forward to the next period.
- The turnover and tax are computed after taking into account credit notes, debit notes, amendments and advances if any.
- Only filed GSTR-1 statements are considered for auto-populating values to Form GSTR-3B.
The reconciliation between GSTR-3B with GSTR-1 ensures that there are no variations, which could lead to a demand notice from the tax authorities. The reconciliation is also necessary for arriving at the accurate value of the liability to be discharged, and it allows to file the annual returns at ease.
For any clarifications/feedback on the topic, please contact the writer at dvsr.anjaneyulu@cleartax.in
DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.
