Today i am going to show you how to file gstr 3b with Late payment and offset liability.
Its very easy and you can easily create challan online and adjust the late fee fine.
we are talking about gstr 3b late fee payment.
I hope you would be aware that we need to file gstr-3b return monthly. Dates of filing you can check from your return dashboard from time to time.
If you are not sure about due date, you can directly check from GST website. On its front home page itself you will see the due dates for filing different GST forms.
So lets start on How to File GSTR 3B with Late Payment
First login to GST portal and Go to return section.
Then go to GSTR3B monthly return section and click on Prepare Online.
Now on next screen you will see a warning, accept it by clicking OK.
On next page if you are filing late return or in previous month you have filed late return then you will be asked to pay the late fee here.
Dont worry i will solve your problem here. Click on Close
On next page Select the options as No, wherever is required. As i was having Nil return to file, I selected as NO on options. And Click Next
On Next page go to bottom and Click on SAVE GSTR3B. A green colour line you will see as shown with written as Save request received.
You will see your fine also in Section 5.1 as shown.
After refreshing the page Click on Proceed to Payment.
On Next page click on CREATE CHALLAN
A new page will open and already fine will be filled up here and will ask to select the payment modes. Click on E-Payment and Click on GENERATE CHALLAN
Challan will be generated.
And in bottom of page it will ask you to pay the fee online.
Select your bank and accept terms and condition by selecting the check mark.
Click on MAKE PAYMENT
Proceed as per your net-banking steps and make the payment.
After successful payment, you will see the option of CONTINUE
You will again came back to previous page. Now here you will have to select MAKE PAYMENT/POST CREDIT TO LEDGER.
On next page click on YES, this is asking to adjust the late fee from your ledger balance which recently you have updated by making online fee.
On Next page it will show Offset Successful which means you have submitted the late fee. Click OK.
Here we are offset tax liability.
On next page Click on PROCEED TO FILE, You can see that Challan option and other option is greyed out.
On next page follow the same process as we file the GST returns.
Please check steps in details in my youtube video.
GST or Goods and Services Tax
is a multistage destination based tax system which is applicable when any value addition to the goods or service is done.
Here multistage means starting from when raw material is procured till the time the product is delivered to customer.
Indian tax structure is divided in two types
(Example – Income Tax) : Where liability cannot be passed to somebody else.
where liability can be passed to someone else. Example VAT(Value Added Tax), Service Tax etc
When GST will be implemented three types of taxes will be applicable
Revenue collected by central government
Revenue collected by state government for Within state sales
Revenue collected by central government for outside state sales
What is Input Tax Credit
To make sure that tax is levied only on the amount of value addition at each stage of the supply chain, credit for the taxes paid at the previous stage is granted.
Who is liable to pay GST
Businesses and traders with annual sales above Rs20 lakh are liable to pay GST. The threshold for paying GST is Rs10 lakh in the case of northeastern and special category states. GST is applicable on inter-state trade irrespective of this threshold.
E- commerce operators are required to collect tax at source. Hence, any persons operating an e-commerce venture must register for TCS, collect tax at source and file GSTR 8 return before the 10th of every month.
Products not covering under GST
Crude oil, diesel, petrol, natural gas and jet fuel are temporarily kept out of GST. Liquor is kept out of GST as a constitutional provision and hence it would require an amendment to Constitution if it is to be brought into GST net.
What is the anti-profiteering mechanism
To prevent the possibility of prices going up and to make sure that the reduced tax burden on products and services are passed on to consumers.
Authority to be set up by the government will act on complaints of profiteering and direct a profiteering supplier to cut price, return the benefit of reduced tax burden to the buyer with 18% interest, or recover such amount if the buyer cannot be identified or doesn’t make a claim. A profiteering business could lose its GST registration, too.
0%, 5%, 12%, 18% and 28%
You can check my video on GSTR-1 return, you will came to know that it can be done either on monthly basis or a quarterly return can be done. It depends on what you opt in the beginning of financial year.
You have to select monthly filing if your turnover is greater than 1.5 crore. Then you have to file GSTR-1 every month.
Note: If you have selected accidentally Monthly filing if your turnover is less than 1.5 Crore then leave it as it is as you can’t change it now. No worries just file GSTR-1 every month and in next fiscal year you will get the option to change it in Month of April.
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