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Ready Reckonerto GST

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From the Desk ofMD & CEO,Chairman,

The Goods & Services Tax (GST) is the most significant economic reform since liberalization launched in 1991, and envisages ‘One Economic India’. MSMEs are the backbone of the economy and it is vital to ensure that they are GST prepared.

The GST regime will act as an enabler for a more efficient and a more productive economy, and the advantages are so numerous that this is the sort of reform that can create anywhere between 2.5-3% incremental GDP growth benefits after 2-3 years. The orientation period will be between 12 and 18 months, but the fact is that the commensurate gains are going to be so disproportionately higher that it is only a matter of time MSMEs will fathom the benefits.

As India embarks on a journey of “ONE NATION ONE TAX”, YES BANK remains committed to mentoring MSMEs for excellence. Since inception, YES BANK has followed a unique knowledge-based approach that provides its stakeholders with well-informed and customized solutions.

YES BANK has therefore launched ‘YES GST’ programme for MSMEs under its MSME CSR initiative, ‘Say YES to Sustainable MSMEs in India’. Through the programme, the bank will help MSMEs understand the impact of the proposed changes and to make this transition to the new GST tax system a smooth one for the MSME and business community.

I trust that the ‘YES GST’ programme will enable MSMEs to make a smooth transition while adopting GST.

INDIA bole YES!

Sincerely,

Rana KapoorManaging Director & CEO,

Chairman,



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INDEX

GST VS OLD INDIRECT TAX STRUCTURE

SO, WHY IS GST A BIG DEAL?

Time, Place and Value of Supply under GST Explained

REGISTERING UNDER GST

GST Returns - How and When to File Them

What is GST Compliance Rating?

1

2

3

4

5

6



About YES BANK

YES BANK, India’s fourth largest private sector Bank, is an outcome of the professional entrepreneurship of its Founder Rana Kapoor and his highly competent top management team, to establish a high quality, custom-er centric, service driven, bank catering to the “Sunrise Sectors of India”. YES BANK is a “Full Service Commercial Bank”, and has steadily built a Corporate, Retail & SME Banking franchise,with a comprehensive product suite of Financial Markets, Investment Banking, Corporate Finance, Branch Banking, Business and Transaction Banking, and Wealth Management busi-ness lines across the country.



The 23rd GST Council Meeting held on the

10th of November, 2017, saw some major

changes in the GST tax structure and

compliance requirements.

The most important decisions taken during

the meeting were:

• Tax rates for more than 178 items which

were originally in 28% bracket have been

reduced. These items have been moved

to the lower tax brackets of 12%, 5%, and

0%. To know the updated GST rates

please check https://cleartax.in/s/gst-

hsn-lookup

• Turnover threshold limit for registering

under Composition Scheme has been

increased to INR 1.5 crore from 1 crore.

There have been other changes in the

Composition Scheme rules.

• All service providers registered on

e-commerce platforms with turnover

limit less than INR 20 lakhs are exempt

from seeking GST registration.

• All registered businesses will have to

COMPLIANCE REQUIREMENTS POST 23rd GST COUNCIL MEETING

01

Service Tax

INDIRECT TAX

STATE TAXCENTRAL TAX

Excise Tax Entry Tax

Tax on Lottery

Luxury Tax

Advert. Tax

Customs Tax

VAT/CST Tax

SECTION 1 - HIGHLIGHTS OF THE 23rd GST COUNCIL MEETING


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file only GSTR-1 and GSTR-3B until

31st March 2018. GSTR-2 and GSTR-

3 returns have been put on hold for

the duration.

• Compliance requirements for small

businesses under the threshold limit

of INR 1.5 crores have been relaxed.

• There is a relaxation in timelines for

The rates for the restaurant and

hospitality industry have also been

reduced. Most restaurants will now

charge 5% GST. These will not be

able to claim IITC anymore.

Restaurants in starred hotels with

room tariff of INR 7,500 and above

will charge 18% GST. They will be

claim ITC. Outdoor catering is taxed

at 18% with ITC.

All these changes will come into effect

prospectively from 15th November.

Now, let’s look at these changes in detail:

Changes in Composition SchemeThe Composition Scheme limit has now increased been to Rs 1.5 crore (it can

be extended to Rs 2 crore later). The other changes in this scheme which will be

beneficial to SMEs are:

• Rate change: Manufacturers & Traders registered under Composition

Scheme will pay GST at 1 % GST.

• SMEs can now exclude exempt goods

when calculating annual turnover.

The tax of 1% will be charged only

on the turnover of taxable goods.

For instance: Children’s drawing

books are exempt under GST (0%).

But, other stationery items are taxed

at 5%. Hence, a stationery supplier

will exclude children’s drawing



books from his annual turnover

when calculating tax liability.

• Traders supplying both goods and

services (services not exceeding

Rs 5 lakhs in total) are also eligible for

Composition Scheme. In this case the

total turnover from both goods and

services should not cross INR 1.5 crores

annually.

• The deadline for filing GSTR-4 return

for the July-September quarter has

been extended to 24th December. The

dates for the other quarters have yet to

be notified.

• The Council has also clarified that

businesses registered under

Composition Scheme cannot make

inter-state sales. As before, the benefit

of claiming Input Tax Credit is not

available for these businesses.

Relief in GSTR Compliance Requirements

• All businesses will only file GSTR-1 and

GSTR-3B returns till March 2018. The

GSTR-2 and GSTR-3 filing dates for July

2017 to March 2018 will be worked out

later by a Committee of Officers.

• Businesses with annual turnover under

INR 1.5 crores will file GSTR-1 on a

Manufacturer AMaharashtra

Trader CRajasthan

Dealer BMaharashtra

User DRajasthan

CGST + SGST

CGST + SGST

IGST

03



quarterly basis. Those above this

turnover limit will file GSTR-1 on a

monthly basis.

• All businesses will file GSTR-3B by 20th

of next month till March 2018.

Extension of GSTR-1 filing due datesFor turnover upto Rs 1.5 cr

For turnover of more than Rs 1.5 cr

04

Period (Quarterly) Due dates

July- Sept 31st Dec 2017

Oct- Dec 15th Feb 2018

Jan- Mar 30th April 2018

Period (Quarterly) Due dates

July to Oct 31st Dec 2017

Nov 10th Jan 2018

Dec 10th Feb 2018

Jan 10th Mar 2018

Feb 10th Apr 2018

March 10th May 2018



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Others GSTR filing extensions

Relief for Service ProvidersAll service providers with turnover

up to Rs 20 lakhs exempt from GST

registration. Including those who

supply inter-state or supply through

e-commerce operator, such service

providers do not have to register.

Other Relief Measures for TaxpayersLate fees reduced - For delayed filing

of NIL returns, late fee has been

reduced from INR 200 per day to INR

20 per day.

Late fee credit - Late fees for GSTR-

for 3B of July, August and September

have been waived. Any late fees

paid for these months will be credited

back in the Electronic Cash Ledger

under ‘Tax’ and can be utilized to

make GST payments.

Manual filing for Advance Ruling

application will be introduced soon.

Export of services to Nepal and Bhutan are exempt from GST and businesses

have now been allowed to claim

refund of Input Tax Credit paid for

these transactions, if any.

TRAN-1 can be revised till 31st

December 2017. Revisions can be done

only once.

Return For Period Due Date

GSTR 5 (For NRIs) July - October 11th Dec 2017

GSTR 5A July - October 15th Dec 2017

GSTR-4 (for Composition Dealers) July -Sep 24th Dec 2017

TRAN-1 27th Dec 2017

GSTR-6 (for Input Service Distributor) July 31st Dec 2017

ITC-04 (for job work) July - Sep 31st Dec 2017

sme5105001

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Karnataka

Intra StateSupply of Goods

Location of Supplier Kloud

Kreations pvt. Ltd

Karnataka

Intra StateSupply of Goods

Intra-StateSUPPLY OF

GOODS

Charged Tax:SGSTCGST

SECTION 2 - WHAT DOES AN SME NEEDS TO BE GST-COMPLIANT In light of the recent announcements, let us now look at the compliance requirements for Indian SMEs. Since GSTR-1 and GSTR-2 are currently on hold, it is vital for business-es to focus on preparing correct invoices and file GSTR-1 and GTSR-3B returns on time.

INVOICING UNDER GSTAs a GST registered dealer, you are required to provide GST Invoices, also known as bills to your clients. The following FAQs will help you understand the invoicing process bet-ter:

1. What is a GST Invoice?An invoice or a bill is a list of goodssent or services provided, along withthe amount due for payment. You cancreate GST compliant invoices FREE of costusing ClearTax BillBook Software.

2. Who should issue GST Invoice?If you are a GST registeredbusiness, you need to provideGST-complaint invoices to your clients for sale of good and/or services. Your GST registered vendors will provide GST-compliant pur-chase invoices to you.

3. What are the mandatory fields a GSTInvoice should have?A tax invoice is generally issued to chargethe tax and pass on the input tax cred-it. A GST Invoice must have the followingmandatory fields:• Invoice number and date• Customer name• Shipping and billing address



• Customer and taxpayer’s GSTIN (if registered)**• Place of supply• HSN code/ SAC code• Item details i.e. description, quantity (number), unit (meter, kg etc.), total value• Taxable value and discounts• Rate and amount of taxes i.e. CGST/ SGST/ IGST• Details of whether GST is payable on reverse charge basis• Signature of the supplier

**If the recipient is not registered AND the value is more than Rs. 50,000 then the invoice should carry:

• Name and address of the recipient

• Address of delivery

• State name and state code

4. By when should you issue invoices?

The GST Act has defined time limit to issue GST tax invoices, revised bills, debit notes, and credit note.

Following are the due dates for issuing an invoice to customers:

5. How to personalize GST Invoices?You can personalize your invoice with your company’s logo. The ClearTax BillBook allows you to create and personalize GST Invoice free of cost.

6. What are other types of invoices?a) Bill of SupplyA bill of supply is similar to a GST invoice except for that bill of supply does not contain any tax amount as the seller cannot charge GST to the buyer. A bill of supply is issued in cases where tax cannot be charged, such as:• Registered person is selling exempted goods/services• Registered person has opted for composition scheme• If a registered person is supplying taxable as well as exempted goods/ services to an unregistered person, then he can issue a single “invoice-cum-bill of supply” for all such supplies.

b) Aggregate Invoice If the value of multiple invoices is less than INR 200 and the buyer is unregistered, the seller can issue an aggregate or bulk invoice for the multiple invoices on a daily basis.

For example, you may have issued 3 invoices in a day of INR 80, INR 90 and INR 120. In such a case, you can issue a single invoice, totaling INR 290, which is called an aggregate invoice.

08

Goods (Normal Case)

Goods (Continous

Supply)Services

(General Case)Services

(Banks & NBFC’s)

On or before date of remov-al/delivery

On or before date of issue

of account statement

Within 30 days of supply

services

Within 45 days of supply

services



A debit note is issued by seller when the amount payable by buyer to seller increases. This can happen when:• Tax invoice has a lower taxable value

than the amount that should have beencharged

• Tax invoice has a lower tax value thanthe amount that should have beencharged

A credit note is issued by seller when the value of invoice decreases. This can happen when:• Tax invoice has a higher taxable value

than the amount that should have beencharged

• Tax invoice has a higher tax value thanthe amount that should have beencharged

• Buyer refunds the goods to the supplier• Services are found to be deficient

7. Can you revise invoices issued beforeGST?

Yes. You can revise invoices issued before GST. Under the GST regime, all the dealers must apply for provisional registration before getting permanent registration certificate.

c) Debit and credit note

Decreasing in invoice valueDebit Note

Credit Note

Purchaser Seller

increasing in invoice valueCredit Note

Debit Note

Purchaser Seller

Invoice Issuedbetween

Refer to this image below to understand the protocol of issuing a revised invoice:

Issue a revised invoice

Date of implementation

of GST


of GST


of GST

This applies to all the invoices issued between the date of implementation of GST and the date your registration certificate has been issued.

As a dealer, you must issue a revised invoice against the invoices already issued. The revised invoice has to be issued within 1 month from the date of issue of the registra-tion certificate.



8. How many copies of Invoices should be issued?

10

For goods– 3 copiesFor services– 2 copies

9. What is the process for GST Invoicingunder Special Cases?In some cases, like banking, passengertransport, etc., the government hasprovided relaxations on the invoiceformat issued by the supplier.

10. What’s the difference betweeninvoice date and due date?Invoice date refers to the date when theinvoice is created on the BillBook, whilethe due date is when the payment isdue against the invoice.

11.How to issue an invoice under reverse charge?In case of GST payable under reverse

charge, on you must additionally mention that tax is paid on reverse charge, on the GST invoice.

12. Is it mandatory to maintain invoiceserial number?Yes, invoice serial number must bemaintained strictly. You may changethe format by providing a writtenintimating the GST department officeralong with reasons for the same.

13. Can I digitally sign my invoicethrough DSC?Yes, you can digitally sign invoicethrough DSC.

FILING GSTR-11. What is GSTR 1?GSTR 1 is a monthly return that should befiled by every registered dealer. It containsdetails of all outward supplies i.e sales.

GSTR-1 has a total of 13 sections. You can find a detailed guide on filing GSTR-1 at GSTR 1 Guide – ClearTax GST

2. Why is filing GSTR 1 important?GSTR 1 contains details of all the salestransactions of a registered dealer fora month.

The GSTR 1 filed by a registered dealer is used by the government to auto populate GSTR 3 for the dealer and GSTR 2A for deal-ers to whom supplies have been made.GSTR-1 should be filed even if there is nil



returns to be filed (no business activity) in the given taxable period.

3. When is GSTR 1 due?As per 23rd GST Council meeting of 6thOctober 2017

• Businesses with annual turnover upto1.5 crores will submit quarterly returns.Taxes will be paid quarterly.

Due dates for filing of returns for August, September onwards will be notified later by the government.

As per Notification No. 29/2017 dated 5th September 2017

4. Who should file GSTR 1?Every registered person is required to fileGSTR 1 irrespective of whether there areany transactions during the month or not.The following registered personsare exempt from filing GSTR 1:

• Input Service Distributors• Composition Dealers• Suppliers of online information and

database access or retrieval services(OIDAR), who have to pay tax themselves(as per Section 14 of the IGST Act)

• Non-resident taxable person• Tax payer liable to collect TCS• Tax payer liable to deduct TDS

5. How to file GSTR 1 on Cleartax GSTsoftware?Make sure all your sales invoices arein the software – either by using theClearTax Bill Book or using Excel Import or importing through other software. Youcan then validate the data and upload tothe government GST portal.

6. How to revise GSTR 1?GSTR 1 once filed cannot be revised. Anymistake made in the return can be revised in the next month’s return. It means thatif a mistake is made in September GSTR1, rectification for the same can be madein October’s GSTR 1.

7. Details to be provided in GSTR-11. Provide GSTIN (provisional id can also

be used as GSTIN if you do not have aGSTIN)

2. Legal name of the registered person:Name of the taxpayer will be auto-

populated at the time of logging into the common GST Portal.

3. Aggregate Turnover in the preceding Financial Year and for April to June 2017: Aggregate Turnover is total value

11

Return Month Revised due Additional date comments

GSTR-1 July 2017

10-Oct-17 3rd October for persons

with turnover

more than Rs. 100 crores

Month Due Date for Filing GSTR-1

July 2017

August 2017

September 2017 onwards

Upto 10th September

Upto 5th October

10th of next month

Above 1.5 CR July- Oct(monthly) 31st Dec17

Turnover Period Due dateUpto 1.5 CR July - Sept(quarterly) 31st Dec17

sme5105001

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4. Taxable outward supplies made to registered persons (including UIN- holders): All B2B supplies should be mentioned in this section.4A. Under this head invoice wise details of all supplies made other than those under reverse charge and supplies made through e-commerce operator should be mentioned in this section.

4B. All outward supplies on which reverse charge is applicable and which has been excluded in 4A should be shown here4C.Supplies made through e-commerce operator which attract TCS has to be reported here. The details have to be rate wise or operation wise

12

of all taxable supplies made (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both.

1. GSTIN

2. (a) Legal name of the Registered Person

(b) Trades Name, if any.

3. (a) Aggregate Turnover in the proceding Financial Year (b) Aggregate Turnover - April to June, 2017

4. Taxable outward supplies made to registered persons (including UIN-Holders) other than Supplies coverd by Table 6

GSTIN/ UIN

Invoice Details No. Date Value

Rate Taxable Value

Amount Place of Supply (Name

of State /UT

1 2 3 4 5 6 7 8 9 10 11

4A. Supplies other than those (i) attarcting reverse charge & (ii) supplies made through e-commerce Opreator

4B. Supplies attracting tax on reverse charge basis

4C. Supplies made through e-commerce oprator attracting TCS (Oprator wise rate wise)

GSTN e-commerce oprator



GSTIN/ UIN

Invoice Details No. Date Value

Rate Taxable Value

Amount

1 2 3 4 5 6 7 8

5A. Outword Supplies (other than tsupplies made through e-commerce Opreator (Oprator wise rate wise)

5B. Supplies made through e-commerce oprator attracting TCS (Oprator wise rate wise)GSTN E Commerce Oprator

6. Zero-rated supplies and deemed exports: All type of zero-rated supplies, exports, deemed exports (supply to SEZ, EOUs) has to be mentioned under this head. A registered dealer has to give details of invoice, bill of export or shipping bill.

5. Taxable outward inter-State supplies to unregistered persons where the invoice value is more than Rs 2.5 lakh. Invoice wise details of all supplies made to unregistered | dealers is to be mentioned here:5A.This will include B2B invoices i.e. sale to unregistered dealer and5B. The details of B2C supplies made online through e-commerce operator

5. Taxable outward inter-State supplies to unregistered persons where the invoice value is more than Rs 2.5 lakh.

GSTIN/ UIN

Invoice Details

No. Date Value Rate Taxable Value

Integrated Tax Place of Supply (Name

of State /UT

1 2 3 4 5 6 7 8 9 10

6A. Exports

6B. Supplies made to SEZ unit or SEZ Devloper

Shipping bill\Bill of export

6C. Deemed Export



Format has been updated by Notification No. 45/2017 – Central TaxNew Delhi dated 13th October 20177. This section contains a rate wise summary of all sales made during the month.7A. All sales including sales made through e-commerce operator has to be mentioned here. Also separate mention of supplies made through e-commerce operator should be declared here7B. B2C interstate supply along with place of supply i.e. name of state where invoice value is upto Rs 2.5 lakhs should be specified here

7. Taxable Supplies (Net of Debit notes and Credit Notes) to unregistered persons other than the supplies covered in Table 5

Rate of Tax Amount Integrated Central State Tax/UT Tax Cess

7A. Intra State Supplies

7A(2). Out of supplies mentioned at 7A(1), Value of Supplies made through e-commerce oprator attracting TCS(Operator wise, Rate wise)

Total Taxable Value

7A(1). Consolidated rate wise outword supplies made through e-Commerce oprators

1 2 3 4 5 6

GSTN e-commerce Oprator

7B Inter-State Supplies where invoice value is upto Rs. 2.5 Lakh (Rate wise)7B (1). Place of Supply (Name of the State)

GSTIN of e-commerce operator

8. Nil-rated, exempt and non-GST outward supplies: All the other supplies whether nil rated, exempt or non-GST which has not been reported under any of the above needs to be reported under this head. This need to be further bifurcated into Inter-State, Intra-State to registered and unregistered persons.



Nil-rated, exempt and non-GST outward supplies:

15

Decription Nil Rated Supplies

Exempted (other Than Nil

Rated/non-GST

Non-GSTSupplies

8A. Inter State Supplies to registred persons8B. Inter State Supplies to registred persons8C. Inter State Supplies to unregistred persons8D. Inter State Supplies to unregistred persons

9. Amendments to taxable outward supply details furnished in returns for earlier tax periods in table 4, 5 and 6 (including current and amended debit notes, credit notes, and refund vouchers):

Any correction to sales data submitted in the return of previous months pertaining to registered dealers can be done by filling in this section.

All debit notes, credit notes and refund voucher should also be entered here.





Details of Original

Document

Revised Details of docu-ments or details of original

Debit/Credit notes or refund Voucher

Rate Taxable Value

Amount Place of Supply

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 9A. If the invoice/shipping bill deatils furnished earlier were incorrected

9C. Debit Notes/Credit Notes/Refund voucher [amendents thereof]

GSTIN Inv.No.

Inv.Date

GSTIN Invoice ValueShippingBill

No. Date No. Date

IntegratedTax

Central Tax

State/UTTax

Cess

9B. Debit Notes/Credit Notes/Refund voucher [original]

10.Amendments to taxable outward supplies to unregistered persons furnished on returns for earlier tax periods: Point 9 was for details of supplies to registered dealer furnished in previous returns. This point is for making correction to regarding details of unregistered dealers both B to B and B to C provided in earlier returns.Amendments to taxable outward supplies to unregistered persons furnished on returns for earlier tax periods:

Rate of Tax Amount Integrated Central State Tax/UT Tax Cess

Tax period for which the details are revised

Total Taxable Value

1 2 3 4 5 6

GSTN e-commerce Oprator

Place of Supply (Name of the State)

10A. Intra state supplies [including Supplies made through e-commerce oprator attracting TCS (Oprator wise, Rate wise)

10B. Intra state supplies [including Supplies made through e-commerce oprator attracting TCS (Rate wise)

10B(1). Out of supplies mentioned at 10B, value of supplies made through e-Commerce operators attracting TCS (operator wise, rate wise) GSTN e-commerce Oprator



11.Consolidated Statement of Advances Received or adjusted in the current tax period, plus amendments from earlier tax periods. Mention all advances received during the earlier period corresponding to invoices raised during the current period. In this table, specify all advances received in the month for which invoice was not raised Consolidated Statement of Advances Received or adjusted in the current tax period, plus amendments from earlier tax periods.

17

Rate Amount Integrated Central State/UT Cess

1 Information for the current tax period

Gross Advance Recieved/Adjusted

1 2 3 4 5 6 7

11A (1). Intra state supplies (Rate wise)

11A (2). Intra state supplies (Rate wise)

11A. Advance amount recieved in the tax period for which invoice has not been issued (tax amount tobe added to output tax liability)

Place of Supply

11B. Advance amount recieved in earlier tax period and adjusted against the supplies being shown in this tax period in Table Nos. (4, 5, 6, and 7) 11B (1). Intra state supplies (Rate wise)

11B (2). Intra state supplies (Rate wise)

2 Amendent Information furnished in table No. 11[1] in GSTR-1 statement for earlier Tax period [Furnished revised information]

Month Amendment relating to information furnisher in S. No. (select) 11A(1) 11A(2) 11B(1) 11B(2)

12.HSN-wise summary of outward supplies: This section requires a registered dealer to provide HSN wise summary of goods sold

AmountTotalTaxable

Value CessCentral Tax

State Ut/Tax

Integrated-Tax

TotalValue

TotalQuantity

UQCDescriptionHSNSr. No.

1 2 3 4 5 6 7 8 9 10 11



13.Documents issued during the tax period: This head will include details of all invoices issues in a tax period, any kind of revised invoice, debit notes, credit notes etc.

18

13.Documents issued during the tax period: Sr. No.

Nature of document Sr. No. Total Number Cancelled Net Issued

From To1. Invoice for outword 2. Invoice for Inward Supply from supply Unregistered person3. Revised invoice

4. Debit Note5. Credit Note

6. Receipt Voucher

7. Payment Voucher

8. Refund Voucher

9. Delivery Challan for

10. Delivery Challan for supply on

11. Delivery Challan in case of

12. Delivery Challan in case other than by way

13.Documents issued during the tax period: This head will include details of all invoices issues in a tax period, any kind of revised invoice, debit notes, credit notes etc.

FILING GSTR-3B

1. What is GSTR-3B?GSTR-3B is a simple return form introduced by the CBEC for July 2017 to March 2018.GSTR-3B contains details of outward and inward supplies. Do note that you do not have to provide invoice level information in this form. Only total values for each field have to be provided.You must file a separate GSTR-3B for each GSTIN you have.The tax liability of GSTR-3B must be paid by the last date of filing GSTR-3B for that month.

2. When is GSTR-3B due?GSTR-3B has to be filed by 20th of next month till March 2018.For example, due date of return for the period November 2017 is 20th December 2017

3. Who should file GSTR-3B?Every person who has registered for GST must file the return GSTR-3B. This return form must be filed and submitted by you even if you do not have any transactions during these months.



However, the following registrants do not have to file GSTR-3B

• Input Service Distributors

• Composition Dealers

• Suppliers of online information and database access or retrieval services (OIDAR), who

have to pay tax themselves (as per Section 14 of the IGST Act)

• Non-resident taxable person

4. Revising GSTR-3B GSTR-3B cannot be revised. There is no way of revising GSTR-3B once it is filed. Hence

it is very important to calculate your taxes correctly before filing. You can use the

ClearTax GST Calculator for this.

5. Late Fee & Penalty Filing GSTR-3B is mandatory. Even if a business has no transactions during a month, it

will still have to file a nil return.

Interest @ 18% per annum is payable. It has to be calculated by the taxpayer on the

amount of outstanding tax to be paid. The time period will be from the next day of due

date for filing to the date of payment.

Late fees of Rs. 50 per day is to be paid for non-filing of GSTR-3B. Also, if there is a delay

in filing of Nil return the late fees is Rs. 20 per day (as per the 23rd GST Council meeting).

Note: Late fee for July, August, and September has been waived. Any late fees paid will

be credited back in Electronic Cash Ledger under ‘Tax’ and can be utilized to make GST

payments.

6. How to file GSTR-3B on ClearTax GST Software? You can file GSTR-3B using ClearTax GST Software. Here is a detailed step-by-step guide

on how to do that.

19



A lot of details have to be provided in GSTR-3B. Fetching each information required and

filling it in the form takes time and patience. But ClearTax GST Software makes it easy to

do so.

Once the purchase and sales details are imported or entered into the software, GSTR-3B

is auto-filled. You can also upload the data to the GST portal with a click of a button. The

software also calculates the GST Liability to be paid in advance. After uploading the details

and paying your GST liability you have to login to GST portal and file your GST return. It’s

that easy!

7. Should one file GSTR-3B even if there have been no sales or purchases in a month? Yes, GSTR-3B has to be filed by every registered person even if there are no

transactions in a month.

8. Are invoice-wise details required while filing the return? Only consolidated numbers are required in GSTR-3B. Invoice wise breakup is not

required.

9. How can you file GSTR-3B if you have two GSTINs in different states? No. GSTR-3B has to be filed for every GSTIN separately. The returns cannot be clubbed.

10. Will there be any invoice matching in GSTR-3B? Invoice matching is not done in GSTR-3B. This return is more of a self-declaration.



HOW ClearTax GST CAN HELP YOU BECOME GST-COMPLIANT

A cloud-based software, ClearTax GST software helps businesses, CAs and Tax Professionals

file timely and accurate GST returns. The software allows users to create all types of sales

and purchase invoices, has inbuilt validation engines and a reconciliation mechanism

that allows real-time invoice matching and correction. ClearTax GST also makes it easier

for CAs and Tax Professionals to file returns on behalf of their clients. The ClearTax GST

Bill-Boo helps in creating GST-compliant bills is an important part of compliance and the

Bill-Book helps businesses create accurate and 100% compliant bills online with added

customization. This is currently available for free on the ClearTax website.

ClearTax GST Offline is a no-internet tool for those businesses who do not have round-the-

clock internet access or are not very comfortable creating bills online, the Offline utility is

a lifesaver. It allows you to create all types of sales and purchase bills on Excel, which are

100% GST-compliant and accurate, and which can then be saved and printed and also

imported to ClearTax’s online portal for return filing. You can import these files in a single

click to our online return filing platform and file your returns easily.



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Disclaimer:On clicking the links provided in the document, you will be directed to the website of Defmacro Software Pvt. Ltd. (ClearTax). Since ClearTax website is governed by its respective policies, you will be agreeing to the terms & conditions as also any disclaimers/Terms of use Privacy Policy prescribed by ClearTax from time to time for availing its products and services. YES BANK will not be responsible in any manner whatsoever for confidentiality of the data shared by you and for any loss, damage, costs & charges direct or indirect incurred by you, arising out of or in connection with your access to the ClearTax website or for any deficiency in the services of ClearTax or for the failure or disruption of the website of ClearTax. The use of any service, products or information hosted on ClearTax website is at your sole risk and discretion. The information available on the website is subject to change, updating, revision, verification and amendment without notice and such information may change materially.

GST HANDBOOK Ver No.:- 1.0



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