The Central Government on Thursday notified the conditions for furnishing the return in FORM GSTR-3B electronically through the common portal for the month of July, 2017, for the prescribed registered persons.
FORM GSTR-3B is form for claiming transitional input tax credit not being available on the GSTN website. This form will be available on the GSTN website from 21st August, 2017.
A press release issued by the Ministry of Finance yesterday had clarified that those taxpayers who do not want to claim any transitional input tax credit have to necessarily pay the tax and file return in Form 3B before the due date of 20th August, 2017.
GSTR 3B is a simple return form introduced by the CBEC for the month of July and August. Tax payers must file a separate GSTR 3B for each GSTIN they have.
The Notification stated that the registered persons entitled to avail input tax credit in terms of section 140 of the CGST Act read with rule 117 of the said Rules and opting to file FORM GST TRAN-1 on or before the 28th August, 2017, should comply with the following conditions,
(i) compute the “tax payable under the said Act” for the month of July, 2017 and deposit the same in cash as per the provisions of rule 87 of the said Rules on or before the 20th August, 2017;
(ii) file FORM GST TRAN-1 under sub-rule (1) of rule 117 of the said Rules before the filing of FORM GSTR- 3B;
(iii) where the amount of tax payable under the said Act for the month of July, 2017, as detailed in the return furnished in FORM GSTR-3B, exceeds the amount of tax deposited in cash as per item (i), the registered person shall pay such excess amount in cash in accordance with the provisions of rule 87 of the said Rules on or before 28th August, 2017 along with the applicable interest calculated from the 21st day of August, 2017 till the date of such deposit.
Read the Full Text of the Notification Below
