Just a moment...

⚠✕
❮ Top
☎ Help
Upgrade to AI Search ✕

We've upgraded AI Search on TaxTMI with two powerful modes:

1. Basic
• Quick overview summary answering your query with references• Category-wise results to explore all relevant documents on TaxTMI

2. Advanced
• Includes everything in Basic
• Detailed report covering:
     -   Overview Summary
     -   Governing Provisions [Acts, Notifications, Circulars]
     -   Relevant Case Laws
     -   Expert views from TaxTMI
     -   Practical Guidance with immediate steps and dispute strategy

• Also highlights how each document is relevant to your query, helping you quickly understand key insights without reading the full text.Help Us Improve - by giving the rating with each AI Result:

Explore AI Search →

Powered by Weblekha - Building Scalable Websites

☰
×

By creating an account you can:

Logo TaxTMI
>
Keyword Search :
AI Search : New
Ask tax questions in natural language. Powered by AI trained on the TaxTMI legal database. Use AI Search ➞
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :

Print Options

+ Post an Article
Post a New Article ✕
Title :
0/200 char
Description :
Max 0 char
Category :
Co Author :

In case of Co-Author, You may provide Username as per TMI records

Delete Reply

Are you sure you want to delete your reply beginning with '' ?

Delete Issue

Are you sure you want to delete your Issue titled: '' ?

Articles

Back

All Articles

Advanced Search ❮
Reset Filters
Search By:
Search by Text :
Press 'Enter' to add multiple search terms
Select Date:
FromTo
Category :
Sort By:
Relevance Date
PrevPreviousNextNext

GSTR-3B date extended for those opting to avail transitional credit

Bimal jain
Transitional credit eligibility extended: filing deadline adjusted for taxpayers claiming transitional credit before return submission. Staggered GSTR-3B deadlines allocate distinct procedures for taxpayers who do or do not claim transitional credit: non-claimants must deposit calculated tax in cash to the electronic cash ledger by the initial due date and file GSTR-3B by that date; claimants must deposit an initial cash amount by the same date, file TRAN-1 before GSTR-3B, pay any shortfall with interest from the next day, and may file GSTR-3B by the extended date after debiting transitional credit or electronic ledgers. (AI Summary)

The GST Council had earlier decided to defer the filing of return in Form GSTR-3 and had recommended the filing of return in Form GSTR-3B for the month of July and August, 2017. Accordingly, the Central Government vide Notification No. 21/2017-Central Tax dated August 8, 2017 had notified the last date for filing of return in Form GSTR-3B for the month of July, 2017 as August 20, 2017.

Recently, concerns have been raised by the trade about availability of transitional credit for discharging the tax liability for the month of July, 2017 as there was no separate column for the same in Form GSTR-3B. In this regard, the Commissioner on recommendations of the GST Council vide Notification No. 23/2017-Central Tax dated August 17, 2017 read with Press Releases dated August 17, 2017, has specified the date and conditions for filing the return in Form GSTR-3B in the following manner:

Sl. No.

Class of registered persons

Last date for furnishing of return in Form GSTR-3B

Conditions

A.

Registered persons entitled to avail input tax credit (“ITC”) in terms of section 140 of the CGST Act, 2017 read with Rule 117 of the CGST Rules, 2017 but opting not to file Form GST TRAN-1 on or before the August 28, 2017

August 20, 2017

------

B.

Registered persons entitled to avail ITC in terms of section 140 of the CGST Act, 2017 readwith Rule 117 of the CGST Rules, 2017 and opting to file Form GST TRAN-1 on or before the August 28,2017

August 28, 2017

  1. Compute the “tax payable” for the month of July, 2017 and deposit the same in cash onor before the August 20, 2017, which will get credited to electronic cash ledger;
  2. File Form GST TRAN-1 (which will be available on the common portal from August 21, 2017) before the filing of Form GSTR-3B;
  3. Where the amount of tax payable 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 on or before August 28, 2017 along with the applicable interest @18% calculated from the 21st day of August, 2017 till the date of such deposit. This amount will also get credited to electronic cash ledger.
  4. File the return in Form GSTR-3B on or before August 28, 2017 after discharging the tax liability by debiting the electronic credit or cash ledger.

C.

Any other registered person

August 20, 2017

------

Steps to be followed in aforementioned Case A& C: Assessee not opting to avail transitional credit

Where registered persons planning not to avail transitional credit for discharging the tax liability for the month of July, 2017 or new registrants who do not have any transitional credit to avail, need to follow the steps as detailed below:

  1. Calculate the tax payable as per the following formula:

Tax payable = (Output tax liability + Tax payable under reverse charge) – input tax credit availed for the month of July, 2017;

  1. Tax payable as per (i) above to be deposited in cash on or before August 20, 2017 which will get credited to electronic cash ledger;
  2. File the return in FORM GSTR-3B on or before August 20, 2017 after discharging the tax liability by debiting the electronic credit or cash ledger.

Steps to be followed in aforementioned Case B: Assessee opting to avail transitional credit

Registered persons planning to avail transitional credit for discharging the tax liability for the month of July, 2017 need to follow the steps as detailed below:

  1. Calculate the tax payable as per the following formula:

Tax payable = (Output tax liability + Tax payable under reverse charge) – (transitional credit + input tax credit availed for the month of July, 2017);

  1. Tax payable as per (i) above to be deposited in cash on or before August 20, 2017 which will get credited to electronic cash ledger;
  2. File FORM GST TRAN-1 (which will be available on the common portal from August 21, 2017) before filing the return in FORM GSTR-3B;
  3. In case the tax payable as per the return in FORM GSTR-3B is greater than the cash amount deposited as per (ii) above, deposit the balance in cash along with interest @18% calculated from August 21, 2017 till the date of such deposit. This amount will also get credited to electronic cash ledger;
  4. File the return in FORM GSTR-3B on or before August 28, 2017 after discharging the tax liability by debiting the electronic credit or cash ledger

Please click below for details:

Notification-http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-23-central-tax-english.pdf

Press Release-http://www.cbec.gov.in/resources//htdocs-cbec/press-release/press-note-gstr-form-3B.pdf

Press Release-http://www.cbec.gov.in/resources//htdocs-cbec/press-release/press-release-gst-transitional-credit.pdf

Hope the information will assist you in your Professional endeavours. In case of any query/ information, please do not hesitate to write back to us.

Thanks & Best Regards,                                                    

Bimal Jain

Goods and Services Tax - GST
answers
Sort by
+ Add A New Reply
Hide
+ Add A New Reply
Hide
Recent Articles