7 Key Considerations for Filing Your Quarterly GSTR-3B Returns

Filing your quarterly GST returns, which include GSTR-1 and GSTR-3B, is a crucial task for businesses and enterprises. Accurate GSTR-3B filing is particularly significant as it lays the foundation for the submission of other essential returns, such as GSTR-9 and GSTR-9C, thereby helping you avoid penalties and fees.

Eligibility Under the QRMP Scheme

According to the Goods and Services Tax (GST) Act's QRMP scheme, all taxpayers with an aggregate annual turnover (PAN-based) up to ₹ 5 Crore in the current financial year and the preceding financial year (if applicable) are eligible for choosing to file GSTR-3B on a quarterly basis, provided they have filed their last due Form GSTR-3B return.

Benefits of Quarterly Return Filing

Quarterly return filing offers several advantages for businesses:

1. Reduced Compliance Costs: Businesses can switch from monthly to quarterly filing, reducing the cost of return compliance.
2. Lower Turnover Requirement: The threshold for enrollment into the system is lower.
3. Self-Assessment: It offers a self-assessment method for tax calculation and payment.
4. Flexible Filing Dates: Instead of filing every month, taxpayers get the option of choosing later due dates for filing GSTR-3B return.

Checklist for Filing Quarterly GSTR-3B

1. Monthly Tax Payments

Taxes should be paid on a monthly basis for each quarter using form PMT-06. This has to be done for the first two months and GSTR-3B for the last month.

2. GSTR-1 with Sale Register

Ensure that your GSTR-1 return is accurately reconciled with your sale register. This step is crucial for reporting your outward supplies, including sales to other businesses and consumers. Any discrepancies between the GSTR-1 data and your sale register should be rectified to maintain compliance.

3. GSTR-2B with Purchase Register

Verify and reconcile your GSTR-2B return with your purchase register. It's vital to cross-check the input tax credit (ITC) claimed against the purchase data. Accurate reporting of your purchases is essential to avoid any ITC-related issues.

4. Table 4 Accurate Report as per Circular 170

Table 4 of the GSTR-3B return deals with the details of eligible ITC. Ensure that the data in Table 4 aligns with the guidelines specified in Circular 170. Accurate reporting here is necessary to prevent potential disputes and maintain compliance.

5. Bifurcation of Segmentation within the Table

When filling out your GSTR-3B, it's important to segment and classify your data accurately within the relevant tables. Properly categorizing your transactions, such as intra-state and inter-state supplies, will help you report the data correctly and claim the right ITC.

6. Minimum Cash Payment for Liability Set-off

While reconciling your GSTR-3B, ensure that you meet the requirement for minimum cash payment for liability set-off. This is especially important if you have opted for quarterly filing. Complying with the specified cash payment criteria is essential to maintain a seamless filing process and stay in line with GST regulations.

7. Monthly Tax Payment

Registered persons who have opted to file GSTR-3B quarterly must pay the monthly taxes by depositing an amount equivalent to:

• 35% of the tax liability paid in the previous quarter for quarterly fillers.
• The monthly filers are required to deposit an amount equivalent to the total tax paid by them in the last month of the immediately preceding quarter, which accounts for 100% of the total tax liability.

8. Depositing Tax

You must pay tax by depositing the amount by the 25th of the following month for the first and second months of the quarter via filing form GST PMT-06.

How GSTrobo Excels in GSTR-3B Filing

GSTrobo is an excellent choice for GSTR-3B filing due to its user-friendly interface and efficiency. It simplifies the process, reduces errors, and ensures timely compliance. With features like automated calculations, real-time data validation, and easy invoice uploading, GSTrobo streamlines the quarterly filing process, making it a preferred choice for businesses aiming for seamless and error-free GSTR-3B submissions.