In the last financial year there was a huge hue and cry about the Goods and Services tax that is the indirect tax system in India. The GST council that rolled out this tax, came together 26 times since 2016. After the last GST Council meeting that took place on 10th March 2018, there are many changes in policies and tax revisions that came into being.
Now, its time to move on from GST system to GSTR-3B, well you must be thinking what is GSTR or GSTR-3B for that matter, is all about?
GSTR-3B is an alternative form of GSTR-3, the council introduced this form to make the transition of businesses from the previous tax system to GST system smooth. It was a calculated measure and the use of this form has been extended to June 2018. You can visit the official government website for the detailed user manual.
GSTR-3B is a bit different and more user-friendly as compared to the original form that is GSTR-3. GSTR-3B does not require the compressed invoices between the supplier and buyer, which means that these two parties can file form GSTR-3B separately. This exercise basically avoids the delay in cross-checking the details between the supplier and the buyer.
The Government has made certain changes on in this form to make it more user-friendly. Here are the changes that came into being: –
- Your total tax liability can now be seen on pre-submission as opposed to after the submission.
- The draft return may be downloaded so that the taxpayer can verify details offline, before filing the returns, in order to avoid errors.
- Each tax that is the SGST, CGST, and IGST, does not require manual filling of the details. You can enter any one tax, and the others will be generated automatically. For instance, when CGST is entered, SGST and IGST will be generated automatically.