The COVID-19 pandemic has adversely affected the Indian Markets. Businesses are walking to halt on a microscopic level. Operating with minimum employees has made it tough to manage cash flow. Can hiring the best billing software help with tax compliance and other business operations?
Amidst the ongoing economic crisis, India’s government has offered several relaxations under the Income Tax Act and other tax laws. The GST Council has extended the deadline to file GSTR-3B for June and August.
Here’s what you need to know about filing GSTR-3B. Know how best billing software in India can ease filing GST returns.
What Is GSTR-3B?
GSTR-3B is one of the simple tax return forms implemented by the Central Board Excise and Customs (CBEC). Businesses registered under the GST regime must file GSTR-3B for July and August. The GST-1, GST-2, and GST-3 forms must be filed by September.
Who Needs to File GSTR-3B?
Taxpayers registered under the GST regime must file GSTR-3B. Businesses must file their tax returns even when Zero transactions have been made in a month.
However, the following classes of taxpayers are exempted from filing GSTR-3B amidst COVID-19
- Input service providers
- Non-resident taxable person
- Composition dealers
- Suppliers of OIDAR (Online Information & database access or retrieval Service)
Is It Possible to Revise GSTR-3B?
Once you file GST returns, the Income Tax Department will tally your claims according to the transaction reports.
In case your invoice details do not match with your preliminary information. You will be in serious trouble. It is impossible to revise the GSTR-3B form. Thus, file your GST returns carefully.
Make sure your details are accurate before submission. To rid from errors, file your GSTR-3B returns on Imprezz. File your returns with our exclusive invoice templates and solutions.
Penalties for Not Filing or Delayed Filing of GSTR-3B Form
The CBIC department has recently announced that there will be no charges penalized for the delay in filing GSTR-3B. It is applicable in cases when the liability of the taxpayer is NIL.
However, other taxpayers must pay RS. 50/- per day for failing to file or delay in filing GSTR-3B.
Avail the Updated GSTR-3B Format on Imprezz – the Best Billing Software
The updated GSTR-3B form on Imprezz is a standard format of filing returns. It includes:
- Your registered GSTIN number
- The name of your business registered under the law
- Details of sales and purchase orders accountable for reverse charges.
- Details of interstate sales made to the buyer under composition scheme, unregistered buyers, and UIN (Unique Identification Number) holders.
- Eligible Input Tax Credit
- Value of non-GST, nil-rated and inward supplies
- Payment of tax
- TDS/TCS credit
How to File GSTR-3B with Imprezz Software? – Best Billing Software in India
Imprezz automates filing GSTR-3B form. It can save a lot of money and a lot of time during the COVID-19 pandemic. You can focus on other significant business operations instead.
The auto-complete feature on Impress updates all the required details in just a click. The preview option enables you to edit the updated details from the GSTR-3B form before filing.
Our GST Export Tools will assist with the GST income form and help you file the GST return. We aim at reducing Tax Compliance time and significantly save costs. We are here to help you achieve all your GST goals with our Invoice Software Solutions.
Imprezz is one of the best invoicing and billing software in India. Avail online software at affordable prices.
The Process of Filing GST Returns Simplified – Latest Update
The GSTN has finally simplified the application of GSTR-3B. The aim is to create a less rigid and error-free system. The app is now updated to be user-friendly to enrich the user experience. Concerning several issues incurred in the past, changes have been made to make filing returns easier for the taxpayers.
According to PWC, the following changes have been made in the GST returns filing form:
1. Tax Payment:
The updated form enables the public to see the different payment modes in tax liability before submitting it. Unlike earlier filing, the taxpayer can now make changes even after filing the returns.
2. Challan Generation:
The manual challan generation process is now outdated. You can now generate challan with just a few clicks. The renewed process generates the challan with the cash amount payable from the balance available in the bank account.
3. Draft Return and Facility to Download:
The simplified version of filing GST return now has the downloading option available to save the drafts. It enables the taxpayers to re-check the returns filed offline.
At Imprezz.in, The draft can be downloaded at any stage of the filing process to verify the saved details offline.
4. Auto-Fill of Tax Amount:
Unlike earlier, the taxpayers have to fill either CGST or SGCT/UTGCT now. It saves time and rids taxpayers from errors. Other tax information is auto-filled manually.
File the tax compliance without errors and automate the entire process. Start 14 days free trial – to avail the free billing software on Imprezz.in – the best GST billing software for small businesses.
GST has abolished the cascading effect that taxes had on revenue by consolidating different taxes into one. The impact of GST has developed a transparent, ethical system. It has also helped India get better recognition in the international market.
However, Indian markets have dropped down drastically in the light of COVID-19. The government has released several reliefs and modifications to help taxpayers. Several amendments have been bought to light to ease the process of filing GST returns.
The implementation of lockdown and the current lifestyle phase has made it impossible to file tax returns offline. Automate the returns filing process by hiring the best billing software in India to cut costs and focus on higher management tasks.