GSTR-3: Guide on GSTR-3

  • Blog|GST & Customs|
  • 2 Min Read
  • By Taxmann
  • |
  • Last Updated on 2 December, 2022

Recent Posts

News, Blog, Insolvency and Bankruptcy Code

Interim Moratorium Barred Continuation of Proceedings u/s 138 of NI Act Against Petitioner Due to IBC’s Overriding Effect | HC

Blog, News, FEMA & Banking

Borrower’s Right to Redeem Secured Asset Ends on Publication of Notice u/s 9(1) of SI Rules, Not After Sale Completion | SC

Latest from Taxmann

What are the details which would be required to be submitted in GSTR-3?

Following details would be required to be submitted in GSTR-3 pertaining to inward and outward supplies of goods or services or both:  i. Input Tax Credit availed  ii. Tax payable  iii. Tax paid  iv. Such other particulars as may be prescribed    GSTR-3 would be consisting of two Parts i.e. Part A and Part B. Part A of the return shall be electronically generated on the basis of information furnished through GSTR-1, GSTR-2 and based on other liabilities of preceding tax periods. Part B of the GSTR-3 would contain details of discharge of liability by debit through electronic cash ledger and electronic credit ledger.

What would be the due date for deposit of Tax? 

The due date for deposit of tax for every person required to furnish return under GSTR-3, GSTR-4, GSTR-5 and GSTR-7 would be the last date on which he is required to furnish such return.

What are the parameters upon which a claim of Input Tax Credit would be matched and allowed to the recipient? 

Following details relating to the claim of input tax credit on inward supplies including imports shall be matched after the due date for furnishing the return in FORM GSTR-3: (a) GSTIN of the supplier; (b) GSTIN of the recipient; (c) invoice or debit note number; (d) invoice or debit note date; and (e) tax amount. Claim of input tax credit in respect of invoices and debit notes in FORM GSTR-2 that were accepted by the recipient on the basis of FORM GSTR-2A without amendment shall be treated as matched if the corresponding supplier has furnished a valid return.  Further, claim of input tax credit shall be considered as matched where the amount of input tax credit claimed is equal to or less than the output tax paid on such tax invoice or debit note by the corresponding supplier.  The final acceptance of claim of input tax credit shall be made available electronically to the registered person making such claim in FORM GST MIS-1.
Related Articles:
 

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Comments are closed.

«
»

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied