GSTR 3B transaction draft report now available from tax authorities
India is to introduce pre-filled Goods & Services transaction report, GSTR 3B, will now be pre-completed for taxpayers from 1 January 202. This is based on India e-invoice submissions and of all its suppliers filed earlier in the reporting month in form GSTR 1.
GSTR-3B is a self-declared summary GST return filed every month (quarterly for the small business QRMP scheme. It contains the following sections:
- Details of business activities and tax liabilities for the current tax period.
- This month’s GST-return related information, including Return Status.
- Tax totals on outward and inward supplies liable to reverse charge, Central, State and CESS
- Interstate supplies (supplies made to unregistered persons, composition taxable persons, UIN holders)
- Details pertaining to eligible ITC (Input Tax Credit)
- Exempt, nil and non-GST inward supplies
- Interest and late fee
- Payment of Tax
