Ready Reckoner to GST

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1 Ready Reckoner to GST Powered By

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3 From the Desk of MD & CEO, Chairman, The Goods & Services Tax (GST) is the most significant economic reform since liberalization launched in 1991, and envisages One Economic India. MSMEs are the backbone of the economy and it is vital to ensure that they are GST prepared. The GST regime will act as an enabler for a more efficient and a more productive economy, and the advantages are so numerous that this is the sort of reform that can create anywhere between 2.5-3% incremental GDP growth benefits after 2-3 years. The orientation period will be between 12 and 18 months, but the fact is that the commensurate gains are going to be so disproportionately higher that it is only a matter of time MSMEs will fathom the benefits. As India embarks on a journey of ONE NATION ONE TAX, YES BANK remains committed to mentoring MSMEs for excellence. Since inception, YES BANK has followed a unique knowledge-based approach that provides its stakeholders with well-informed and customized solutions. YES BANK has therefore launched YES GST programme for MSMEs under its MSME CSR initiative, Say YES to Sustainable MSMEs in India. Through the programme, the bank will help MSMEs understand the impact of the proposed changes and to make this transition to the new GST tax system a smooth one for the MSME and business community. I trust that the YES GST programme will enable MSMEs to make a smooth transition while adopting GST. INDIA bole YES! Sincerely, Rana Kapoor Managing Director & CEO, Chairman,

4 India s First Ready-to-use GST Software 3.6 lakhs SMEs/Businesses 22,000+ CAs and Tax Professionals 500+ Large Enterprises CA LOGIN CLIENT LOGIN GST Training Exclusive Offer for YES BANK Customers Simplify Your GST Return Filing & Billing Only software for real-time reconciliation with clients Free GST billing software for your clients 100% accuracy with Tax Validation Engine Access from any device, anytime, anywhere Comprehensive Reports and Analytics Create gst@cleartax.in

5 INDEX GST 1 GST VS OLD INDIRECT TAX STRUCTURE 2 SO, WHY IS GST A BIG DEAL? 3 Time, Place and Value of Supply under GST Explained 4 REGISTERING UNDER GST 5 GST Returns - How and When to File Them 6 What is GST Compliance Rating?

6 About YES BANK YES BANK, India s fourth largest private sector Bank, is an outcome of the professional entrepreneurship of its Founder Rana Kapoor and his highly competent top management team, to establish a high quality, customer centric, service driven, bank catering to the Sunrise Sectors of India. YES BANK is a Full Service Commercial Bank, and has steadily built a Corporate, Retail & SME Banking franchise,with a comprehensive product suite of Financial Markets, Investment Banking, Corporate Finance, Branch Banking, Business and Transaction Banking, and Wealth Management business lines across the country.

7 COMPLIANCE REQUIREMENTS POST 23 rd GST COUNCIL MEETING SECTION 1 - HIGHLIGHTS OF THE 23rd GST COUNCIL MEETING The 23rd GST Council Meeting held on the 10th of November, 2017, saw some major changes in the GST tax structure and compliance requirements. INDIRECT TAX The most important decisions taken during the meeting were: Tax rates for more than 178 items which were originally in 28% bracket have been reduced. These items have been moved to the lower tax brackets of 12%, 5%, and 0%. To know the updated GST rates please check Turnover threshold limit for registering under Composition Scheme has been increased to INR 1.5 crore from 1 crore. There have been other changes in the Composition Scheme rules. CENTRAL TAX Excise Tax Service Tax Customs Tax STATE TAX Entry Tax VAT/CST Tax Tax on Lottery Luxury Tax Advert. Tax All service providers registered on e-commerce platforms with turnover limit less than INR 20 lakhs are exempt from seeking GST registration. All registered businesses will have to 01

8 file only GSTR-1 and GSTR-3B until 31st March GSTR-2 and GSTR- 3 returns have been put on hold for the duration. Compliance requirements for small businesses under the threshold limit of INR 1.5 crores have been relaxed. There is a relaxation in timelines for The rates for the restaurant and hospitality industry have also been reduced. Most restaurants will now charge 5% GST. These will not be able to claim IITC anymore. Restaurants in starred hotels with room tariff of INR 7,500 and above will charge 18% GST. They will be claim ITC. Outdoor catering is taxed at 18% with ITC. All these changes will come into effect prospectively from 15th November. Now, let s look at these changes in detail: Changes in Composition Scheme The Composition Scheme limit has now increased been to Rs 1.5 crore (it can be extended to Rs 2 crore later). The other changes in this scheme which will be beneficial to SMEs are: Rate change: Manufacturers & Traders registered under Composition Scheme will pay GST at 1 % GST. SMEs can now exclude exempt goods when calculating annual turnover. The tax of 1% will be charged only on the turnover of taxable goods. For instance: Children s drawing books are exempt under GST (0%). But, other stationery items are taxed at 5%. Hence, a stationery supplier will exclude children s drawing 02

9 books from his annual turnover when calculating tax liability. GST Traders supplying both goods and services (services not exceeding Rs 5 lakhs in total) are also eligible for Composition Scheme. In this case the total turnover from both goods and services should not cross INR 1.5 crores annually. Manufacturer A Maharashtra CGST + SGST The deadline for filing GSTR-4 return for the July-September quarter has been extended to 24th December. The dates for the other quarters have yet to be notified. The Council has also clarified that businesses registered under Composition Scheme cannot make inter-state sales. As before, the benefit of claiming Input Tax Credit is not available for these businesses. Dealer B Maharashtra IGST Trader C Rajasthan CGST + SGST Relief in GSTR Compliance Requirements All businesses will only file GSTR-1 and GSTR-3B returns till March The GSTR-2 and GSTR-3 filing dates for July 2017 to March 2018 will be worked out later by a Committee of Officers. Businesses with annual turnover under INR 1.5 crores will file GSTR-1 on a 03 User D Rajasthan

10 quarterly basis. Those above this turnover limit will file GSTR-1 on a monthly basis. All businesses will file GSTR-3B by 20th of next month till March Extension of GSTR-1 filing due dates For turnover upto Rs 1.5 cr Period (Quarterly) Due dates July- Sept 31 st Dec 2017 Oct- Dec 15 th Feb 2018 Jan- Mar 30 th April 2018 For turnover of more than Rs 1.5 cr Period (Quarterly) Due dates July to Oct 31 st Dec 2017 Nov 10 th Jan 2018 Dec 10 th Feb 2018 Jan 10th Mar 2018 Feb 10th Apr 2018 March 10th May

11 Dynamic and Integrated Banking Solutions only with YES BANK CURRENT ACCOUNT Current Account with 3 tier of benefits Sign Up in any tier basis your need Single Minimum Commitment across Tiers Auto Upgrade to Higher Tier * Value Added Facilities to manage your business better *T & C Apply, Please visit or enquire with the Branch for further Details (Toll Free for Mobile & Landlines in India) Give a Missed Call on **BANK (**2265)

12 Others GSTR filing extensions Return For Period Due Date GSTR 5 (For NRIs) July - October 11th Dec 2017 GSTR 5A July - October 15th Dec 2017 GSTR-4 (for Composition Dealers) July -Sep 24th Dec 2017 TRAN-1 27th Dec 2017 GSTR-6 (for Input Service Distributor) July 31st Dec 2017 ITC-04 (for job work) July - Sep 31st Dec 2017 Relief for Service Providers All service providers with turnover up to Rs 20 lakhs exempt from GST registration. Including those who supply inter-state or supply through e-commerce operator, such service providers do not have to register. paid for these months will be credited back in the Electronic Cash Ledger under Tax and can be utilized to make GST payments. Manual filing for Advance Ruling application will be introduced soon. Other Relief Measures for Taxpayers Late fees reduced - For delayed filing of NIL returns, late fee has been reduced from INR 200 per day to INR 20 per day. Export of services to Nepal and Bhutan are exempt from GST and businesses have now been allowed to claim refund of Input Tax Credit paid for these transactions, if any. Late fee credit - Late fees for GSTRfor 3B of July, August and September have been waived. Any late fees 06 TRAN-1 can be revised till 31st December Revisions can be done only once.

13 SECTION 2 - WHAT DOES AN SME NEEDS TO BE GST-COMPLIANT In light of the recent announcements, let us now look at the compliance requirements for Indian SMEs. Since GSTR-1 and GSTR-2 are currently on hold, it is vital for businesses to focus on preparing correct invoices and file GSTR-1 and GTSR-3B returns on time. INVOICING UNDER GST As a GST registered dealer, you are required to provide GST Invoices, also known as bills to your clients. The following FAQs will help you understand the invoicing process better: Intra State Supply of Goods 1. What is a GST Invoice? An invoice or a bill is a list of goods sent or services provided, along with the amount due for payment. You can create GST compliant invoices FREE of cost using ClearTax BillBook Software. 2. Who should issue GST Invoice? If you are a GST registered business, you need to provide GST-complaint invoices to your clients for sale of good and/or services. Your GST registered vendors will provide GST-compliant purchase invoices to you. Location of Supplier Kloud Kreations pvt. Ltd Karnataka Intra-State SUPPLY OF GOODS Charged Tax: SGST CGST Intra State Supply of Goods Karnataka 3. What are the mandatory fields a GST Invoice should have? A tax invoice is generally issued to charge the tax and pass on the input tax credit. A GST Invoice must have the following mandatory fields: Invoice number and date Customer name Shipping and billing address 07

14 Customer and taxpayer s GSTIN (if registered)** Place of supply HSN code/ SAC code Item details i.e. description, quantity (number), unit (meter, kg etc.), total value Taxable value and discounts Rate and amount of taxes i.e. CGST/ SGST/ IGST Details of whether GST is payable on reverse charge basis Signature of the supplier **If the recipient is not registered AND the value is more than Rs. 50,000 then the invoice should carry: Name and address of the recipient Address of delivery State name and state code 4. By when should you issue invoices? The GST Act has defined time limit to issue GST tax invoices, revised bills, debit notes, and credit note. Following are the due dates for issuing an invoice to customers: Goods (Normal Case) On or before date of removal/delivery Goods (Continous Supply) On or before date of issue of account statement Services (General Case) Within 30 days of supply services Services (Banks & NBFC s) Within 45 days of supply services 5. How to personalize GST Invoices? You can personalize your invoice with your company s logo. The ClearTax BillBook allows you to create and personalize GST Invoice free of cost. 6. What are other types of invoices? a) Bill of Supply A bill of supply is similar to a GST invoice except for that bill of supply does not contain any tax amount as the seller cannot charge GST to the buyer. A bill of supply is issued in cases where tax cannot be charged, such as: Registered person is selling exempted goods/services Registered person has opted for composition scheme If a registered person is supplying taxable as well as exempted goods/ services to an unregistered person, then he can issue a single invoice-cum-bill of supply for all such supplies. b) Aggregate Invoice If the value of multiple invoices is less than INR 200 and the buyer is unregistered, the seller can issue an aggregate or bulk invoice for the multiple invoices on a daily basis. For example, you may have issued 3 invoices in a day of INR 80, INR 90 and INR 120. In such a case, you can issue a single invoice, totaling INR 290, which is called an aggregate invoice. 08

15 c) Debit and credit note Decreasing in invoice value Debit Note GST increasing in invoice value Credit Note Purchaser Seller Purchaser Seller Credit Note Debit Note A debit note is issued by seller when the amount payable by buyer to seller increases. This can happen when: Tax invoice has a lower taxable value than the amount that should have been charged Tax invoice has a lower tax value than the amount that should have been charged A credit note is issued by seller when the value of invoice decreases. This can happen when: Tax invoice has a higher taxable value than the amount that should have been charged Tax invoice has a higher tax value than the amount that should have been charged Buyer refunds the goods to the supplier Services are found to be deficient 7. Can you revise invoices issued before GST? Yes. You can revise invoices issued before GST. Under the GST regime, all the dealers must apply for provisional registration before getting permanent registration certificate. Refer to this image below to understand the protocol of issuing a revised invoice: Date of implementation of GST Invoice Issued between Issue a revised invoice Date of implementation of GST Date of implementation of GST This applies to all the invoices issued between the date of implementation of GST and the date your registration certificate has been issued. As a dealer, you must issue a revised invoice against the invoices already issued. The revised invoice has to be issued within 1 month from the date of issue of the registration certificate. 09

16 8. How many copies of Invoices should be issued? For goods 3 copies For services 2 copies charge, on you must additionally mention that tax is paid on reverse charge, on the GST invoice. 12. Is it mandatory to maintain invoice serial number? Yes, invoice serial number must be maintained strictly. You may change the format by providing a written intimating the GST department officer along with reasons for the same. 13. Can I digitally sign my invoice through DSC? Yes, you can digitally sign invoice through DSC. 9. What is the process for GST Invoicing under Special Cases? In some cases, like banking, passenger transport, etc., the government has provided relaxations on the invoice format issued by the supplier. 10. What s the difference between invoice date and due date? Invoice date refers to the date when the invoice is created on the BillBook, while the due date is when the payment is due against the invoice. 11.How to issue an invoice under reverse charge? In case of GST payable under reverse FILING GSTR-1 1. What is GSTR 1? GSTR 1 is a monthly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales. GSTR-1 has a total of 13 sections. You can find a detailed guide on filing GSTR-1 at GSTR 1 Guide ClearTax GST 2. Why is filing GSTR 1 important? GSTR 1 contains details of all the sales transactions of a registered dealer for a month. The GSTR 1 filed by a registered dealer is used by the government to auto populate GSTR 3 for the dealer and GSTR 2A for dealers to whom supplies have been made. GSTR-1 should be filed even if there is nil 10

17 returns to be filed (no business activity) in the given taxable period. 3. When is GSTR 1 due? As per 23rd GST Council meeting of 6th October 2017 Businesses with annual turnover upto 1.5 crores will submit quarterly returns. Taxes will be paid quarterly. Turnover Period Due date Upto 1.5 CR July - Sept(quarterly) 31st Dec17 Above 1.5 CR July- Oct(monthly) 31st Dec17 Return Month Revised due Additional date comments GSTR-1 July Oct-17 3 rd October for persons with turnover more than Rs. 100 crores Due dates for filing of returns for August, September onwards will be notified later by the government. As per Notification No. 29/2017 dated 5th September 2017 Month Due Date for Filing GSTR-1 July 2017 Upto 10 th September August 2017 September 2017 onwards Upto 5 th October 10 th of next month 4. Who should file GSTR 1? Every registered person is required to file GSTR 1 irrespective of whether there are any transactions during the month or not. The following registered persons are exempt from filing GSTR 1: Input Service Distributors Composition Dealers Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act) Non-resident taxable person Tax payer liable to collect TCS Tax payer liable to deduct TDS 5. How to file GSTR 1 on Cleartax GST software? Make sure all your sales invoices are in the software either by using the ClearTax Bill Book or using Excel Import or importing through other software. You can then validate the data and upload to the government GST portal. 6. How to revise GSTR 1? GSTR 1 once filed cannot be revised. Any mistake made in the return can be revised in the next month s return. It means that if a mistake is made in September GSTR 1, rectification for the same can be made in October s GSTR Details to be provided in GSTR-1 1. Provide GSTIN (provisional id can also be used as GSTIN if you do not have a GSTIN) 2. Legal name of the registered person: Name of the taxpayer will be autopopulated at the time of logging into the common GST Portal. 3. Aggregate Turnover in the preceding Financial Year and for April to June 2017: Aggregate Turnover is total value 11

18 of all taxable supplies made (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both. 1. GSTIN 2. (a) Legal name of the Registered Person (b) Trades Name, if any. 3. (a) Aggregate Turnover in the proceding Financial Year (b) Aggregate Turnover - April to June, Taxable outward supplies made to registered persons (including UINholders): All B2B supplies should be mentioned in this section. 4A. Under this head invoice wise details of all supplies made other than those under reverse charge and supplies made through e-commerce operator should be mentioned in this section. 4B. All outward supplies on which reverse charge is applicable and which has been excluded in 4A should be shown here 4C.Supplies made through e-commerce operator which attract TCS has to be reported here. The details have to be rate wise or operation wise 4. Taxable outward supplies made to registered persons (including UIN-Holders) other than Supplies coverd by Table 6 GSTIN/ UIN Invoice Details No. Date Value Rate Taxable Value Amount Place of Supply (Name of State /UT A. Supplies other than those (i) attarcting reverse charge & (ii) supplies made through e-commerce Opreator 4B. Supplies attracting tax on reverse charge basis 4C. Supplies made through e-commerce oprator attracting TCS (Oprator wise rate wise) GSTN e-commerce oprator 12

19 5. Taxable outward inter-state supplies to unregistered persons where the invoice value is more than Rs 2.5 lakh. Invoice wise details of all supplies made to unregistered dealers is to be mentioned here: 5A.This will include B2B invoices i.e. sale to unregistered dealer and 5B. The details of B2C supplies made online through e-commerce operator 5. Taxable outward inter-state supplies to unregistered persons where the invoice value is more than Rs 2.5 lakh. GSTIN/ UIN Invoice Details No. Date Value Rate Taxable Value Amount A. Outword Supplies (other than tsupplies made through e-commerce Opreator (Oprator wise rate wise) 5B. Supplies made through e-commerce oprator attracting TCS (Oprator wise rate wise) GSTN E Commerce Oprator 6. Zero-rated supplies and deemed exports: All type of zero-rated supplies, exports, deemed exports (supply to SEZ, EOUs) has to be mentioned under this head. A registered dealer has to give details of invoice, bill of export or shipping bill. GSTIN/ UIN Invoice Details Shipping bill\ Bill of export No. Date Value Rate Taxable Value Integrated Tax Place of Supply (Name of State /UT A. Exports 6B. Supplies made to SEZ unit or SEZ Devloper 6C. Deemed Export 13

20 Format has been updated by Notification No. 45/2017 Central Tax New Delhi dated 13th October This section contains a rate wise summary of all sales made during the month. 7A. All sales including sales made through e-commerce operator has to be mentioned here. Also separate mention of supplies made through e-commerce operator should be declared here 7B. B2C interstate supply along with place of supply i.e. name of state where invoice value is upto Rs 2.5 lakhs should be specified here 7. Taxable Supplies (Net of Debit notes and Credit Notes) to unregistered persons other than the supplies covered in Table 5 Rate of Tax Total Taxable Amount Value Integrated Central State Tax/UT Tax Cess A. Intra State Supplies 7A(1). Consolidated rate wise outword supplies made through e-commerce oprators 7A(2). Out of supplies mentioned at 7A(1), Value of Supplies made through e-commerce oprator attracting TCS(Operator wise, Rate wise) GSTN e-commerce Oprator 7B Inter-State Supplies where invoice value is upto Rs. 2.5 Lakh (Rate wise) 7B (1). Place of Supply (Name of the State) GSTIN of e-commerce operator 8. Nil-rated, exempt and non-gst outward supplies: All the other supplies whether nil rated, exempt or non-gst which has not been reported under any of the above needs to be reported under this head. This need to be further bifurcated into Inter-State, Intra-State to registered and unregistered persons. 14

21 Nil-rated, exempt and non-gst outward supplies: Decription 8A. Inter State Supplies to registred persons 8B. Inter State Supplies to registred persons 8C. Inter State Supplies to unregistred persons 8D. Inter State Supplies to unregistred persons Nil Rated Supplies Exempted (other Than Nil Rated/non- GST Non-GST Supplies 9. Amendments to taxable outward supply details furnished in returns for earlier tax periods in table 4, 5 and 6 (including current and amended debit notes, credit notes, and refund vouchers): Any correction to sales data submitted in the return of previous months pertaining to registered dealers can be done by filling in this section. All debit notes, credit notes and refund voucher should also be entered here. 9. Amendments to taxable outward supply details furnished in returns for earlier tax periods in table 4, 5 and 6 (including current and amended debit notes, credit notes, and refund vouchers): 15

22 9. Amendments to taxable outward supply details furnished in returns for earlier tax periods in table 4, 5 and 6 (including current and amended debit notes, credit notes, and refund vouchers): Details of Original Document GSTIN Inv. No. Inv. Date Revised Details of documents or details of original Debit/Credit notes or refund Voucher GSTIN Invoice Shipping Value Bill No. Date No. Date Rate Taxable Value Integrated Tax Central Tax Amount A. If the invoice/shipping bill deatils furnished earlier were incorrected 9B. Debit Notes/Credit Notes/Refund voucher [original] 9C. Debit Notes/Credit Notes/Refund voucher [amendents thereof] State/UT Tax Cess Place of Supply 10.Amendments to taxable outward supplies to unregistered persons furnished on returns for earlier tax periods: Point 9 was for details of supplies to registered dealer furnished in previous returns. This point is for making correction to regarding details of unregistered dealers both B to B and B to C provided in earlier returns. Amendments to taxable outward supplies to unregistered persons furnished on returns for earlier tax periods: Rate of Tax Total Taxable Amount Value Integrated Central State Tax/UT Tax Cess Tax period for which the details are revised 10A. Intra state supplies [including Supplies made through e-commerce oprator attracting TCS (Oprator wise, Rate wise) GSTN e-commerce Oprator 10B. Intra state supplies [including Supplies made through e-commerce oprator attracting TCS (Rate wise) Place of Supply (Name of the State) 10B(1). Out of supplies mentioned at 10B, value of supplies made through e-commerce operators attracting TCS (operator wise, rate wise) GSTN e-commerce Oprator 16

23 11.Consolidated Statement of Advances Received or adjusted in the current tax period, plus amendments from earlier tax periods. Mention all advances received during the earlier period corresponding to invoices raised during the current period. In this table, specify all advances received in the month for which invoice was not raised Consolidated Statement of Advances Received or adjusted in the current tax period, plus amendments from earlier tax periods. Rate Gross Advance Place of Amount Recieved/Adjusted Supply Integrated Central State/UT Cess Information for the current tax period 11A. Advance amount recieved in the tax period for which invoice has not been issued (tax amount tobe added to output tax liability) 11A (1). Intra state supplies (Rate wise) 11A (2). Intra state supplies (Rate wise) 11B. Advance amount recieved in earlier tax period and adjusted against the supplies being shown in this tax period in Table Nos. (4, 5, 6, and 7) 11B (1). Intra state supplies (Rate wise) 11B (2). Intra state supplies (Rate wise) 2 Amendent Information furnished in table No. 11[1] in GSTR-1 statement for earlier Tax period [Furnished revised information] Amendment relating to information Month furnisher in S. No. (select) 11A(1) 11A(2) 11B(1) 11B(2) 12.HSN-wise summary of outward supplies: This section requires a registered dealer to provide HSN wise summary of goods sold Sr. No. HSN Description UQC Total Quantity Total Value Total Taxable Value Integrated- Tax Amount Central Tax State Ut/Tax Cess 17

24 13.Documents issued during the tax period: This head will include details of all invoices issues in a tax period, any kind of revised invoice, debit notes, credit notes etc. 13.Documents issued during the tax period: Sr. Nature of document Sr. No. Total No. Number From To 1. Invoice for outword 2. Invoice for Inward Supply from supply Unregistered person 3. Revised invoice 4. Debit Note 5. Credit Note 6. Receipt Voucher 7. Payment Voucher 8. Refund Voucher 9. Delivery Challan for 10. Delivery Challan for supply on 11. Delivery Challan in case of 12. Delivery Challan in case other than by way Cancelled Net Issued 13.Documents issued during the tax period: This head will include details of all invoices issues in a tax period, any kind of revised invoice, debit notes, credit notes etc. FILING GSTR-3B 1. What is GSTR-3B? GSTR-3B is a simple return form introduced by the CBEC for July 2017 to March GSTR-3B contains details of outward and inward supplies. Do note that you do not have to provide invoice level information in this form. Only total values for each field have to be provided. You must file a separate GSTR-3B for each GSTIN you have. The tax liability of GSTR-3B must be paid by the last date of filing GSTR-3B for that month. 2. When is GSTR-3B due? GSTR-3B has to be filed by 20th of next month till March 2018.For example, due date of return for the period November 2017 is 20th December Who should file GSTR-3B? Every person who has registered for GST must file the return GSTR-3B. This return form must be filed and submitted by you even if you do not have any transactions during these months. 18

25 However, the following registrants do not have to file GSTR-3B Input Service Distributors Composition Dealers Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act) Non-resident taxable person 4. Revising GSTR-3B GSTR-3B cannot be revised. There is no way of revising GSTR-3B once it is filed. Hence it is very important to calculate your taxes correctly before filing. You can use the ClearTax GST Calculator for this. 5. Late Fee & Penalty Filing GSTR-3B is mandatory. Even if a business has no transactions during a month, it will still have to file a nil return. 18% per annum is payable. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. The time period will be from the next day of due date for filing to the date of payment. Late fees of Rs. 50 per day is to be paid for non-filing of GSTR-3B. Also, if there is a delay in filing of Nil return the late fees is Rs. 20 per day (as per the 23rd GST Council meeting). Note: Late fee for July, August, and September has been waived. Any late fees paid will be credited back in Electronic Cash Ledger under Tax and can be utilized to make GST payments. 6. How to file GSTR-3B on ClearTax GST Software? You can file GSTR-3B using ClearTax GST Software. Here is a detailed step-by-step guide on how to do that. 19

26 A lot of details have to be provided in GSTR-3B. Fetching each information required and filling it in the form takes time and patience. But ClearTax GST Software makes it easy to do so. Once the purchase and sales details are imported or entered into the software, GSTR-3B is auto-filled. You can also upload the data to the GST portal with a click of a button. The software also calculates the GST Liability to be paid in advance. After uploading the details and paying your GST liability you have to login to GST portal and file your GST return. It s that easy! 7. Should one file GSTR-3B even if there have been no sales or purchases in a month? Yes, GSTR-3B has to be filed by every registered person even if there are no transactions in a month. 8. Are invoice-wise details required while filing the return? Only consolidated numbers are required in GSTR-3B. Invoice wise breakup is not required. 9. How can you file GSTR-3B if you have two GSTINs in different states? No. GSTR-3B has to be filed for every GSTIN separately. The returns cannot be clubbed. 10. Will there be any invoice matching in GSTR-3B? Invoice matching is not done in GSTR-3B. This return is more of a self-declaration. 20

27 HOW ClearTax GST CAN HELP YOU BECOME GST-COMPLIANT A cloud-based software, ClearTax GST software helps businesses, CAs and Tax Professionals file timely and accurate GST returns. The software allows users to create all types of sales and purchase invoices, has inbuilt validation engines and a reconciliation mechanism that allows real-time invoice matching and correction. ClearTax GST also makes it easier for CAs and Tax Professionals to file returns on behalf of their clients. The ClearTax GST Bill-Boo helps in creating GST-compliant bills is an important part of compliance and the Bill-Book helps businesses create accurate and 100% compliant bills online with added customization. This is currently available for free on the ClearTax website. ClearTax GST Offline is a no-internet tool for those businesses who do not have round-theclock internet access or are not very comfortable creating bills online, the Offline utility is a lifesaver. It allows you to create all types of sales and purchase bills on Excel, which are 100% GST-compliant and accurate, and which can then be saved and printed and also imported to ClearTax s online portal for return filing. You can import these files in a single click to our online return filing platform and file your returns easily. 21

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29 GST Give a Missed call at ** GST ( ** 478) Disclaimer: On clicking the links provided in the document, you will be directed to the website of Defmacro Software Pvt. Ltd. (ClearTax). Since ClearTax website is governed by its respective policies, you will be agreeing to the terms & conditions as also any disclaimers/terms of use Privacy Policy prescribed by ClearTax from time to time for availing its products and services. YES BANK will not be responsible in any manner whatsoever for confidentiality of the data shared by you and for any loss, damage, costs & charges direct or indirect incurred by you, arising out of or in connection with your access to the ClearTax website or for any deficiency in the services of ClearTax or for the failure or disruption of the website of ClearTax. The use of any service, products or information hosted on ClearTax website is at your sole risk and discretion. The information available on the website is subject to change, updating, revision, verification and amendment without notice and such information may change materially. GST HANDBOOK Ver No.:- 1.0

30 Give a Missed call at **GST(**478)