Types of GST Returns | GST RETURNS SERIES | GSTR3B - PART 2 ( GSTR 3B Detailed_ Sales Part)

Part 2 : GSTR return series - GSTR 3B Explanation continued in this video. A detailed walkthrough the sales part of GSTR 3B

9. So this is what you are seeing now. Your GSTR-03B return coming pre-filled. So lets discuss how?
10. So tax payer files his GSTR-01 on 11th of every month reporting his total sales. We will get into the intricacies of GSTR-01 in another video but lets keep it this vivid here – GSTR-01 is filed on 11th of every month reporting total turnover. So this sales tab that you are seeing here comes pre-filled from the turnover reported in GSTR-01. So you made B2B sales or B2C sales – issued credit notes or debit notes – made amendments and what not in your GSTR-01 – gets picked up by the system and reflects in this table.
11. Similarly, if you have made any exports – whether with payment or without payment – gets picked up and reflected here in this box. Similarly if you have made any sales which are exempt from GST and reported the same in GSTR-01 – it gets picked up and reflects here. So basically your sales data which is reported in GSTR-01 gets picked up and reflects in the Table 3 of your GSTR-3B auto-matically.
12. It is important to note here that this function was never there before. It is a latest addition to the GST portal. Only since the last 2 months. Most people are opening their 3B returns and are shocked what are these numbers where are they coming from who has entered all these. So worry no more. These are simply picked up from sales reported in GSTR-01 filed.
13. So you see your sales are more or less freezed.
14. Now lets get your purchases and the ITC thereon. Table 4 of the return deals with the input tax credit you should get. And as you can see – that’s also prefilled. So here is an interesting backstory again.
15. Once all GSTR-01 are filed by 11th and GSTR-06 returns are filed by 13th, the system summarises the total input tax credit available to a tax payer basis the GSTR-01 returns filed by vendors.
16. So Say X has sold goods to Y. So X has to collect GST from Y and make payment of the same. The GST paid by Y is available to Y as input tax credit. The sale of X is reported by X in his GSTR-01 against Y’s GSTIN. So the system picks it up and auto-reflects the same as Y’s input tax credit. And so on and so forth. Basis the GSTR-01 returns filed by your suppliers, the input tax credits gets auto-populated into your return. Table 4 of GSTR-3B gets prefilled with this number.
17. So that is why we see this input tax credit here.

#GSTRETURNSSERIES #GSTR3B #GSTSALES

[humanresource]

Thank you! Best Video for latest GST Knowledge. You have been able to explain everything in depth in just few minutes.

[ramsankar]

Awesome mam..Its very useful for articleship beginner...

[arjunaraoseeramreddy]

Thank you madam given good information to us