Steps to Export GST Data to File GSTR 3B Form

With CBEC announcing GSTR 3B filing for the month of July & August, numberz is introducing a simple 3-step procedure to help you with filing easily and hassle-free.

Prerequisite steps to export GST Transaction data –

  • Account on numberz platform
  • Raw transaction data for the month of July 2017

Step 1: Log in to numberz account and click on ‘Reports’ located in left side bar. 

 

Pro-Tip: You can also download business reports from here such as – Cashflow & Invoice report etc.

Step 2: In the upper horizontal tabs, look out for ‘GST’ tab right next to ‘Business’ tab
Highlighted in Yellow

Pro-tip: Are you missing any reports? Click on ‘Don’t see the report you want?’ link to flag the issues and we will sort it out for you!

Step 3: Download GST transactions for July Period. You can do this by choosing ‘Start Date’ & ‘End Date’. Click on download button to get the file.

Step 4: Voila! You have now downloaded the raw GST transaction data in Excel format.

Step 5: You need to convert the downloaded data into a report or format as required by Form GSTR 3B

Note:
A) You can use numberz GST filing solution. Learn more here or call +91-9015446666
B) If you are using professional help (via CA) or a different tax filing solution, then the downloaded transaction file needs to be used to compute the reports for filing GSTR 3B

Step 6: File form GSTR 3B through GST Portal.  Click on ‘Login’ at upper right corner and proceed to returns dashboard. You can enter the data for each section from the downloaded transaction details.

Happy GST
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Composition scheme under Goods and Service Tax

GST Composition Scheme: All you Need to Know

The Goods and Services Tax, i.e. GST is going to completely transform the Indian business industry. From improved transparency to the elimination of double taxes there is a slew of welcoming changes associated with the new regimen. However, not everyone is liable to register under then new GST scheme. If your annual turnover is below the threshold, then you don’t have to register for GST, but rather a separate branch under it, which is the composition scheme.

The following are some of the key points you must know about the GST composition scheme:

Eligibility

The GST council has released a threshold limit to decide which taxpayers should be allowed to come under the composite scheme. If your annual turnover is below this limit then you can opt for the composition scheme.

The following explains the threshold limit:

For North East India, Uttrakhand, Himachal Pradesh, and Sikkim: The aggregate turnover of all the business verticals that come under then same PAN should be above Rs. 10 lakh for the preceding financial year but not higher than Rs. 50 lakhs.

For the Rest of India: The aggregate turnover of all the business verticals that come under then same PAN should be above Rs. 20 lakhs for the preceding financial year but not higher than Rs. 50 lakhs.

Input Tax Credit

A businessperson under the GST composition scheme cannot claim Input Tax Credit. This is one of the biggest drawbacks under this scheme. So, the merchants who are registered under regular GST regime will be able to offer lower prices on the same goods as yours by being able to claim a portion of the tax paid by then though ITC.

Tax Rate

Now, this is where you will be able to get a benefit over the regular GST merchants. The rate of tax levied under then GST composition scheme will be less than normal GST. However, it will still be at least 1% of the turnover of a financial year. The actual rate is expected to fall within 1% to 3%.

Voluntary Registration

To avail the benefits of the GST composition scheme you will need to register yourself on a voluntary basis, and that too every year. If your annual turnover crosses the threshold i.e. Rs. 50 lakh during any financial year you will automatically become liable to register under then regular GST scheme.

Note: If you are already working under the current VAT composition scheme then also you need to register under the new GST composition scheme on a voluntary basis.

Nature of Supplies

Only those merchants who supply within the same State can avail the benefits of the GST composition scheme. Thus, if your supplies are inter-state based then you don’t qualify for GST composition scheme.

Frequency of Returns

Normal taxpayers under the regular GST scheme have to file monthly returns via forms GSTR-1, GSTR-2, and GSTR-3. However, since the main objective of the GST composition scheme is to provide simplicity and ease in tax calculation, as GST composition merchant you will just need to file returns on a quarterly basis i.e. once every four months in a financial year.

Bill of Supply

The normal taxpayers under the regular GST scheme have to issue tax invoices. However, since GST composition dealers can’t claim tax inputs they have to issue a bill of supply instead.

Full Applicability

If you operate multiple businesses, then under the composition scheme you are not allowed to levy composition tax on some businesses and skip the rest. So, for instance, say you run a mobile store, a computer hardware store, and a snack bar, then the composition scheme will be applicable to all three of them. If the three businesses fall under then same business PAN they all shall be covered under the composition scheme whether they are being operated within a single state or interstate.

Moving from Composition Scheme to Normal Scheme, and Vice Versa

Situation 1: When you become a composition dealer from a regular dealer

If you are a composite tax payer then you need to pay tax at a rate not more than 0.5% for other suppliers of turnover, 1% for a manufacturer, and 2.5% for the restaurant sector. You also cannot:

  • Claim input tax credit of GST paid to you suppliers.
  • Supply goods through an aggregator (any e-com company such as Flipkart, Amazon. ).
  • Do business through a supply of services.
  • Manufacture some specific types of goods as notified by the GST council.
  • Supply goods that can’t be taxed under GST.
  • Collect tax on your outward supply of goods.

Situation 2: When you become a regular dealer from a composition dealer

When your annual turnover exceeds the threshold and you become liable to register under regular GST, you also become eligible to claim input tax credit.  However, you must claim it within 30 days from the date you become liable for GST registration to avail the benefit.

For a better understanding, consider the example below.

Let’s say that you are a manufacturer of blankets and have crossed the threshold limit for GST registration on 5th November 2017. You have raw wool in stock worth Rs. 2 lakhs and have paid a GST @ 18% i.e. Rs. 36,000 on it. So, you must apply for GST registration before 5th December 2017 (within 30 days) if you want to claim the ITC i.e. Rs. 36,000.

Returns to be Filed by a Composite Tax Payer

Filing returns is much easier and simpler for composite taxpayers in comparison to the regular taxpayers under then GST regime. In the former case, you just need to file an annual return and a quarterly return, or a total of five returns per year. The following table offers the details associated with these returns:

Return Form Frequency Due Date Details to be included
GSTR-4A Quarterly NA This form will be prefilled/auto-populated with the details provided by your supplier via form GSTR-1
GSTR-4 Quarterly 18th of the next month Details of all the outward supplies of goods and services along the prefilled details of the form GTSR-4A. If there are any changes required in the Form GSTR-4A then you can also add those in the Form GSTR-4.
GSTR-9A Yearly 31st December of the next financial year Combined details of all the quarterly returns along with the tax payment details.