The GSTR-3B is the lifeline of India’s new indirect tax law, the GST. The GST law mandates registered dealers to file monthly returns via the GSTR-3B form for each GSTIN. Further, the tax liabilities must be paid by the last date of filing GSTR-3B. This is a simple mandatory tax compliance that GST demands from liable taxpayers. However, even after 10 months since the GST was introduced in India, there are some registered GST dealers in Jabalpur who refrained from filing GSTR-3B returns. The GST Commissioner has zeroed down on a list of five thousand businesses owners and notices are being sent to such dealers. The notice demands an explanation on behalf of the dealers for not filing GSTR-3B returns. Reportedly, Nil returns must also be filed under GSTR-3B. The filing of GSTR-3B after the due date will attract penalties.
Traders who do not submit the GSTR-3B returns will get a late fee penalty of 50 rupees per day. Regular delays could even attract cancellation of GST registration if not submitted regularly.
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In addition to this, there are provisions for collecting 18% interest on outstanding tax amounts.The current practice of reporting employed under country’s new tax law GST allows taxpayers to file their monthly tax returns by the 20th of the following month. The revenues collected are reported on 26th. This leads to a month-long delay between collections and their reporting. However, as per reports, Finance Ministry is all set to adopt cash basis accounting and will in all likelihood revise GSTR-3B return filing deadline to 1st of the subsequent month.
Small to Big Dealers not Filing GSTR 3B Returns
The list prepared by the GST Commissioner includes various businesses as well as small, large-scale businessmen. These businesses and their owners have failed to file GST returns from July 2017 to March. There are more than one and a half dozen districts under Central GST Commissionerate. More than 5000 registered businessmen in these districts have not submitted GSR-3B returns to date. Its impact is on the revenue of the department. Hence the notice has been sent to these people.
GSTR-3B is synonymous with the self-declared return. GSTR-3B form facilitates taxpayers to give an estimate of the total transaction or sale and purchase information. According to Central GST joint commissioner Manish Jaiswal, it is mandatory to submit GSTR-3B returns on time. More than 5 thousand businessmen have not deposited it under the Commissionerate. The council sent a notice to these businessmen asking for an answer. If there are no reverts from the dealers, then they must be prepared for strict actions from the Tax Authorities.
