I have submitted my GSTB 3 B, while payment of Taxes i was having Input Credit in my CGST & SGST which i have adjusted against my Liability in IGST and offset the same successfully, show Balance Liability Nil, however, while filing the return is say clear your all liablitity after when i checked in the Payment of Taxes it shwos Still Bal Payable in IGST and -ve Balance in CGST & SGST which i have offsed against the IGST. if any one face same issue and got resolve. please clearify how to solve this problem. more
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Oct 31
GST website is full of flaws and drawbacks, you need to setoff related tax to the same tax type first and any balance leftout can be offset with other tax liability but cgst & sgst cannot be cross utilised or cannot be used for setoff to the other tax liability. eg IGST credit can be used for IGST debit, CGST ITC to CGST output tax & Sgst ITC to sgst output tax. and any tax payable on reverse charge basis need to be paid only thr bank thr cash register and cannot be setoff with ITC. more
Aug 29
What I understand is that your return is showing negative liability. In reality, the liability should be either positive or zero. In some cases, negative liability also. I have also seen similar experience by some of the friends. I feel that it is a flaw in the software. You may bring it to the notice of the department by giving a mail to helpdesk. more
Aug 27
Dear Vaibhav as per ITC set off rules IGST input can be used first to set off IGST liability and if balance is there you may set off your other liabilities like CGST and SGST and same is the case with Inputs of CGST and SGST credit. Balance of inputs may be utilised for set off of other liabilities under other heads. Please check again that you have correctly set off your liabilities from CGST and SGST inputs as there shoud not be any -ve balance or check the return. more
Aug 26
I have similar problem in filing GSTR1 as it is not accepting NIL return. I did not raise any invoice or received any payment for services during July 2017. However, GSTR1 is asking for 'add invoice' and the save/submit button is not functional. Can anyone advise what should be done. more
Aug 26
Dear Sir,
The following article will make u understand better.
This post has been updated on 2o Aug, 2017.
Ever since the Form GSTR-3B format was released, the fundamental question which most of businesses have is ‘How can I capture the details of my Transitional ITC in Form GSTR-3B?’. With the extended dude date of 25th August, 2017, just a few days away, this questions seems to be one of the most concerned area for business in filing Form GSTR-3B. In this blog, we will be discussing on
What is Transitional ITC?
How can you claim Transitional ITC?
Why is Transitional ITC a concern for businesses in filing GSTR-3B?
What are the remedies for claiming Transitional ITC in Form GSTR-3B?
What is Transitional ITC all about?
Transitional input tax credit refers to carry forward of closing balance of tax credit from earlier indirect tax regime to GST. The GST Law allows you to carry forward the tax credit in 2 ways. First one being, the carry forward of closing balance of tax credit from the last return filed in earlier regime. Second being the tax credit on closing stock held on last day allowed in certain citation. However, to be eligible, there certain conditions which businesses need to meet. To know more in detailed, please read our blogs on Moving to GST: For Registered Businesses and Moving to GST: Can I Avail Input Credit on Closing Stock?
The Cenvat Credit will be carried forward as CGST Credit and VAT as SGST credit. Businesses are allowed to use this tax credit to set off the GST liability.
How can I claim Transitional ITC?
In order to claim the transitional ITC, businesses are required to file Form Tran-1 within 90 days from 1st July, 2017. On the basis of filing of Form Tran-1 in GST portal, the eligible transitional input tax credit amount will be credited to your e-credit ledger which is then be used to pay the liability by way of ITC adjustment at the time of filing returns. The facility to file Form Tran-1 is currently not available in the GST portal and shortly the portal would open for accepting the Form Tran-1.
To know more on claiming transitional credit, and the taxes that are eligible to carry forward, Please read our blogs on How to Carry Forward Closing Balance of ITC from Earlier Regime to GST? And Taxes Eligible for ITC on Opening Stock of 1st July. Also to know how the different electronic ledgers are maintained in the portal, please read the blog How to Pay GST?
Why is it a concern for businesses in filing GSTR-3B?
The deadline to file GSTR-3B is 20th August, 2017 (extended to 25th August, 2017), and yet there are was no signs of portal opening up for filing Tran-1. The apprehension for businesses is that though they have a huge sum of transitional ITC, they will not be able utilise the same in discharging the tax liabilities while filing GSTR-3B. This impacts the cash outflow of the business.
File 100% accurate Form GSTR-3B using Tally.ERP 9
You may think, can I not claim transitional ITC in Form GSTR-3B. Understanding the plight of businesses, this may sound to be a fair question. But legal provision does not allow a taxable person to claim the transitional tax credit through GSTR-3B and it needs to be claimed only by submitting Tran-1.
What are the remedies for claiming Transitional input tax in Form GSTR-3B?
By now we have understood the concerns but what is the way forward? Are there any remedies? Yes, after listening to the concerns raised on this subject, as a make-shift arrangement, the council has decided to given an opportunity for those business who would like to utilise the transitional input tax in paying the July month’s tax liability. As per this arrangement, the businesses that want to avail the transitional input tax credit should calculate their tax liability after considering the amount of transitional credit as per Form Tran-1.
You can use the following formula to arrive you tax liability of July.
Tax payable = (Output tax liability + Tax payable under reverse charge) – (Transitional credit + input tax credit availed in the month of July, 2017)
The arrived tax liability after adjusting the transitional ITC needs to be paid before 25th August, 2017, however, for filing Form GSTR-3B, you will get an additional 8 days, that is, on or before 28th August, 2017. In case of a shortfall, that is, any difference of the amount already paid vis-à-vis the amount payable on submission of Form 3B, have to be paid with interest @ 18% from 26th August, 2017, till such differential amount is paid.
The businesses need to ensure that the Form TRAN-1 is submitted in the GST portal by 28th August, 2017, and the facility to upload Form Tran-1 will be available from 21st August, 2017.
The due date for filing of GSTR-3B is applicable only for businesses who wish to utilise the transition credit. For others, who do not want to claim transitional ITC in Form GSTR-3B, the due date is 25th August, 2017.
To know more on the due date of GSTR-3B, please read ‘GSTR-3B Due Date – 25th or 28th August?
Are you GST ready yet?
Get ready for GST with Tally.ERP 9 Release 6 more
The following article will make u understand better.
This post has been updated on 2o Aug, 2017.
Ever since the Form GSTR-3B format was released, the fundamental question which most of businesses have is ‘How can I capture the details of my Transitional ITC in Form GSTR-3B?’. With the extended dude date of 25th August, 2017, just a few days away, this questions seems to be one of the most concerned area for business in filing Form GSTR-3B. In this blog, we will be discussing on
What is Transitional ITC?
How can you claim Transitional ITC?
Why is Transitional ITC a concern for businesses in filing GSTR-3B?
What are the remedies for claiming Transitional ITC in Form GSTR-3B?
What is Transitional ITC all about?
Transitional input tax credit refers to carry forward of closing balance of tax credit from earlier indirect tax regime to GST. The GST Law allows you to carry forward the tax credit in 2 ways. First one being, the carry forward of closing balance of tax credit from the last return filed in earlier regime. Second being the tax credit on closing stock held on last day allowed in certain citation. However, to be eligible, there certain conditions which businesses need to meet. To know more in detailed, please read our blogs on Moving to GST: For Registered Businesses and Moving to GST: Can I Avail Input Credit on Closing Stock?
The Cenvat Credit will be carried forward as CGST Credit and VAT as SGST credit. Businesses are allowed to use this tax credit to set off the GST liability.
How can I claim Transitional ITC?
In order to claim the transitional ITC, businesses are required to file Form Tran-1 within 90 days from 1st July, 2017. On the basis of filing of Form Tran-1 in GST portal, the eligible transitional input tax credit amount will be credited to your e-credit ledger which is then be used to pay the liability by way of ITC adjustment at the time of filing returns. The facility to file Form Tran-1 is currently not available in the GST portal and shortly the portal would open for accepting the Form Tran-1.
To know more on claiming transitional credit, and the taxes that are eligible to carry forward, Please read our blogs on How to Carry Forward Closing Balance of ITC from Earlier Regime to GST? And Taxes Eligible for ITC on Opening Stock of 1st July. Also to know how the different electronic ledgers are maintained in the portal, please read the blog How to Pay GST?
Why is it a concern for businesses in filing GSTR-3B?
The deadline to file GSTR-3B is 20th August, 2017 (extended to 25th August, 2017), and yet there are was no signs of portal opening up for filing Tran-1. The apprehension for businesses is that though they have a huge sum of transitional ITC, they will not be able utilise the same in discharging the tax liabilities while filing GSTR-3B. This impacts the cash outflow of the business.
File 100% accurate Form GSTR-3B using Tally.ERP 9
You may think, can I not claim transitional ITC in Form GSTR-3B. Understanding the plight of businesses, this may sound to be a fair question. But legal provision does not allow a taxable person to claim the transitional tax credit through GSTR-3B and it needs to be claimed only by submitting Tran-1.
What are the remedies for claiming Transitional input tax in Form GSTR-3B?
By now we have understood the concerns but what is the way forward? Are there any remedies? Yes, after listening to the concerns raised on this subject, as a make-shift arrangement, the council has decided to given an opportunity for those business who would like to utilise the transitional input tax in paying the July month’s tax liability. As per this arrangement, the businesses that want to avail the transitional input tax credit should calculate their tax liability after considering the amount of transitional credit as per Form Tran-1.
You can use the following formula to arrive you tax liability of July.
Tax payable = (Output tax liability + Tax payable under reverse charge) – (Transitional credit + input tax credit availed in the month of July, 2017)
The arrived tax liability after adjusting the transitional ITC needs to be paid before 25th August, 2017, however, for filing Form GSTR-3B, you will get an additional 8 days, that is, on or before 28th August, 2017. In case of a shortfall, that is, any difference of the amount already paid vis-à-vis the amount payable on submission of Form 3B, have to be paid with interest @ 18% from 26th August, 2017, till such differential amount is paid.
The businesses need to ensure that the Form TRAN-1 is submitted in the GST portal by 28th August, 2017, and the facility to upload Form Tran-1 will be available from 21st August, 2017.
The due date for filing of GSTR-3B is applicable only for businesses who wish to utilise the transition credit. For others, who do not want to claim transitional ITC in Form GSTR-3B, the due date is 25th August, 2017.
To know more on the due date of GSTR-3B, please read ‘GSTR-3B Due Date – 25th or 28th August?
Are you GST ready yet?
Get ready for GST with Tally.ERP 9 Release 6 more
Aug 28
