The Haryana Labour Welfare Fund
March 1, 2024
Menu
Businesses registered under the Goods and Services Tax (GST) system in India are required to file a summary return called GSTR-3B on a monthly basis. The government established this streamlined return to make it easier for people to comply with GST requirements, particularly in the early phases of the program’s implementation.
Within the framework of India’s Goods and Services Tax (GST) system, taxpayers are required to file GSTR-3B, a monthly self-declaration form. We are essential to the process of preparing and submitting GSTR-3B returns. Regarding GSTR-3B, we normally take the following actions:
1-Data Collection: We obtain from the company’s accounting records all pertinent sales and purchase information for the tax period. Purchase orders, invoices, receipts, and other pertinent paperwork are included in this.
2-Calculation of Tax Liability: we calculate the total tax liability for the reporting period based on the collected data. This includes calculating the GST payable on sales and the input tax credit available on purchases.
3-Filing GSTR-3B: We create and submit the GSTR-3B return electronically via the GST site before the deadline when all the data has been combined and reconciled. We make sure that all required fields are filled in accurately and that the return accurately shows the business’s tax liability for the reporting period.
4-Communication and Consultation: we may also communicate with tax authorities on behalf of the business and provide consultation on GST compliance, regulations, and tax planning strategies.
5-Data Compilation: We put all of the information gathered together in a format that can be entered into the GSTR-3B form. Sorting transactions into taxable, exempt, zero-rated, and non-GST supply is required for this.
6-Adjustments and Reconciliations: To guarantee that the tax computations are accurate, we perform any required corrections and reconciliations. This could entail making any necessary corrections to invoice inaccuracies, resolving inconsistencies between buy and sales records, and adjusting for revisions from prior periods.
7-Compliance and Documentation: We make sure the company complies with all GST laws and keeps accurate records of all transactions and filings. For auditing purposes, this entails keeping copies of invoices, receipts, and other pertinent paperwork.
Overall, by preparing and submitting GSTR-3B forms, we play a critical part in guaranteeing accurate and timely compliance with GST requirements.
Depending on your income and financial transactions, several documents are needed to file Income Tax Returns (ITR) in India. This is an exhaustive list of frequently required documents:
1-Sales Invoices: While detailed invoice-level information isn’t required in GSTR-3B, having sales invoices handy helps in accurately determining the total taxable value of outward supplies made during the tax period.
2-Details of Export and Import Transactions: Supporting paperwork for export and import transactions, such as shipping bills, bills of lading, export invoices, and import invoices, should be present in order to properly record export sales and import purchases in GSTR-3B.
3-Bank Statements: Bank statements may be required to reconcile the payments made and received during the tax period with the amounts reported in GSTR-3B.
4-Details of Reverse Charge Transactions: Records of these transactions should be kept in order to accurately report the business’s tax obligations under the reverse charge method in GSTR-3B.
5-Purchase Invoices: The full taxable value of purchases made during the tax period that are regarded as inward supplies must also be determined using purchase invoices.
6-Input Tax Credit (ITC) Records: Records of input tax credit availed on eligible inputs, input services, and capital goods during the tax period are essential for correctly calculating the input tax credit to be claimed in GSTR-3B.
7-Records of Exempt and Nil Rated Supplies: Up-to-date paperwork confirming exempt supplies or supplies taxed at zero rates is required in order to properly register such transactions in GSTR-3B.
8-Any Other Relevant Documents: Additional papers include delivery challans, payment vouchers, credit and debit notes, and delivery challans may also be needed for GSTR-3B preparation, depending on the type of business and transactions.
43/38, Rajeev Colony, Front of Foot Over Bridge near Rajeev Chowk Gurugram-122001 Haryana
info@impactmanagement.co.in