Question ID :
32754
GST Liability Reporting in GSTR -3B & GSTR 1
A person has reported under liability in GSTR-3B from July 17 to March 2018, he has filed GSTR 3B upto March 2018 but yet not filed GSTR-1 from July to March 2018.
Now how he should correct his under reported liability in return..??
1. should he correct under reported liability in GSTR-1 of relevant month if yes how he will pay tax on this under reported liability..? as no payment option in GSTR-1.
(Also there will be mismatch in GSTR- 1& 3B data in this case)
2. should he add this under reported liability in next month's GSTR-3B (i.e. in April 2018 of next f.y.) so he can pay tax in 3B.
and because of 2nd option show same under reported liability in GSTR-1 of july 17 to march 18 also, as given in GSTR-3B of July 17 to March 18.
by choosing 2nd option there will be mismatch in books and GST return data for f.y. 2017-18, which will impact in annual return, very difficult to reconcile both data in form GSTR-9 .
Suggest what should be done so that this can be handled in easy way..??
Posted by
Satyendra Bhana
on
Jul 31, 2018
Filed Under
GST
1. GSTR 3B is provisional tax collection form. In annual return we will match GSTR 1 with books of accounts and not GSTR 3B. Therefore he should correctly report its GST liability in GSTR 1
2. For adjusting the tax liability, please refer Circular 26/2017-CT dated 29 Dec 2017 issued by CBEC, where it has stated that liabillity can be adjusted in subsequent month in GSTR 3B.
Posted by
Ramakant Y Marda on
Aug 02, 2018