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SYSTEM COMPUTED VALUES OF GSTR-1 WILL BE MADE AVAILABLE IN GSTR-3B AS PDF STATEMENT

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The Goods and Services Tax Network (GSTN) has announced that it will provide the system computed values of GSTR-1 in Form GSTR-3B. The system calculated values will be made available in a PDF statement. As of now, this facility is made available for the monthly GSTR-1 filers, and it will be extended to the quarterly GSTR-1 filers in due time.

The PDF mentioned above will be prepared based on the values reported by the seller in their GSTR-1 for the respective tax period. This PDF will be available on the GSTR-3B dashboard, from the tax period of August 2020 onwards. It contains the information of GSTR-1 filed by them on or after 4th September 2020. 

This facility is available to all taxpayers registered as a regular taxpayer, SEZ unit, SEZ Developer and casual taxpayer. Also, this facility is expected to make the filing of Form GSTR-3B easier for taxpayers.

The following Tables of Form GSTR-3B will be auto-drafted, based on values reported in GSTR-1 statement:

  • 3.1(a): Outward taxable supplies (other than zero-rated, nil rated and exempted)
  • 3.1(b): Outward taxable supplies (zero-rated)
  • 3.1(c): Other outward supplies (Nil rated, exempted)
  • 3.1(e): Non-GST outward supplies
  • 3.2: Supplies made to unregistered persons
  • 3.2: Supplies made to composition taxable persons
  • 3.2: Supplies made to UIN holders

The GSTN stated that this PDF is only for the assistance of taxpayers. However, the taxpayers are required to verify & file their Form GSTR-3B, with correct values.

The above facility will help taxpayers in reconciliation of outward supply. Taxpayers can ensure there is no variation in outward supply, which could lead to demand letter from tax authorities.

SOURCE : GSTN

Disclaimer : TAXGyaAan is meant purely for the educational purpose of Tax Laws and Regulatory Updates. It will not be treated as professional advice. This Blog should not be substituted for professional advice. For specific Queries, please post in the comments section.

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