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All You Need to Know About GSTR-3

Created on 21 Aug 2018

Wraps up in 2 Min

Read by 8.5k people

Updated on 11 Sep 2022

GST R1, R2, and R3 are various forms which are used for filing GST return. Return is a document which contains the details of income which a taxpayer is required to file with the authorities. Under GST a registered dealer has to file GST return which includes for purchases, sales, input tax credit etc.

GST R1 contains the details of all sales and GST R2 contains details of purchases. Now GST R3 contains the monthly summary of sales and purchases along with tax liability. It basically consists of two parts i.e. Part A and Part B. Part A of the return is electronically generated on the basis of information furnished through returns in GST R1 and GST R2, Whereas Part B contains the tax liability, interest, and penalty paid. Some of the important aspects of GST R3 are as below.

Why is GST R-3 is considered important?

It is considered to be important as it will only tell the GST liability of a person for a particular month. This tax liability a is person compelled to discharge.

Persons required to file GSTR-3

Every registered person is required to file GST R-3 irrespective of the fact that whether there are any transactions during the month or not. However there also some exemptions for persons filing GST R-3. These include:

1. Input service Distributors,

2. A Non-resident taxable person,

3. Persons liable to deduct TDS,

4. Composition dealer, and

5. Persons liable to collect TCS.

The Due date for GSTR-3

GSTR-3 has to be filed on or before 20th of every following month until September 2018

The Penalty for late filing or not filing any return?

Now if GSTR-3 is not filed then GST R-1 of the next month cannot be filed, whereas for late filing a person is liable to pay a late fee along with interest which is generally 18%.

Details to be provided in GSTR-3

1. GSTIN,

2. Name of taxpayer,

3. Total turnover,

4. Outward supplies,

5. Inward supplies,

6. Total tax liability,

7. The Credit of TDS and TCS,

8. Late fee, and

9. Interest liability.

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