Скачать с ютуб Types of GST Returns | GST RETURNS SERIES | GSTR3B - PART 3 ( GSTR 3B Detailed_ Input Tax Credit) в хорошем качестве

Types of GST Returns | GST RETURNS SERIES | GSTR3B - PART 3 ( GSTR 3B Detailed_ Input Tax Credit)

Part 3 : GSTR return series - GSTR 3B Explanation continued in this video. A detailed walkthrough on the Input tax credit (ITC) part, Table 4, of GSTR 3B 17. So that is why we see this input tax credit here. 18. Now for the benefit of brevity, these fields though auto-populating are very well editable. That is in cases where there was some mistake in GSTR-01 and you missed reporting on sale invoice or missed reporting a credit note – well you are not compelled to carry forward those errors into your 3B filing. You can recomputed your correct liability given effect of all errors and omissions by editing the auto-populated numbers. 19. Similar is the case with input tax credit. You cannot take input tax credit merely because the same is auto-populating into your GSTR-3B return. There are so many checks and measures to be put in place before you freeze your ITC numbers. You should have received the good by the month end, you should be in the possession of a valid tax invoice, the said purchase should not be blocked credit for your business under section 17(5) so on and so forth. 20. So obviously, now you have to rework the ITC available to you based on your purchase register and consider the same editing the numbers that are auto-populating. 21. So this way your gross GST liability is freezed from sales reported in GSTR-01 +/- any missed adjustments to be made. Similarly input tax credit is even though reflecting from your vendors auto-population has to be reworked basis bills accounted and supplies actually received and then the tax payer has to compute the net tax liability (i.e) the differential to be paid through cash. 22. Steps from here on are like this: a. Once you click proceed to pay b. System considers the total liability for the month & input tax credit for the month. c. Any opening balance of carry forward input tax credit available from previous months is tracked by the system and system will tell you total credit available for set off against liability. d. In this table down here – system will tell you the net GST liability to be paid in cash. e. Create challan here – deposit money into the cash ledger and then proceed to offset and file your return. For the sake of brevity of this video we have not dealt with elements of reverse charge liability and import credits which we will deal with separately. We hope this small video series has been useful to you in understanding what a GSTR-3B return does – especially why it is coming pre-filled these days and how you can file it in a simple case of having domestic sales and purchases. GSTR-3B return is in itself much more extensive than the basic case we have just seen. In our other upcoming videos we will deal with rest of the other intricacies involved in this return. #GSTRETURNSERIES #GSTR3B #INPUTTAXCREDIT Contact us on : [email protected] App link : https://play.google.com/store/apps/de...