How to Correct GSTR-3B? - GST on Supply of Second-Hand Goods- Margin Scheme

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How to Correct GSTR-3B?

The deadline for filing the first GST return, the Form GSTR-3B ended last month on dates August, 25 and August, 28, 2017. Yet, there are many businesses which are still in the process of filing Form GSTR-3B. This being the first GST return and understating the plight of the businesses, the committee has decided to waive the late fee for all the businesses who could not file GSTR-3B for the month of July 2017. However, for late payment, an interest at maximum of 18% will be levied.

Form GSTR-3B is the first return, some mistakes or errors are expected in its filing process. Few examples are listed below.

• “I missed out on adding some outward supplies before arriving at my Outward Supplies Summary and thereby shown less tax liability. How can this be corrected?”
• “I skipped adding tax liability on account of inward supplies liable for reverse charging.”
• “ITC is declared less in Table 4 of Form GSTR-3B.”
• “There is excess claim since I missed out to reverse the ITC.”…. and so on.

No matter what the reason for mistakes, the important question is – “How to correct GSTR-3B?” How to change the details in GST-3B?
No concept of revised return in GST
Businesses need to take note of the fact that under GST, there is no concept of revised return, whether for Form GSTR-3B or your regular return which you will be filing from September onwards. This means, once you have submitted the return in the GSTN portal, you cannot modify it. The same holds good for Form GSTR-3B as well. As long as the form is in save mode (before submitting), details can be modified and corrected, but not after submitting it.
How to correct GSTR-3B?
You need not worry about this!
As you know, the Form GSTR-3B is only an interim return and the actual return for July needs to be filed in Form GSTR-1 by 10 September; Form GSTR-2 by 25 September; and Form GSTR-3 by 30 September, 2017 (revised dates). Therefore, any correction in GSTR-3B have to be reported in Form GSTR-1 and Form GSTR-2.
Any correction related to outward supplies has to be reported in Form GSTR-1. Outward supplies might have been under-reported or excess reported in FORM GSTR-3B, both of which need to be correctly reported when filing Form GSTR-1.
Similarly, any correction towards the eligible ITC, tax liability of inward supplies liable for reverse charge; or any other correction in the details of inward supplies submitted in the Form GSTR-3B, need to be reported in Form GSTR-2.
Based on the correct details declared in the Form GSTR-1 and Form GSTR-2, the revised tax liability and eligible ITC will reflect your e-ledger. Also, these details will get auto-populated in Form GSTR-3 of July 2017.
What happens, if there are any difference between the Form GSTR-3B and GSTR-1 and GSTR-2? How the matching of GSTR-3B is done with GSTR-1, GSTR-2 and GSTR-3?  Watch out our next blog.

Source :-  http://blogs.tallysolutions.com/how-to-correct-gstr-3b/

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GST on Supply of Second-Hand Goods- Margin Scheme

Second-hand goods dealers deal in purchase and sale of used goods. These goods might be sold as they are or after minor refurbishing. In this blog, let us understand the impact of GST on the inward and outward supply of used goods by these dealers. We will also learn about the margin scheme, which is a scheme for paying tax, offered to second-hand goods dealers.

Outward supply of second-hand goods

When a registered second-hand goods dealer supplies second-hand goods, the dealer is liable to charge GST on the second-hand goods. For this, 2 options have been given to the dealers:

1. Charge GST on the full transaction value. Here, the dealer is eligible to claim input tax credit of the tax paid on purchase of the used goods.

Example: Veena Marts, a registered second-hand goods dealer in Karnataka, supplies a used camera to a consumer in Delhi for selling price of Rs. 15,000. The camera was purchased for Rs. 10,000 from a registered dealer in Karnataka, on which CGST + SGST of Rs. 1,400 each was charged. (GST rate applicable to cameras is 28%)
Here, Veena Marts will charge IGST @28% on Rs. 15,000 (selling price), which is Rs. 4,200. Veena Marts will avail ITC of CGST + SGST of Rs. 1,400 each on the camera.
OR

1. Charge GST on the margin or profit earned on the goods, that is, the difference between the selling price and the purchase price. This is called the Margin Scheme, which has been given to second-hand goods dealers. However, for a dealer to avail this scheme, the following conditions have to be fulfilled:

• The goods should be supplied as is or after minor processing, which does not change the nature of the goods
• No input tax credit should be availed on the purchase of the goods

Example: Veena Marts supplies a used camera to a consumer in Delhi for selling price of Rs. 15,000. The camera was purchased for Rs. 10,000 from a registered dealer in Karnataka, on which CGST + SGST of Rs. 1,400 each was charged. Veena Marts has opted for the margin scheme and hence, has not availed the input credit on purchase of the used camera and has supplied the camera as is.
Here, Veena Marts’ margin earned on the camera is Rs. 5,000 (Selling price minus purchase price). On Rs. 5,000, Veena Marts has to charge GST @ 28%. Hence, IGST to be charged here is Rs. 1,400 and Veena Marts cannot avail ITC of CGST + SGST of Rs. 1,400 each.
Note: For a dealer who has opted for the margin scheme, there can be a scenario where the second-hand goods are sold at zero margin or for a lesser price than the purchase price. In this case, no GST will be applicable on the supply.

Inward supply of second-hand goods

When a registered second-hand goods dealer buys used goods, the supply can be either from a registered person or unregistered person. Let us look at the tax implication in both these cases:

Inward supply from registered person

When a registered second-hand goods dealer purchases used goods from a registered person, the supplier is liable to charge tax at the rate applicable to the goods. If the second-hand goods dealer opts for the margin scheme, the dealer cannot take input tax credit of the tax paid.
Example: Veena Marts purchases 5 used computers from a registered dealer in Karnataka, Lakshmi Solutions, for total value of Rs. 1,00,000.
Here, Lakshmi Solutions will levy CGST + SGST @ 9% each on the supply (Rate applicable to computers is 18%). Hence, CGST + SGST of Rs. 9,000 each is incurred by Veena Marts on this purchase. If Veena Marts has opted for the margin scheme, they cannot take the ITC of CGST + SGST of Rs. 9,000 each.

Inward supply from unregistered person

When a registered second-hand goods dealer purchases used goods from an unregistered person, the recipient is liable to pay tax on reverse charge. However, if the second-hand goods dealer opts for the margin scheme, the dealer will not be liable to pay tax on reverse charge on inward supplies from unregistered persons.
Note: There can be scenarios where a registered second-hand goods dealer purchases used goods from a consumer. As sale by consumers is not a supply under GST (Should be in the course or for the furtherance of business), there is no tax liability on the purchase of used goods from consumers by second-hand goods dealers.
Example: Veena Marts, which has opted for the margin scheme, purchases a used camera from an unregistered dealer in Karnataka, for value of Rs. 10,000.
Here, Veena Marts is not liable to pay CGST + SGST of Rs. 1,400 each (GST rate applicable to cameras is 28%) on reverse charge.

Conclusion

For second-hand goods dealers, the margin scheme has been given as an option for paying tax on supply of second-hand goods. The benefit of opting for the margin scheme is that the dealer needs to pay tax only on the margin earned on sale. This is very useful for dealers who mostly purchase used goods from end customers. As there is no applicability of input tax credit on these purchases, these dealers need to pay tax only on the margin earned on sale. However, dealers opting for the scheme should ensure that ITC on the goods is not availed and the goods are supplied as is or after minor processing which does not change the nature of the goods.

Source :-  http://blogs.tallysolutions.com/gst-on-supply-of-second-hand-goods-margin-scheme/
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{ Jayesh Patel} (Live In :- Gujarat)

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