Goods and Services Tax Network (GSTN) has made available the System computed GSTR-3B (Table-3 for liabilities) on the basis of GSTR-1 filed by taxpayers now available on the GST portal for monthly GSTR-1 filers.
The GSTN has introduced a new system for the taxpayers which will help in:
- Computation and generation of PDF mentioning liability, few minutes after monthly GSTR-1 has been filed.
- The facility is currently available for monthly filers and not for quarterly GSTR-1 filers. It will also be available for quarterly GSTR-1 filers in due course.
GSTR – 1 is a monthly or quarterly return filed by taxpayers to disclose details of their outward supplies for the month – along with their tax liability. All the invoice-wise details get uploaded so that the Government can keep a check on every transaction and based on GSTR-1 data only the recipient of supplies would get their eligible input tax credit.
GSTR – 3B is a monthly summary return filed by a taxpayer by the 20th of the next month which discloses the supplies made during the month along with tax amount that should be paid, input tax credit claimed, purchases on which reverse charge is applicable, etc., and also makes a provision for the payment of taxes, if any, for the relevant month.
With Warm Regards,