Liability for GST as reflected while filling 3B for qtr oct to December 23

Hey Minalal! To understand the liability for GST as reflected in your GSTR-3B for the quarter Oct-Dec 2023, here’s how you can trace the basis of those figures:

1. Understand What GSTR-3B Shows:

It’s a summary return where you declare:
- Outward taxable supplies (sales)
- Eligible Input Tax Credit (ITC)
- Net tax liability after adjusting ITC

2. Sources of Data for GSTR-3B Figures:

Sales (Outward Supplies):
Based on your sales invoices issued during the quarter. This includes all taxable sales, exports, exempt sales, and non-GST supplies.
Purchases (Inward Supplies):
Based on your purchase invoices and input tax credit available. This is the ITC you can claim on business purchases.
Adjustments:
Includes:
- Reverse charge liabilities (if any)
- Tax on advances received
- ITC reversal for blocked credits
- Any other adjustments like interest, penalties

3. How to Reconcile:

Check your accounting system:
Ensure sales and purchase invoices for Oct-Dec 2023 are recorded correctly with GST details.
Cross-verify with GSTR-1:
Your outward supplies declared in GSTR-1 should align with those in GSTR-3B.
ITC Reconciliation:
Match ITC claimed in GSTR-3B with the invoices reflected in GSTR-2B (auto-populated ITC data from suppliers).
Look at Payment Ledger:
The cash ledger and electronic credit ledger on the GST portal will show your actual payment liabilities and credits.