What is difference between gstr 1 and gstr-3b

Question

Accepted Answer

GSTR-1 is a monthly or quarterly return that contains details of outward supplies, while GSTR-3B is a monthly summary return.

GSTR-1 is used to report details of all outward supplies made during a specific period.
GSTR-3B is a summary return that provides a consolidated view of all inward and outward supplies along with the tax liability.
GSTR-1 needs to be filed by all registered taxpayers, while GSTR-3B is applicable to regular taxpayers.
GSTR-1 is filed monthly or quarterly, depending on the taxpayer's turnover, while GSTR-3B is filed monthly.
GSTR-1 captures invoice-level details of supplies, while GSTR-3B provides a summary of tax liability and input tax credit.
GSTR-1 is used for reconciliation with the counterparty's GSTR-2A, while GSTR-3B is used for payment of taxes.
Example: If a business sells goods worth $10,000 in a month, it will report these details in GSTR-1, while GSTR-3B will summarize the tax liability and input tax credit for the entire month.

Accepted Answer

Gstr1  means outward sales, Gstr3b total inward and outward sales debit  and credit details

Popular interview questions of Assistant Accounts Manager