Question

The total amount of GST liability for the month is shown in _____ GSTR-1 GSTR-2 GSTR-3 None of the above

Answer 1

The total amount of GST liablity for the month is shown in GSTR-3.

To be precise, GSTR-3B is the right source to obtain all the information about the monthly GST liabality.

One can easily calculate the GST liabality by entering the values required on the official website.

To simply things further, GSTR-3 solely deals with the monthly GST returns and is divided into three parts.

Answer 2

Answer:

Explanation:

GSTR-3 is the correct Answer.

For the purpose of estimation of output tax liability, one has to calculate by multiplying the GST rate with the total supply value and advances paid. IGST, CGST, and SGST values are to be put in the respective columns.

For calculation of tax amount: the net price should be multiplied by the net price by GST rate. Example INR40 * 0.1 = INR 4 . For determining the gross price:  net price should be multiplied by the GST rate and subsequently add it to the VAT exclusive price.