Risk and Consequences for the Difference in tax liability reported in GST Returns
Reconciliation helps in calculating accurate tax liability needs to be paid at the time of filing. Reconciling GSTR1 vs GSTR3B is essential for businesses as it can minimize the chances of receiving a show cause notice (SCN) from the GST authorities. If the liability declared in GSTR1 does not match the liabilities paid in GSTR3B,…