#gst reconciliation Tumblr posts

  • indianmuneem1
    08.07.2021 - 2 weeks ago

    What Should Everyone Know About GST Matching?

    What you know about GST matching is the most important part of the GST regime. GST reconciliation is not a new topic for taxpayers, because the idea of reconciliation existed before GST.

    However, under the GST regime, the reconciliation process grew stronger.

    Let's see what exactly is a GST Reconciliation and what is a GST reconciliation?

    GST Reconciliation is the process by which taxpayers know the difference between their books and the GST declaration. Also, with the help of GST Reconciliation, you can correct Mismatches either by communicating with the provider or by making changes to your books.

    In addition, you should go through the GST Reconciliation process regularly. This will help you avoid the consequences and penalties you face for failing to comply. If the deviation is too high, you can also face an audit from the tax office.

    Types of GST Reconciliation

    Here is a list of the most common GST match types to consider when submitting your GST returns:

    Internal supplies and Reconciliation of GSTR2A

    Reconciliation of GSTR 3B and GSTR 2A

    Reconciliation of GSTR 3B and GSTR 1

    In case of a discrepancy between these returns, the reason for the notification will be communicated by the GST authorities.

    Mismatches in GST Reconciliation

    Here are some important Mismatches that can occur with GST matching

    Mismatches in invoice details

    The data shared between you and your provider may contain some errors. Some of the most common Mismatches in details are incorrect invoice number, invoice date and/or invoice value.

    GSTIN Mismatch

    This is the most common discrepancy when comparing GST. Sometimes providers stamp the wrong GSTIN due to human error. This may conflict with claims from the ITC.

    Why is GST Reconciliation Important?

    There are several reasons why Reconciliation of GST returns are important to you. Let's discuss briefly:

    The main importance of GST Reconciliation is that it requires 100% accurate ITC. You can request an accurate ITC by sorting out the difference between your purchase list and GSTR 2A.

    Reconciliation of GST helps avoid duplication of work when filing annual GST Returns. However, to do this, you need to reconcile all of your monthly or quarterly GST returns.

    GST reconciliation helps resolve issues with invoices issued by your provider so that required changes can be made to ensure a perfect GST refund.

    While matching some data is a simple and easy task, the biggest challenge is with thousands of data. GST data reconciliation not only takes a lot of time but also requires a lot of manpower because it is done manually. Therefore, GST returns should be reconciled regularly in an appropriate manner. This can help you identify & explain the changes needed within the allotted time. You can also protect yourself from inspection notices from tax authorities.

    Have a huge number of invoices to reconcile? Need support on GST Reconciliation? Email us your concern at natalyn@indianmuneem.com, jim@indianmuneem.com.

    #GST Reconciliation #Virtual accounting Services
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  • finkraft
    06.07.2021 - 2 weeks ago
    #How To Check GST Return Status #IRN In GST #Check GST Return Status #Integrated GST #GST Return Filing Status #GST Reconciliation #GST E-Invoice Portal #IRN Number #GST Filing Online #E Invoice System #Input Tax Credit Under GST #GSTR 2A Reconciliation #IRN #What Is GSTR 3B #GST Input Tax Credit #E Invoicing Applicability #E Invoicing In GST #GST E Invoice #E Invoicing Under GST #GST Return Status #E Invoicing GST
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  • gstrobo
    30.06.2021 - 3 weeks ago
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  • gstrobo
    22.06.2021 - 1 mont ago
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  • wep-digital
    16.06.2021 - 1 mont ago
    #GST Return Filing #gst returns#gst reconciliation#mis reports #gst return filing software #gst platform
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  • gstrobo
    14.06.2021 - 1 mont ago
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  • wep-digital
    10.06.2021 - 1 mont ago
    #mis reports #GST Return Filing #gst reconciliation#gst platform #gst return filing software
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  • wep-digital
    10.06.2021 - 1 mont ago
    #gst filing service #gst return filing online #GST Return Filing #gst reports#gst reconciliation #input tax credit
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  • gsthead
    21.05.2021 - 2 monts ago

    Webinar On ITC Maximization

    LIVE Session – Learn from the EXPERTS! There are 3 Key factors that influence ITC- Purchase Register, Vendor Compliance and level of Process Automation. However, with every new GST update such as e-invoicing, QRMP, GSTR 2B, Provisional ITC etc, the CFO office need to rethink their ITC strategies and realign processes. But can businesses stay ahead of every GST update and have a future-proof plan for ITC maximization? https://irisgst.com/webinar-on-itc-maximisation/

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  • digitaxautomation
    14.04.2021 - 3 monts ago
    #gst reconciliation#gst software #gst reconciliation tool #gst reconciliation software #gst#GSTR-2A Reconciliation#gst registration#gstr#GSTR2B Reconcilliation #easy reconciliation tool #Advanced GST Reconciliation Tool #Grecs #gstr 2a reconciliation tool for free #Goods and Services Tax #Purchase Reconciliation#itc reconciliation
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  • digitaxautomation
    08.04.2021 - 3 monts ago
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  • digitaxautomation
    07.04.2021 - 3 monts ago
    #gst software #GST reconciliation software #gst reconciliation#GST Filing#gstr-1 #Gst Tax evasion #gstr#gst news#gstr2a reconciliation #Advanced GST Reconciliation Tool #taxes #input tax credit #goods and services tax #income tax #easy reconciliation tool #digitax automation#gst returns#gst registration #gst reconciliation tool #gst revenue
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  • digitaxautomation
    05.04.2021 - 3 monts ago
    #gstr2a reconciliation#itc#itc reconcillliation#GSTR2B Reconcilliation #GSTR 2A Reconciliation Tool for Free #The Best Way to Accurately Reconcile #GSTR 2A Reconciliation in 5 minutes #GST Reconciliation#Purchase Renconcilliation #Goods and Services Tax #gst software#grecs#accounting software#CA#taxes#income tax#itc credit
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  • taxconcept
    13.02.2021 - 5 monts ago

    Have you Reconciled Your Books with GST Returns? If Not, This News is For You!

    Have you Reconciled Your Books with GST Returns? If Not, This News is For You!

    Have you Reconciled Your Books with GST Returns? If Not, This News is For You! Due to short-fall in GST collection due to COVID-19 Pandemic and many other reasons, department has developed many tools to increase the collection as well as to safeguard the interest of revenue. Department has issued below circular prescribing Standard Operating Procedure (SOP) to be followed in case of suspension…

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