gst Reconciliation Excel | gst reconciliation & mismatch | gst Reconciliation | gst reco скачать в хорошем качестве

gst Reconciliation Excel | gst reconciliation & mismatch | gst Reconciliation | gst reco

gst Reconciliation Excel | gst reconciliation & mismatch | gst Reconciliation | gst reco Topic Covered gst reconciliation gst sales reconcliation gst reconciliation in excel Full GST Cource :    • gst course in hindi | gst course free onli...   WhatApp Group : https://chat.whatsapp.com/LJjUVya6g21... Telegram : https://t.me/becominganexpert Instagram : https://www.instagram.com/becoming_an... Practice file ( File - Download - xlsx : https://docs.google.com/spreadsheets/... GST reconciliation involves matching of sales and purchase data between different returns as well as sales and purchase registers. The article attempts to explain it in detail. What is GST reconciliation and matching? In general, reconciliation means comparing two sets of data entries to identify any differences or variances. It is done to correct the unintentional errors earlier committed or any omissions. Under taxation, reconciliation holds importance because it can give rise to tax short paid or not paid or excess paid as well. Following mismatches or differences can be noticed by taking up following matching and reconciliation exercise: Why is GST Reconciliation required? There are several reasons why reconciliation for GST returns data is required by businesses under GST. Taxpayers will be able to claim ITC only if the invoice is present as a part of their GSTR-2B. Due to this, taxpayers will now need to do a reconciliation wherever the ITC as per their purchase register and GSTR-2B data is not matching. Upto July 2020, taxpayers were comparing the GSTR-2A with purchase register. Due to the introduction of static return in form GSTR-2B, the monthly reconciliation has moved from GSTR-2A to GSTR-2B. However, for the yearly reconciliation, GSTR-2A which is dynamic return is preferred. But as an exception, one must still refer to GSTR-2A for TDS and TCS credits. GST returns are filed monthly or quarterly basis. Finally, after the financial year gets over, annual returns must be filed before the 31st December of subsequent FY. This would need consolidation of the data reported over the FY. In order to ensure the correctness of the declaration made and to avoid duplications, taxpayers must reconcile the data, then consolidate the values and make the declaration. Certain deadlines are stipulated in the GST laws for making amendments to GST returns data or to claim ITC. As per CGST Act, following actions must be taken, at the earlier of filing the return under section 39 for the month of September* following the end of the financial year to which a particular invoice pertains, or the furnishing of the relevant annual return: Claim eligible ITC against any invoice raised in a FY. Any apportionment of ITC belonging to a FY, as eligible and ineligible not made earlier must be affected before the deadline. Declare CDNs issued against any Invoices raised in a FY. File Amendments to information reported in the GST Returns filed in a FY.