GST reconciliation compares GST data a taxpayer submits in their GST returns with the information available on the government’s portal. The business’s accounting records match sales and purchase data from various GST return forms such as GSTR1, GTR2B, and more. Any errors, omissions, or mismatches between the data sets are identified and corrected.
Implementing accounting software can help businesses overcome challenges related to the process, data, and more in GST reconciliation. BUSY is one of the best reconciliation software, automating data and streamlining the reconciliation process with reduced human errors.
It comes with GSTIN verification, invoice matching, ITC tracking, and more, simplifying the GST reconciliation process. Regular data cleanup and validation also lead to more accuracy. Additionally, staying updated with GST regulations and seeking professional advice when needed can significantly improve the efficiency and reliability of GST reconciliation.
GST reconciliation software automates and streamlines comparing a business’s GST records with the government’s GST portal information. It helps businesses reconcile their GST returns (GSTR-1, GSTR-2B, GSTR-3B) with their accounting data.
Leveraging GST reconciliation software leads to efficient and accurate tax compliance. It automates tedious tasks like importing data, matching invoices, and calculating tax liabilities. It identifies discrepancies early and prevents penalties from maximising input tax credit claims.
Some of the key practices for effective data management and accurate GST reconciliation are –
BUSY’s reconciliation software is a popular choice among businesses in India for its comprehensive GST reconciliation features. It offers:
GST regulations are updated yearly, and businesses must be aware of these changes. The major changes for this year are –
Automating invoice matching helps in GST reconciliation. Here’s how it can be done –