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What is reconciliation under GST?
A reconciliation statement in Form GSTR 9C is required to be prepared to reconcile the difference in the value of supplies declared in the annual return with the audited annual financial statement, which can occur due to:
- The difference in data reflected in GSTR 2A with one’s books of accounts. GSTR 2A is a statement that compiles data relating to all inward supplies through the auto-population from multiple suppliers’ returns filed in GSTR-1, GSTR-5, GSTR-6, GSTR-7, GSTR-8.
- The difference in data reflected in GSTR 1 and GSTR 3B.
- The difference in ITC credit available as per auto-populated GSTR 2B and one’s books of accounts
Why is reconciliation under the CGST Act important?
It is important to ensure there is no mismatch between the furnished GST returns. Since the GST returns are integrated and linked, the GST authorities can trace discrepancies easily. In case there are mismatches between books of accounts and returns filed:
- It may lead to the reversal of Input Tax Credit claim, which will result in increased tax liability.
- In case discrepancies are found in your GSTR Form 1, Form 2B, and Form 3B, it will lead to suspension of GST registration.
- The jurisdictional tax officer may issue scrutiny notices and penalties for evasion of tax
Moreover, ITC is meant to ensure that registered persons are not liable to pay tax multiple times and is very important for the removal of cascading effects. When in case, there are discrepancies in GST tax liabilities, it also causes heavy disruption in working capital flow.
How myaccountants.in can help in your GST Reconciliation?
myaccountants.in has knowledgeable and experienced team members to guide you and resolve your queries related to everything about GST reconciliation. You can follow the steps given below to get your GST Reconciliation through us.
Step 1. Book your service by making payment for the selected service, and you can ask queries related to the service in case of any doubt.
Step 2. After receipt of your payment, our team member will contact you to understand your requirements and guide you to send the required documents and GST returns.
Step 3. Our team will start the process of GST Reconciliation on the same day you provide the required documents, returns, and information.
Step 4. Our team members will prepare the working, calculation, and statement of GST Reconciliation.
Step 5. After successful preparation of GST reconciliation and calculation, our team will send you the working, sheet, and statement of GST Reconciliation on your email ID.
General Questions and Doubts related to GST Reconciliation.
Q 1. Who is required to do GST Reconciliation compulsory?
Ans. Businesses having Gross Turnover exceeding Rs. 5 Crore (For Financial 2020-21 onwards) in the previous financial year are required to file Form GSTR-9C and reconcile the data of sales and Input Tax Credit (ITC).
Q 2. What is due date of GSTR-9C or GST Reconciliation Statement?
Ans. Due date of filing of GSTR-9C (GST Reconciliation) is 30th December of end of the Financial Year.