Best tips on how to reconcile gst return with books
How to reconcile GST Return-You would like to know the best tips on how to reconcile GST returns with books of account nowadays because I was also finding the best process to reconcile or match GST returns but I did not get any good way to reconcile.
It can be said that GST is new for all the Indian taxpayers from the date of implementation of GST in India on 01 July 2017. Hence nobody knows everything about GST cause of the new tax in the place of old taxes.
And GST COUNCIL is amending time to time rules and acts for making it easy for the taxpayers but after all, taxpayers are getting so many difficulties in work.
So now we are going to know the best tips on how to reconcile GST returns with books of account easily from time to time.
Firstly as per rules, every taxpayer needs to file GSTR-1 monthly or quarterly on the bases of turnover. The due date for monthly return is the 10th of the next month and for quarterly 31st of the next month.
So we need to start with GSTR-1- how to reconcile
Every taxpayer will file GSTR-1 before due date 10th of next month.
If you have checked all detail of GSTR-1 perfectly and all match then you are to file your GSTR-3B before the 20th of next month after GSTR-1
Here is very important to show outward supply detail in GSTR-3B after matching GSTR-1 and GSTR-1 should match with GSTR-3B
So fill the detail in GSTR-3B same as shown in the GSTR-1 report and if found a detail mismatch then finds out before filing GSTR-3B.
And more important you need to reconcile GSTR-2A also to file GSTR-3B cause where you are to show the input tax amount of inward supply for the accurate input tax credit.
An Accountant, GSTP, GST blogger, Website Creator, SEO Builder & Co-founder of the website https://gstportalindia.in for the help of GST Taxpayers of India. Having a perfect accounting experience of more than 10 years in a Private Ltd Company.
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For tutorial on how to use this template you can watch the following video https://www.youtube.com/watch?v=DTQfPC4Tv20&t=291s