Reconciliation is a necessary step that every taxpayer needs to take while filing GST returns every month.\u00c2\u00a0 Without reconciliation, the taxpayer cannot avail the Input tax credit made on their purchases.<\/p>\n\n\n\n\n\n\n\n
Reconciliation on ITC which means that, matching the all\npurchase data with their supplier data, is available in GST portal under GSTR\n2A.<\/p>\n\n\n\n
There may be chances of data mismatch between the supplier\nand the buyer, and omission of invoice either\/ or both sides. <\/p>\n\n\n\n
To overcome these issues, a Taxpayer needs to do\nreconciliation of purchase bills while filing the GST Return.<\/p>\n\n\n\n
Being the first step of reconciliation is to identify the discrepancies. This means matching the records with supplier\nrecords. There may be mismatching of Invoice Number, Date, Period and Invoice\netc.<\/p>\n\n\n\n
After you identify the mistakes, the next step is to review\nthe identified discrepancy. The corrective actions required are as follows:<\/p>\n\n\n\n
Reconciliation ends with communicating with each other for\nall the discrepancies raised. A Taxpayer can ask the supplier to accept the\nchanges or to modify the changes. Simultaneously, a supplier can accept the\nrequest given by taxpayer or reject the changes. If there is any missing invoice,\neither a taxpayer or supplier can add the invoice on their own. The opponent\nparty can accept the added invoice.<\/p>\n\n\n\n
Thus, by mutual consent between the supplier and the taxpayer,\nthe raised discrepancies can be closed. <\/p>\n\n\n\n
After reconciliation process is done, a taxpayer can claim\ntheir ITC on purchases by filing the GST return.<\/p>\n","protected":false},"excerpt":{"rendered":"
Reconciliation is a necessary step that every taxpayer needs to take while filing GST returns every month.\u00c2\u00a0 Without reconciliation, the taxpayer cannot avail the Input tax credit made on their purchases.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[59,16,58,60],"class_list":["post-390","post","type-post","status-publish","format-standard","hentry","category-uncategorised","tag-filing-the-gst-return","tag-gst","tag-itc","tag-reconciliation"],"_links":{"self":[{"href":"https:\/\/www.govreports.co.in\/blog\/wp-json\/wp\/v2\/posts\/390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.govreports.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.govreports.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.govreports.co.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.govreports.co.in\/blog\/wp-json\/wp\/v2\/comments?post=390"}],"version-history":[{"count":2,"href":"https:\/\/www.govreports.co.in\/blog\/wp-json\/wp\/v2\/posts\/390\/revisions"}],"predecessor-version":[{"id":392,"href":"https:\/\/www.govreports.co.in\/blog\/wp-json\/wp\/v2\/posts\/390\/revisions\/392"}],"wp:attachment":[{"href":"https:\/\/www.govreports.co.in\/blog\/wp-json\/wp\/v2\/media?parent=390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.govreports.co.in\/blog\/wp-json\/wp\/v2\/categories?post=390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.govreports.co.in\/blog\/wp-json\/wp\/v2\/tags?post=390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}