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Under Goods and Services tax Act we know one thing that each registered taxable person furnishes details of outward supplies made in a month in FORM GSTR - 1. Based on this, the details are auto-populated inward supplies FORM GSTR – 2A and GSTR-2B.
In the technology-enabled GST Regime, the Government is already talking about applying data analytics to compare GSTR - 1 Sales returns and GSTR - 2A Purchase returns with data reported in GSTR - 3B Returns.
The system-based reconciliation can be done in the following manner:
Step 1 |
Download GSTR - 2A of the corresponding period on the common portal |
Step 2 |
Open TallyPrime -> Go to GSTR - 2 Report. Upload GSTR- 2A into TallyPrime |
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TallyPrime will show you the details of invoices which are either –
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Step 4 |
Take action against invoices which are mismatched, available only in books and available only in the portal by checking with the suppliers or correcting/recording respective purchase invoices in the books. |
Step 3 |
Download and compare GSTR - 2A of previous periods with the books for all the GST returns filed for the previous periods to ensure that the Input Tax Credit has been claimed correctly and to identify mismatch if any of GSTR - 2A with GSTR - 3B. |
Thereby, there is a dire need of a reconciliation or revision of GSTR - 3B mechanism whereby a taxpayer can reconcile and explain the differences in his GSTR - 1 and GSTR - 3B returns and pay the differential tax (if short paid) or claim the same as refund/ carry forward (if excess paid). And all this is possible with TallyPrime's GST return report generation utility.
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