Viewing posts from February,
Since the advent of GST, one aspect of EWB not contested much is its correlation to the data reported in the GSTR1. While GSTR1 is essentially a detailed report on all of your outward supplies, EWB is a sub-set to the GSTR 1 carrying details of only those outward supplies where there is movement of goods over and above a threshold limit. Also, there can be a scenario where EWB needs to be generated for movement of goods on delivery challans, but these supplies do not find their way directly in terms of “value reported” in GSTR1.
When a business is born, the mind behind the venture begins to dream of a future where the business has grown in every corner of the nation. However, as the business grows, the complexity of the compliances around it also grows. Nevertheless, to facilitate the growth of businesses in India, many provisions have been brought into action under the GST regime.
Reconciliation is a crucial step that you, as a taxpayer, need to undertake to avail ITC. For every month’s GST filing, you need to reconcile your purchase data with all your suppliers’ sales data that they have uploaded on GSTN. Upon reconciliation, if the data on both the ends match, claiming ITC can be a walk in the park. However, an account of mismatch can put you on an arduous journey, exploring through huge piles of invoices for one simple error.
GSTR 9C is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. It includes reconciliation Statement for a particular FY to be filed by taxpayers on or before 31st December after being certified by CAs/CMA. However, the due date for the same has been extended to 30th June 2019 in the 31st GST Council Meeting. It must be filed along with or after filing of the GSTR-9 i.e. GST annual return.
Since the announcement of GST, there is a constant tussle going on between GST pros and others on its effects on the economic growth of the country. While the contention can go on, one thing that is truly revolutionary in the entire gig is the introduction of Input Tax Credit (ITC). The ability to claim ITC on your purchases, has made the reconciliation of your purchase data with your suppliers’ data extremely crucial. Though, the process is a carry forward of VAT and excise days, the stringent monitoring of ITC claim in GST regime calls for flawless reconciliation.