Narrow the differences through IRIS GST Reconciliation Insights and Reports
Reconciliation of invoices with the supplier uploaded invoices on GST system, ensure that the ITC which you intend to claim is accurate and meets all the provisions of the GST Act and rules. This activity, is more critical now, as the date of September months GSTR 3B return draws closer.
It is important to compare invoices, which itself could run into large numbers, and identify the matches and differences. It is also necessary that the differences itself are analysed so that the corrective actions can be taken.
Keeping in view this requirement, in IRIS Sapphire, we are making available reports which will further assist you in reconciling your invoices and ITC claim.
Here is a brief overview of the reports
Indicative availability of ITC
Once you review the differences in the invoice, you may want to categorise the invoices where you want to proceed with supplier data or your purchase details are proper ones. Thus we provide summaries which are before taking any action and after you have reviewed the invoices and identified its treatment.
In the summary, along with the invoice counts you can also get a view of tax amounts after you have accepted and rejected invoices. This will allow you to assess the ITC available for you to claim based on the invoices accepted.
ITC on invoices which are booked earlier
In a normal scenario, the supplier uploads the invoice after effecting the supply transaction and when the goods or services are received, the receiver books the purchase transaction and the ITC accounting happens subsequently.
As a supplier, the sales transactions are reported in GSTR 1, which comes auto-drafted to the receiver. Government is analysing the auto-drafted details and notices are sent to taxpayers for explaining the differences, especially excess claim of ITC.
Due to some reasons such as late filing or non-compliance by vendor
, the invoices are booked by the receiver and the corresponding invoices are uploaded by the supplier later.
ITC on invoices uploading in different FYs
The GST annual return requires providing details about the ITC claimed in the FY 17-18 for which the invoice is uploaded in FY 18-19. It implies invoices belonging to current FY have been uploaded by the supplier in next FY.
This report provides list
of all such invoices where FY (as per invoice date) is different from the FY in which it is uploaded.
Analysing and minimising the missing invoices
For an entity having more than one GSTINs, it is important to get a view at
the entity as whole to identify the cases of cross-referencing of GSTINs within your Business Group. The detailed analysis on
missing invoices will help to identify the scenarios where the vendors have raised invoices to some different GSTIN,
but within your PAN. There will be two reports
a. Consolidated view on missing invoices (i.e. Supplier only and Purchaser Only) for the FY
b. Comparable invoices from the missing invoices category across FY
Smart reconciliation and insightful reports are the handy tools which will help the taxpayers to perform reconciliation on a continuous basis as well as make them future-proof for the Annual Return and the proposed GST Simplified Returns.
IRIS Business is a leading GST Suvidha Provider (GSP) providing easy and efficient solutions for GST (IRIS Sapphire) and E-way bill (IRIS Topaz) compliance. With Smart Reconciliation Logic and facility to share your invoices with your vendors and distributors, IRIS Sapphire will surely make the invoice matching and reconciliation easier for you. For a demo or to know further details please write to firstname.lastname@example.org or visit our site https://irisgst.com