GST Reconciliation
Goods and Services Tax
GST stands for Goods and Services Tax, which is an indirect tax levied on the supply of goods and services in India. It was introduced on July 1, 2017, replacing multiple indirect taxes such as excise duty, service tax, and value-added tax (VAT), among others. GST is a comprehensive tax that is charged on every value addition, from the manufacturer to the end consumer, and is divided into Central GST (CGST) and State GST (SGST).
What is GST Reconciliation?
GST reconciliation is the process of matching the data filed by the suppliers and the recipients of goods or services with the data available in the GST returns filed with the government. In India, reconciliation is mandatory for all businesses registered under GST. Under the GST system, suppliers of goods and services need to file their GST returns every month or quarter, depending on their turnover. The recipients of goods or services also need to file their returns and claim input tax credit (ITC) for the GST paid on their purchases.
This process involves comparing the GST returns filed by the suppliers and the recipients, identifying any differences, and reconciling them by making adjustments in the returns. The reconciled data is then used to file the annual return.
This is done to ensure that there is no mismatch between the sales and purchase data filed by the suppliers and the recipients, and to reconcile any differences that may arise. It helps in identifying any discrepancies and correcting them before filing the annual return.
Our Value-Added GST Services
Are you struggling with GST reconciliation for your business?
Don't worry, we've got you covered! Our expert team can handle the entire process for you, ensuring accurate records of transactions and compliance with GST laws. Contact us today to learn more about our GST reconciliation services.