GST Reconciliation Course | gst Reconciliation Excel | gst reconciliation & mismatch | gst Reco

gst reconciliation kya hota hai | GST Reconciliation Course | gst reconciliation | gst Reconciliation Excel | GST Reco in Excel | gst reconciliation in excel | gstr 2a reconciliation | gstr 2b reconciliation | gst reconciliation excel

TimeStamp-
00:00:00 Intro
00:01:12 (1) GST Sales,GSTR-1 & GSTR-3B Comparison
00:15:08 (2) GSTR-1 Vs Sales Reconciliation
00:35:15 (3) GSTR-2B Vs Purchase Reconciliation
01:24:00 (4) Find Difference Between Two or More List
01:32:29 (5) GSTR-2B Formatting
01:45:09 (6) Combine Full Year GSTR-2B
01:52:38 (7) Claim ITC in GSTR-3B base on GSTR-2B
02:13:56 (8) GST Report in Excel
02:22:24 (9) Find Double Invoice Entries
02:24:17 (10) Check GST charged in Invoices
02:26:05 (11) Sales & Purchases (State Wise)
02:28:21 (12) Hard Code Vlookup
02:30:09 (13) Excel Shortcut (Ctrl)
02:32:30 (14) Freeze Panes in Excel
02:33:56 (15) Cross GST Calculation
02:35:42 (16) Advance Tricks to Filter in Excel

Practice File : https://drive.google.com/drive/folder...

Topic Covered.
GST Sales,GSTR-1 & GSTR-3B Comparison
GSTR-1 Vs Sales Reconciliation
GSTR-2B Vs Purchase Reconciliation
Find Difference Between Two or More List
GSTR-2B Formatting
Combine Full Year GSTR-2B
Claim ITC in GSTR-3B base on GSTR-2B
GST Report in Excel
Find Double GST Invoice Entries
Check GST charged in Invoices
GST Sales & GST Purchases (State Wise)
Hard Code Vlookup (GST Reconciliation)
Excel Shortcut (Ctrl)
#gst #gstr2b #gstr2a
Freeze Panes in Excel
Cross GST Calculation
Advance Tricks to Filter in Excel for GST Reconciliation

GST reconciliation involves matching of sales and purchase data between different returns as well as sales and purchase registers.

What is GST reconciliation and matching?
In general, reconciliation means comparing two sets of data entries to identify any differences or variances. It is done to correct the unintentional errors earlier committed or any omissions.

Under taxation, reconciliation holds importance because it can give rise to tax short paid or not paid or excess paid as well. Following mismatches or differences can be noticed by taking up following matching and reconciliation exercise:

Why is GST Reconciliation required?
There are several reasons why reconciliation for GST returns data is required by businesses under GST.

Taxpayers will be able to claim ITC only if the invoice is present as a part of their GSTR-2B. Due to this, taxpayers will now need to do a reconciliation wherever the ITC as per their purchase register and GSTR-2B data is not matching. Upto July 2020, taxpayers were comparing the GSTR-2A with purchase register. Due to the introduction of static return in form GSTR-2B, the monthly reconciliation has moved from GSTR-2A to GSTR-2B. However, for the yearly reconciliation, GSTR-2A which is dynamic return is preferred. But as an exception, one must still refer to GSTR-2A for TDS and TCS credits.
GST returns are filed monthly or quarterly basis. Finally, after the financial year gets over, annual returns must be filed before the 31st December of subsequent FY. This would need consolidation of the data reported over the FY. In order to ensure the correctness of the declaration made and to avoid duplications, taxpayers must reconcile the data, then consolidate the values and make the declaration.
Certain deadlines are stipulated in the GST laws for making amendments to GST returns data or to claim ITC. As per CGST Act, following actions must be taken, at the earlier of filing the return under section 39 for the month of September* following the end of the financial year to which a particular invoice pertains, or the furnishing of the relevant annual return:
Claim eligible ITC against any invoice raised in a FY.
Any apportionment of ITC belonging to a FY, as eligible and ineligible not made earlier must be affected before the deadline.
Declare CDNs issued against any Invoices raised in a FY.
File Amendments to information reported in the GST Returns filed in a FY.

Typically, reconciliation refers to the matching of two data sets to evaluate differences. Also, reconciliation helps keep a tab on manual errors. GST reconciliation involves matching data of purchase and sales between different returns and purchase and sales registers. Under GST, reconciliation helps taxpayers know if taxes are excess/short paid or not paid at all.

These are some of the major reasons why GST reconciliation is vital:

To validate data through the reconciliation of different GST returns
To keep a tab on the duplicity of data
To issue file amendments or CDNs if there is a mismatch because of duplicity of data or human error
To claim accurate Input Tax Credit (ITC) for invoices raised in the previous financial year
Listed below are the different types of GST reconciliation: