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Reconciliation | Process | Required for | Frequency |
Reconciliation of Form GSTR-2B with Purchase register | In this reconciliation, one needs to reconcile its purchases with the documents reported by the suppliers in their Form GSTR-1, which then appears in Form GSTR-2B of the recipient | Availment of ITC in Form GSTR-3B | Monthly and Annual |
Reconciliation of Import Register with Bills of Entry data and Form GSTR-2B | In this reconciliation, one needs to reconcile their Import Register with Form GSTR-2B and details appearing on Bills of Entry | Availment of ITC in Form GSTR-3B | Monthly and Annual |
Reconciliation of goods sent to and received from job worker | In this reconciliation, one needs to reconcile and check whether the goods sent out for job work have been received back or not within the statutorily prescribed time limit | Compliance with Form GST ITC-04 | Half yearly |
Reconciliation of financial turnover with GST turnover | In this reconciliation, one needs to reconcile and find the reasons for difference between financial and GST turnover | Compliance with Form GSTR-9C | Annual |
Reconciliation of ITC as per the financial GLs with ITC availed in GST returns | In this reconciliation, one needs to reconcile and find the reasons for difference between ITC as per the financial GLs and ITC availed in GST returns | Compliance with Form GSTR-9C | Annual |
Reconciliation of Form GSTR-1 details with E-invoice and E-way bill records | In this reconciliation, one needs to reconcile the outward supplies data to be reported in Form GSTR-1 with E-invoice and E-way bill records | Audit/ Assessment by the GST authorities | Monthly/ On demand |
Reconciliation of Form GSTR-1 with Form GSTR-3B | In this reconciliation, one needs to reconcile and find out the reasons for differences, if any, between output GST liability reported in Form GSTR-1 and Form GSTR-3B | Adjudication and compliance with GST Annual Return (Form GSTR-9) | Annual/ On demand |
Reconciliation of purchase register with expenses as per the Profit and Loss Account | In this reconciliation, one needs to reconcile the expenditure as per the Profit and Loss Account with the expense items as per the purchase register | Compliance with Clause 44 of Tax Audit report | Annual |
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INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
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