GST Reconciliation

How to do GST Reconciliation?

1. To begin with, you should first reconcile within the GSTIN thoroughly.
2. After which you should reconcile the data furnished to the PAN India level.
3. Afterwards, you should consider doing supplier-wise GST Reconciliation; this will ensure that you avail any unclaimed ITC.

Why we do GST reconciliation?

There are several reasons why reconciliation for GST returns data is required by businesses under GST. As per the new proposed model of GST returns by GSTN, taxpayers will be able to claim ITC only if the invoice is present as a part of their 2A data or vendor data.