GST reconciliation when done professionally saves a lot of hassles while annual audits of the company are conducted.
Here is the list of most common kind of GST reconciliation that you must consider at the time of filing your GST Return:
There can be several mistakes in the furnished data between you and your supplier.Some of the common invoice details mismatches are wrong invoice number, invoice date or/and invoice value.
While doing GST Reconciliation this is the most common discrepancy.Sometimes due to human error, the supplier punches the wrong GSTIN. This may conflict while claiming ITC.
Note: In order to find out your ITC you have to compare your GSTR 2A with inward supplies
- You can also reconcile the data furnished in the E-way Bill and invoices. This will help you to raise a mismatch in the taxable amount to the supplier in case of any discrepancy.