Reconciliation Reports by GSTZen

GSTZen provides its users with various reconciliation reports that compare GST Returns with data present in books as well as comparing data in different GST Returns. Reconciliation is about matching the data filed by the supplier with those of the recipients and recording all the transactions that have taken place during that period. The reconciliation process ensures that no sales or purchases are omitted or wrongly reported in the GST returns. Reconciliation reports provided by GSTZen are easy to understand. The following reconciliation reports are provided by GSTZen-

Books vs GSTR 1

  • GSTR-1 is a monthly or quarterly return that should be filed by every registered GST taxpayer. It contains details of all outward supplies i.e. sales.
  • Reconciliation of GSTR 1 and Sales register helps in finding out if any sales invoices have been missed or wrongly reported in GSTR 1

Reconciling Sales and Auto-populated e-Invoicing Data

  • Reconciling Sales with auto-populated data helps in finding out if any sales invoices have been missed or incorrectly auto-populated in GSTR 1.
  • The taxpayer can make corrections and file GSTR 1 with the correct data.

GSTR 2A vs Purchase Register

  • The GSTR 2A is generated automatically when a business’s seller or counterparty uploads the GSTR 1 and 5 Forms. It is a dynamic statement.
  • The GSTR 2A reconciliation will show all your Invoices and will compare and reconcile your Purchase Register with Invoices uploaded by your Suppliers in the GST Government Portal.

GSTR 2B vs Purchase Register

  • GSTR-2B is an auto-drafted Input Tax Credit ( ITC ) statement to simplify Input Tax Credit Claim for taxpayers.
  • It is a fixed statement and will be generated on 12th of every month for every recipient on the basis of the information furnished by their suppliers in their respective GSTR-1, GSTR 5 and GSTR 6.
  • Reconciliation of GSTR 2B  with Purchase register helps the taxpayer in determining the ITC available to him. In helps in comparing the invoices in GSTR 2B with those of the purchase register.