GST reconciliation mainly includes matching the data uploaded by the traders or sellers with those of the recipient’s purchase data. This principally includes comparing the GSTR-2A/2B auto-populated from traders or sellers’ data and the purchase data recorded by the receiver of the supplies. This matching concept also ensures that all the transactions which took place in a particular period have been recorded.
For various reasons, it is very important to reconcile GST returns data like Under new GST returns, the taxpayers will only be able to claim ITC if the particular invoice is present in the GSTR-2A of receiver’s data. This requirement forces the businesses to reconcile and claim ITC correctly.
On many occasions it happens that the vendor has declared his GST liability and credit has not been availed by the purchaser in his GST returns. So, not to lose the claim of ITC, the data should be reconciled on a regular basis. This reconciliation process will ensure no ITC loss on any invoices.
Also, to avoid any duplication, taxpayers must consolidate and reconcile the values. This will ensure the correct declaration and maximise the credit of input taxes.
To overcome all such hurdles in reconciliation, KDK Software has come up with a simple & Feature Loaded Express GST with GSTR-2A/2B tool which provides Most Accurate Reconciliation between Purchase Invoice register & GSTR2A.
This tool comes with advanced algorithms and customized reconciliation methods and can process the data by just importing Your Purchase Register in 1-Click. It gives the Match Option Monthly/Multi-Month/annually and does Reconciliation by 2A Data or Books Data. All these features will make the reconciliation task easy and will help you to claim Maximum ITC.
To know more, one can also visit them on www.kdksoftware.com.
Kapil Goyal, MD, KDK Software said, “GST Reconcile is bit complicated process, in order to automate this in a way that even a newbie Small and Medium size business owner can do it by himself in minutes. This will help business owners releasing working capital by taking on time maximum Input Tax Credit. After using this tool one can save 90% Time and achieve 99% accuracy in comparison with other tools in the industry.”
Few key features of this tool which makes it unique are Smart Annual/Quarterly/Monthly Reconciliation, Intelligent mechanism to identify Matches and Mis-matches, Consolidate view to figure out Supplier-wise Matches and Mis-matches, Matching amended invoices with original ones to eliminate any duplicity in Invoice, Send emails to your clients – Supplier Wise and Invoice Wise Reco, so that they are well aware of any conflicts between their Books and 2A data, Import data in bulk and reconcile with 2A data in no time, Single Page view of 2A and 2B Data and Fastest 2A/2B Reconciliation Software.