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Advisory on introduction of new Tables 14 & 15 in GSTR-1

15/01/2024

As per Notification No. 26/2022 – Central Tax dated 26th December 2022 two new tables Table 14 and Table 15 were added in GSTR-1 to capture the details of the supplies made through e-commerce operators (ECO) on which e-commerce operators are liable to collect tax under section 52 of the Act or liable to pay tax u/s 9(5). These tables have now been made live on the GST common portal. These two new tables will be available in GSTR-1/IFF from January-2024 tax periods onwards. Please click here for the complete advisory.

Thanking You,

Team GSTN

Advisory: Date extension for reporting opening balance for ITC reversal

29/12/2023

Dear Taxpayers,

1. In order to facilitate the taxpayers in correct and accurate reporting of ITC reversal and reclaim thereof and to avoid clerical mistakes, a new ledger namely Electronic Credit and Re-claimed Statement was introduced on the GST portal. This statement was made available to help the taxpayers in tracking their ITC that has been reversed in Table 4B(2) and thereafter re-claimed in Table 4D(1) and 4A(5). Kindly click here for the detailed advisory provided earlier.

2. Now to facilitate taxpayers further, opportunity to declare opening balance for ITC reversal in the statement has been extended till 31st January, 2024.

3. Kindly note that after declaring the opening balance for ITC reversal, only three amendment opportunities post the declaration will be provided to correct declared opening balance in case of any mistakes or inaccuracies in reporting.

4. Facility to amend declared opening balance for ITC reversal will be available till 29th February, 2024.

Thanking You,

Team GSTN

Two-factor Authentication for Taxpayers

01/12/2023

Dear Taxpayers,

1. GSTN is introducing two-factor authentication (2FA) for taxpayers to strengthen the login security in GST portal. The pilot rollout has been done for a state of Haryana and working seamlessly. Currently, 2FA will be rolled out for Punjab, Chandigarh, Uttarakhand, Rajasthan and Delhi in 1st phase. In 2nd phase, it is planned to be rolled out all states across India.

2. Taxpayers would need to provide one-time password (OTP) post entering user id and password, the OTP will be delivered to their Primary Authorized Signatory “Mobile number and E-mail id”.

3. Tax-payers are requested to keep their email and mobile number of authorized signatory updated on the GST Portal for receiving the OTP communication. This OTP would only be asked, in case the tax-payer changes the system (desktop or laptop or browser) and location.

4. The solution would be rolled out from 1st of December, 2023.

Thanking You,

Team GSTN

Advisory: Time limit for Reporting Invoices on the IRP Portal

13/09/2023

Dear Taxpayers,

1.It is to inform you that it has been decided by the Government to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with AATO greater than 100 crores.

2.To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 30 days on the date of reporting.

3. Please note that this restriction will apply to the all document types (Invoices/Credit note/Debit note) for which IRN is to be generated.

4.For example, if an invoice has a date of November 1, 2023, it cannot be reported after November 30, 2023. The validation built into the invoice registration portals will disallow the user from reporting the invoice after the 30 days window. Hence, it is essential for taxpayers to ensure that they report the invoice within the 30 days window provided by the new time limit.

5.It is further to clarify that there will be no such reporting restriction on taxpayers with AATO less than 100 crores, as of now.

6.In order to provide sufficient time for taxpayers to comply with this requirement, which may require changes to your systems, it is proposed to implement it from 1st November 2023 onwards.

Thanking You,

Team GSTN

Introducing Electronic Credit Reversal and Reclaimed Statement

31/08/2023

“Vide Notification No. 14/2022 – Central Tax dated 05th July, 2022 (read with circular 170/02/2022-GST, Dated 6th July,2022), the Government introduced certain changes in Table 4 of Form GSTR-3B so as to enable the taxpayers in reporting correct information regarding ITC availed, ITC reversal, ITC re-claimed and ineligible ITC. The re-claimable ITC earlier reversed in Table 4(B)2 may be subsequently claimed in Table 4(A)5 on fulfilment of necessary conditions. Such reclaimed ITC in Table 4(A)5 also needs to be explicitly reported in Table 4D(1)..

In order to facilitate the taxpayers in correct and accurate reporting of ITC reversal and reclaim thereof and to avoid clerical mistakes, a new ledger namely Electronic Credit and Re-claimed Statement is being introduced on the GST portal. This statement will help the taxpayers in tracking of their ITC that has been reversed in Table 4B(2) and thereafter re-claimed in Table 4D(1) and 4A(5) for each return period, starting from August return period. For a detailed advisory please Click here for Link

Thanking You,

Team GSTN

Advisory: Online Compliance Pertaining to Liability / Difference Appearing in R1 – R3B (DRC-01B)

29/06/2023

Dear Taxpayers,

1. It is informed that GSTN has developed a functionality to enable the taxpayer to explain the difference in GSTR-1 & 3B return online as directed by the GST Council. This feature is now live on the GST portal.

2. The functionality compares the liability declared in GSTR-1/IFF with the liability paid in GSTR-3B/3BQ for each return period. If the declared liability exceeds the paid liability by a predefined limit or the percentage difference exceeds the configurable threshold, taxpayer will receive an intimation in the form of DRC-01B.

3. Upon receiving an intimation, the taxpayer must file a response using Form DRC-01B Part B. The taxpayer has the option to either provide details of the payment made to settle the difference using Form DRC-03, or provide an explanation for the difference, or even choose a combination of both options.

4. To further help taxpayers with the functionality, a detailed manual containing the navigation details is available on the GST portal. It offers step-by-step instructions and addresses various scenarios related to the functionality. The link is stated below:

Click here for Link

Thanking You,

Team GSTN

Simplifying GST Reconciliation Processes for businesses

23/04/2024

Welcome to our blog article about GST reconciliation!.In this post, we’ll go over what GST reconciliation is, why it’s necessary, and how to do it properly, with a focus on the advantages of utilizing GST reconciliation software – Accureco. This post provides essential information for company owners, accountants, and anybody interested in GST.

Understanding the GST Reconciliation

GST reconciliation is the process of comparing the data submitted by taxpayers in their GST returns to the data supplied by their suppliers. This method ensures that the GST paid by taxpayers matches the GST collected by their suppliers, assisting in the identification of any anomalies or inaccuracies.

During the GST reconciliation procedure, firms compare their purchase register to their suppliers’ sales registers. They may then detect any discrepancies in their GST liability or input tax credit claims, allowing businesses to correct any mistakes and guarantee compliance with GST requirements.

Why is GST Reconciliation Important?

GST reconciliation plays a crucial role in ensuring the accuracy of GST filings and compliance with the law. Here are a few reasons why GST reconciliation is important:

  • Identifying Errors: The reconciliation process helps businesses identify any errors or discrepancies in their GST returns, allowing them to correct them before submitting the final returns.
  • Claiming Accurate Input Tax Credit: By reconciling their purchase register with the sales register of their suppliers, businesses can ensure that they are claiming the correct amount of input tax credit. This can lead to significant cost savings.
  • Avoiding Penalties: GST reconciliation helps businesses avoid penalties and legal issues by ensuring that their GST filings are accurate and compliant with the law.
  • Building Trust: Accurate GST reconciliation helps build trust between businesses and their suppliers, as it ensures that the tax liabilities and credits are correctly reported and accounted for.

The GST Reconciliation Process with GST Reconciliation Software

The GST reconciliation process involves several steps. However, GST reconciliation software can significantly simplify and automate these steps, saving businesses time and resources. Here’s a breakdown of the process with the software in mind:

  1. Data Import: Most GST reconciliation software allows you to import your purchase register, sales register, and GST return data directly from your accounting software or spreadsheets.
  2. Automated Matching: The software automatically matches your purchase data with the corresponding sales data reported by your suppliers using advanced algorithms.
  3. Discrepancy Identification: The software highlights any discrepancies or unmatched data points, allowing you to focus on those areas for further review.
  4. Error Resolution: With the software’s help, you can easily investigate discrepancies, communicate with suppliers to resolve them, and update your records accordingly.
  5. Report Generation: GST reconciliation software generates comprehensive reports that summarize the reconciliation process, identified discrepancies, and any adjustments made. These reports can be used for future reference and audits.

Benefits of Using GST Reconciliation Software

  • Increased Efficiency: Automates repetitive tasks, saving businesses significant time and effort.
  • Improved Accuracy: Reduces the risk of human error in manual data entry and matching.
  • Faster Discrepancy Resolution: Makes it easier to identify and resolve discrepancies.
  • Enhanced Compliance: Ensures accurate GST filings and reduces the risk of penalties.
  • Simplified Record-keeping: Provides a centralized repository of all reconciliation data and reports.

In Conclusion

GST reconciliation is an essential process for businesses to ensure the accuracy of their GST filings and compliance with the law. By using GST reconciliation software, With Accureco businesses can streamline the reconciliation process, improve accuracy, and save valuable time and resources.

Accureco is a powerful, cloud-based GST reconciliation software that offers a comprehensive solution for all your GST reconciliation needs. With its user-friendly interface and advanced features, Accureco streamlines the reconciliation process, ensuring accurate GST filings and compliance.

Key Features of Accureco:

  • Automated reconciliation of purchase and sales registers
  • Real-time updates and notifications
  • Seamless integration with popular accounting software
  • Comprehensive reporting and analytics
  • Secure cloud-based platform accessible from anywhere
  • Scalable solution to accommodate your growing business needs

Experience the Power of Accurate and Efficient GST Reconciliation with Accureco

Don’t let manual GST reconciliation processes hold you back. Visit our website today to learn more about Accureco and schedule a demo to experience the difference it can make for your business.

 

Thanking You,

Team GSTN