The IRISGST Times
Volume 64 | April, 2023
What’s Inside
Hello Readers!
Excited for May? Before we get carried away with all the hustle for the new month, let’s take a moment to review at all the important updates gone by!
In this newsletter, there are interesting articles on topics related to new 7-day e-invoice generation limit, tips for MSMEs to manage their working capital along with latest news updates about GST interest liability, AAR, AAAR and more.
Here, you will also get details about IRIS’ Integrated Solution. And, yes, we have the most popular section – the GST Compliance Calendar for May 2023 so that you never miss a GST due date.
Happy Reading!
Regards,
Meghana Pawar,
Editor, IRISGST Times
Latest GST News Updates
Changes have been made to Rules 8(4A) and 8(4B), which govern the process for Aadhar authentication and applicant bio-metric verification. Read all the new updates from the month here: Top GST News
Reader’s Choice of the Month
Our most popular article for the month is – 9 Things to check before paying the GST interest liability. Click the link to know the details!
Top Finance News of the Month
The repo rate has increased by 250 basis points thanks to the Reserve Bank of India (RBI). Banks have raised the interest rates on fixed deposits in order to fulfill the rising demand for lending as liquidity has tightened.
GST Updates
Product Highlight
IRIS’s Integrated Solution – E-invoicing, GST Compliance with Advanced Recon and E-way Bill Management
IRIS has been helping taxpayers meet their e-invoicing requirements for the last 3 years and has generated more than 5 lac IRNs with 99.99% up-time.
Now, IRIS is a government authorized IRP that provides a seamless IRN portal backed by robust GSP and ASP solution of automated reconciliation, e-invoicing and e-way bill management and GST filing. Upgrade your e-invoicing and GST compliance with IRIS today and put these e-invoicing worries to rest.
With IRIS IRP, an e-invoice is generated on the same day, and it gets reflected in GSTR1
Thus, you can plan and carry out this reconciliation on a daily basis or once in two days between the sales invoice generated in ERP vs E-invoice generated at IRP. This will make sure that you are not missing IRN generation on any of your invoices.
IRIS GST offers an integrated solution managing both – your e-invoicing as well as your GST Reconciliation seamlessly!
As a registered taxpayer, reconciling your purchase invoices with the supplier uploaded invoices on the GST system is a critical activity as it determines your ITC claim. Further, the Government issues legal notices to taxpayers for discrepancies in the ITC claimed in GSTR 3B and the amount as per supplier uploaded details. Our Smart Reconciliation comes in handy for managing the reconciliation tasks in a timely, efficient and easy manner.
No more waste of time and resources in manual recon results, which are prone to errors when you can opt for a more intelligent solution.
IRIS is chosen by Top conglomerates like L&T and Bajaj to reconcile data faster and ensure 100% compliance!
Feature Highlights of IRIS GST Software:
Bulk Data upload facility – It will help you to upload data for multiple GSTINs in one go
2P Summary – Provides a summary of uploaded data. You can quickly check your uploaded data with the count of invoices getting considered for reconciliation
Bulk download of GSTR 2A – For multiple periods, you can send ’Get GSTR 2A data’ request in one go
Reconcile with 2A and 2B – Our recon module uses both GSTR 2A and 2B for accuracy.
Smart reconciliation – It auto-runs on your data and provides you the reconciliation results with summary
Advanced reconciliation – It helps you to extend the scope of comparison between data that is in the supplier-only and purchaser-only category. Some rules that help in better reconciliation are:
- Checking invoices across the financial years
- Fuzzy invoice no. logic
- Checking exact values ignoring invoice number
- Checking invoices within the tolerance provided by you
Monthly reconciliation results – Helps you to decide monthly ITC
Net vendor summary – It gives you a glance reconciliation status for each vendor
PAN level reports and GSTIN level reports – It will help you to analyse in detail of your purchaser-only and supplier-only invoices Send Mail – By using this feature you can easily communicate discrepancies to your vendor
Click the link below and get in touch with us!
Testimonial
“We are able to maximize our ITC and the recon process has been seamless.”
“Choosing a solution that does both GST’s regular monthly Compliance and E-invoicing wasn’t easy for us. We needed a hassle-free and quick solution and glad we selected IRIS GST. It’s been 4 years and the team has been offering prompt support for all our requirements.
The ease of operating the software and easily connecting to our ERP solution is the key strength of IRIS, the changes that are coming for GST compliances & filings, can be easily incorporated without changing the framework of our ERP system.
IRIS GST helped us address the issue on a real time bases. At the time of actual implementation, addressing the issue on a real time basis and thus the quality of our GST filing improved and we were able to manage the liabilities timely and properly.
Apart from this, the team has been diligently helping us with GSTR 2A/ 2B reconciliation with our purchase data to monitor our vendor compliance. With this, we are able to maximize our ITC and the process has been seamless.”
PARAG PAREKH
General Manager Accounts & Finance, Parekh Group
GST Compliance Calendar
GST Due Dates Calendar for the new fiscal year!
Here is a comprehensive image of the GST Compliance Calendar that helps you be GST compliant. It has all the GST Compliance Due dates for May 2023 so that you never miss a GST due date!
Click here to read: GST Due Dates – May 2023 Calendar
By C.A. Samaira Tolani
We hope you enjoyed reading this issue of IRIS GST Times and found it informative! Do write us back and let us know what was a hit or miss for you from this issue. Our email id is: support@irisgst.com
Every feedback, be it via comments, replies on Social platforms or emails is always welcome. Thank you for appreciating our efforts and staying connected.
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