The IRISGST Times
Volume 56 | August, 2022
Inside
THE ISSUE
August 2022 – Overall a positive month at the IRIS GST front!
Shortly, after implementing the rebranding exercise that defines our core value system as a company, IRIS won the FE Best Banks Award for FinTech Category 2020-21. We are extremely grateful for the support that we have received from all of you!
In this newsletter, we cover detailed articles on the new updates: Important Checklist To Consider Before Filing September GST Returns, Pre-GST Litigation, Invoice Registration Portal (IRP) and Top GST news of the month. Plus there is an interesting case study in the product highlight section!
And, yes, we also have the GST Compliance Calendar for September 2022 so that you never miss a GST due date. Happy Reading!
Regards,
Meghana Pawar,
Editor, IRISGST Times
Latest GST News Updates
GST Notification 17/2022 mandates e-invoicing for taxpayers having AATO above Rs. 10 crores. Read all the updates here: Top GST News of the month
Reader’s Choice of the Month
Our most popular article for the month is – Why small businesses should look forward to E-invoicing?
Top Finance News of the Month
The Income-tax department has received approximately Rs 28 crore in taxes.
After around 1 lakh returns were submitted by taxpayers using the newly introduced return filing form known as ITR-U, which was announced this year as part of the Budget 2022–23.
GST Updates
Product Updates
Learn more about IRIS GST Software’s Smart Reconciliation feature!
Best software to reconcile GST data faster and ensure 100% compliance
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.
Feature Highlights:
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
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 :
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- Checking invoices across the financial years
- Fuzzy invoice no. logic
- Checking exact values ignoring invoice number
- Checking invoices within tolerance provided by you
Monthly reconciliation results with monthly GSTR 2A report – Helps you to decide monthly ITC and how much you can claim as provisional 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
MIS Reports – The GST MIS report is an additional feature that enables top management or decision-makers to quickly assess the compliance level.
Testimonial
“It’s been 4 years and the team has been offering prompt support for all our requirements. The software – IRIS GST Software is easy to use. The team helped us to integrate our ERP solution to Sapphire seamlessly. Their customer support is the key strength of IRIS! The constant GST compliances and law changes can be easily incorporated without changing the framework of our ERP system.”
“At the time of actual implementation, the team addressed our GST and e-invoicing issues on a real-time basis. 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 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
The end of the newsletter brings us to the most loved section, the GST Due dates Calendar!
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 September 2022 so that you never miss a GST due date!
Click here to read: GST Due Dates – September 2022 Calendar
By C.A. Samaira Tolani
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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