There are several factors when it comes to maximizing your ITC, apt GST reconciliation being one. In this article, we will discuss, how you can maximize your ITC with GST MIS Reports.
GST Audit is the process of examining a taxable person’s records, returns, and other documentation. There are 3 types of audits as mandated by the GST law, they are – Statutory GST Departmental Audit, and Special Audit. In this article, we have covered the GST departmental audit and how you can handle it better.
A show cause notice under GST may be issued by the GST authorities to a business or individual for various reasons, such as non-compliance with GST laws and regulations, evasion of tax, or other suspected offenses.
If an appellant feels aggrieved by any findings, observations or conclusions made by the authority granting the order, they can consider initiating an appeal. It is the most important part of the appeal. Grounds of appeal in GST represent those issues which show the nature of the dispute between the assessed and the revenue. Read the article to know more!
CBIC has issued a GST circular no 183/2022 clarifying the procedure to be followed for dealing with the difference in ITC availed in GSTR-3B as compared to that detailed in GSTR-2A for FY 2017-18 & 2018-19
Rule 88C - GSTR 3B vs GSTR 1 mismatch in Liability | Reasons for Mismatches | Blockage of further filing of GSTR-1 | Consequence of non-compliance of Rule 88C
The GST MIS report is a smart feature that enables top management or decision-makers to quickly assess the compliance level. MIS reports will offer a thorough analysis of mismatches, total GST turnover, maximum ITC utilisation, and other decision-making criteria.
There are several reasons for facing mismatches in the two including but not limited to furnishing supplies under the wrong head in GSTR 3B or the time difference between filing GSTR 1 and GSTR 3B. This Recon is important as it reduces the chances of omission and duplication of invoices among a lot of other advantages mentioned in the article.
