The term ‘reconciliation’ means to compare two sets of data entries to identify any mismatches or variances. The data sets are of the same origin but come from different sources. It is a practice for correcting errors in the process.
CBIC has laid down new guidelines regarding sanction, post-audit, and review of GST refund claims. Here, we will touch upon important changes that CBIC established in accordance with the new circular.
Taxpayers with turnover between Rs. 5 Cr. and Rs. 20 Cr. are enabled for testing on Sandbox. Read the article to learn if your business has crossed the e-invoice turnover limit 2022
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.
PMT-03A is an annexure to the existing form PMT-03. The form, issued by the CBIC in Circular No. 174/06/2022-GST dated July 06, 2022, allows the proper officer to re-credit the amount in the taxpayer's electronic credit ledger.
A quarterly statement cum challan, form CMP 08 shall be used to declare the self-assessed details of the tax payable by a composite dealer in the given quarter.
IRP for e-invoicing stands for Invoice Registration Portal which is an official platform provided by the government of India for businesses to generate e-invoices under GST. With the expansion in the scope of the e-invoicing mandate, IRIS has been appointed as the Invoice Registration Portal (“IRP Partner”) of GSTN, which permits us to act on behalf of GSTN to register B2B e-invoices of trade and industry.
In an attempt to lower the possibilities of GST evasion, e-way bill system was rolled out on April 1, 2018, for inter-state movement of goods worth over Rs 50,000.
GSTR1 is essentially a detailed report on all of your outward supplies, EWB is a sub-set to the GSTR 1 carrying details of only those outward supplies where there is movement of goods over and above a threshold limit.
Common Enrolment number is a 15-Digit unique number available exclusively for transporters registered in multiple states under a single PAN, for the generation and updation of their EWB.
E-way Bill is to be issued irrespective of whether the movement of goods is caused by reasons of supply or otherwise.
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