The IRISGST Times
Volume 73 | January, 2024
What’s Inside
Welcome to the January edition of IRIS GST Times!
January symbolizes more than just a change in dates—it marks a fresh beginning for individuals and businesses alike. It’s a canvas awaiting the strokes of resolutions, innovation, and growth. In the corporate realm, this month serves as a strategic launching pad to set ambitious goals, implement robust strategies, and pave the way for success in the upcoming months.
The first month of the year saw multiple updates in the world of indirect taxation. We have highlighted everything here in this newsletter. Do not miss the ‘Top GST News of the month’ article for all the details.
In our Product Highlight section, you get to learn more about IRIS GST Software’s Smart Reconciliation feature!
As February begins, there is a lot of excitement surrounding the annual union budget. Stay tuned for our comprehensive article on the budget highlight!
Until then, enjoy the newsletter and IRIS GST Blog.
Warm Regards,
Suchita,
Editor, IRISGST Times
GST Updates
Product Highlight
Best software to reconcile GST data faster and ensure 100% compliance – IRIS GST Software
As a registered taxpayer, reconciling your purchase invoices with the supplier’s 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.
Seamless Reconciliation with IRIS GST Software
- Bulk Data Upload Facility: Effortlessly upload data for multiple GSTINs in one go.
- 2P Summary: Get a quick overview of your uploaded data, including the count of invoices considered for reconciliation.
- Bulk Download of GSTR 2A and GSTR 2B: Request ‘Get GSTR 2A/2B data’ for multiple periods.
- Smart Reconciliation: Conduct FY level reconciliation for efficient invoice comparison across months. Track invoices for ITC purposes with ease.
- Advanced Reconciliation: Extend the scope of comparison with features like checking invoices across financial years, fuzzy invoice no. logic, exact value matching, ignoring invoice numbers, and more.
- Monthly Reconciliation Results: Make informed decisions on monthly ITC claims with comprehensive reports based on GSTR 2A and 2B data.
- Net Vendor Summary: Get a quick glance at reconciliation status for each vendor
- PAN and GSTIN Level Reports: Dive deep into purchaser-only and supplier-only invoices with detailed reports for enhanced insights.
- Send Mail Feature: Communicate discrepancies to your vendor seamlessly with the built-in mail feature.
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
Here’s a comprehensive image of the GST Compliance Calendar, helping you remain GST compliant. It comprises all GST due dates for the month of February 2024.
Click here to read: GST Due Dates – February 2024 Calendar
By Swati Ajmera
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
We welcome and value every feedback, be it via comments, replies on Social platforms or emails. Thank you for appreciating our efforts and staying connected.
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