Reconciliation of invoices needed between data gets auto-populated in GSTR 2A and your purchaser registered data. Under GST, this process has gained significance as the sanity of the Input tax credit utilized by businesses is monitored by the GST authorities regularly. Also, the taxpayers must, on a regular basis reconcile their data every month with the data declared by its vendors too.
It is also necessary to ensure that the ITC which you intend to claim is accurate and meets all the provisions of the GST Act and rules. This activity is more critical now, as the date of September month’s GSTR 3B return draws closer.
Keeping in view this requirement, in IRIS Sapphire, we are making available reports which will further assist you in reconciling your invoices and ITC claim.
List of reports as follows: