The IRISGST Times
Volume 63 | March, 2023
What’s Inside
Hello Readers!
We sincerely hope that March has served you well and you are ready to welcome April, the new fiscal year ‘2023-24’ with open arms. The month of March witnessed several changes at the GST front as well as at IRIS GST. Our official IRP portal – einvoice6.gov.in is live and users can start generating IRN using our GSTN authorized portal.
In this newsletter, there are interesting articles on topics related to Litigation, E-invoicing and AP automation along with latest news updates about HSN Reporting, One Person Company under GST and lots more.
Here, you will also get details about IRIS GST Software – India’s best software for GST Recon. And, yes, we also have the most popular section – the GST Compliance Calendar for April 2023 so that you never miss a GST due date.
Happy Reading!
Regards,
Meghana Pawar,
Editor, IRISGST Times
Latest GST News Updates
New advisory released – GSTN launches e-invoice registration services with private IRPs. Also, there’s an update about One person Company under GST. Read all the new updates from the month here: Top GST News
Reader’s Choice of the Month
Our most popular article for the month is – GST Fiscal Year End Checklist: 13 tasks to be completed before April 1,2023. Click the link to know the details!
Top Finance News of the Month
As per NPCI, starting on April 1, 2023, ‘merchant payments’ made through UPI transactions conducted through prepaid instruments like wallets and cards would be subject to an interchange fee of 1.1%. The interchange fee would only be charged on transactions made with certain merchants that total more above Rs 2,000.
GST Updates
Product Highlight
Start your new fiscal year by choosing IRIS GST Software to automate your monthly and yearly filing plus reconciliation activities
Best Software in India for GST Return Filing, Reconciliation and ITC Maximization
Reconcile GST data faster and ensure 100% compliance
ITC claiming rules have been tightened by the government lately. As a registered business, 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
Reconcile with 2A and 2B – Our recon module uses both GSTR 2A and 2B for accuracy.
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:
- Checking invoices across the financial years
- Fuzzy invoice no. logic
- Checking exact values ignoring invoice number
- Checking invoices within the tolerance provided by you
Monthly reconciliation results – Helps you to decide monthly 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
Want to know more about IRIS IRP? Click the link below and get in touch with us!
Testimonial
“We are able to maximize our ITC and the recon process has been seamless.”
“Choosing a solution that does both GST’s regular monthly Compliance and E-invoicing wasn’t easy for us. We needed a hassle-free and quick solution and glad we selected IRIS GST. It’s been 4 years and the team has been offering prompt support for all our requirements. The ease of operating the software and easily connecting to our ERP solution is the key strength of IRIS, the changes that are coming for GST compliances & filings, can be easily incorporated without changing the framework of our ERP system.
IRIS GST helped us address the issue on a real time bases. At the time of actual implementation, addressing the issue on a real time basis and 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/ 2B 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
GST Due Dates Calendar for the new fiscal year!
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 April 2023 so that you never miss a GST due date!
Click here to read: GST Due Dates – April 2023 Calendar
By C.A. Samaira Tolani
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
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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