In last five years of GST, the Indian government has been making revolutionary changes to the indirect taxation system in order to make it easier for taxpayers. The aim is also to bring in more transparency into the system. However, now taxpayers are responsible for filing multiple GST returns and with e-invoicing and e-way bill coming into the picture, GST compliance has taken a whole new turn. Thus to simplify the GST reconciliation process, businesses use several methodologies and one of which is GST MIS Reports.
What is GST MIS Report?
The GST MIS report is an additional 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.
GST MIS reports offers a comprehensive understanding of the firm’s GST compliance status and other GST-related issues, enabling teams to make timely, informed decisions that will either prevent the company from suffering losses or open up new revenue streams.
Simplifying reconciliation with GST MIS Reports by IRIS GST Software
- Easy Download Format: You can download the MIS Reports easily at any time with a single click.
- Source Agnostic: IRIS also offers comparative reports even if the user has not filed the returns through IRIS GST software. The details for comparative data is fetched directly from the GST portal and reports are prepared in less than a minute.
- Comprehensive: MIS Reports are prepared at the GSTIN level, PAN level or group level, which helps the CFO or tax heads to analyse and compare the details at the group/company level. This assists them in decision making.
- Microsoft Excel® Format: MIS Reports are provided in Microsoft Excel® downloads along with the base data which are used to prepare the report.
- Multiple Financial Years: Reports can be downloaded for multiple filing periods and multiple financial years.
- Graphical Representation: Analyse your data in a simplified way through the analytical dashboard powered with powerful charts and graphs.
Types of MIS Reports provided by IRIS GST Software
How to use MIS Reports?
- Store a year-to-date summary of all GST Returns and monitor them for inconsistencies and take corrective action sooner, rather than later and maximize your input tax credit.
- With IRIS GST software, you get an easy way to view your annual consolidated GST Reports. These reports can be used for checking the consistency of various GST returns and for performing end-of-year audits.
Step for downloading MIS Reports:
Step 1: Log in to IRIS GST Software and click on MIS Report Tab.
Step 2: Select MIS Report Name, GSTIN and filing period for which you want to download the report.
Step 3: Click on generate Tab.
Step 4: The report is generated and available to download in Report History Tab.
IRIS GST Software is trusted by top Indian companies!
It is a cloud-based GST software that helps you to automate your GST Return filing, optimise Reconciliation results and increase your ITC claim.
Using IRIS GST Software can simplify all your mundane tasks of GST Return filing like invoice data preparation and reconciliation by allowing bulk operations, automation and advanced reconciliation. Read all about the advance features of IRIS GST Software here!
To get the feel of the software, you can even schedule a free demo or reach out to us with all your queries at email@example.com