ITC Reconciliation in GST | how to reconcile itc in gst | ITC Reconciliation | GST Reconciliation

ITC Reconciliation in GST | how to reconcile itc in gst | ITC Reconciliation for annual return
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Download Practice file : docs.google.co...
Practice file : docs.google.co...
GST reconciliation involves matching of sales and purchase data between different returns as well as sales and purchase registers. The article attempts to explain it in detail.
What is GST reconciliation and matching?
In general, reconciliation means comparing two sets of data entries to identify any differences or variances. It is done to correct the unintentional errors earlier committed or any omissions.
Under taxation, reconciliation holds importance because it can give rise to tax short paid or not paid or excess paid as well. Following mismatches or differences can be noticed by taking up following matching and reconciliation exercise:
Why is GST Reconciliation required?
There are several reasons why reconciliation for GST returns data is required by businesses under GST.
Taxpayers will be able to claim ITC only if the invoice is present as a part of their GSTR-2B. Due to this, taxpayers will now need to do a reconciliation wherever the ITC as per their purchase register and GSTR-2B data is not matching. Upto July 2020, taxpayers were comparing the GSTR-2A with purchase register. Due to the introduction of static return in form GSTR-2B, the monthly reconciliation has moved from GSTR-2A to GSTR-2B. However, for the yearly reconciliation, GSTR-2A which is dynamic return is preferred. But as an exception, one must still refer to GSTR-2A for TDS and TCS credits.
GST returns are filed monthly or quarterly basis. Finally, after the financial year gets over, annual returns must be filed before the 31st December of subsequent FY. This would need consolidation of the data reported over the FY. In order to ensure the correctness of the declaration made and to avoid duplications, taxpayers must reconcile the data, then consolidate the values and make the declaration.
Certain deadlines are stipulated in the GST laws for making amendments to GST returns data or to claim ITC. As per CGST Act, following actions must be taken, at the earlier of filing the return under section 39 for the month of September* following the end of the financial year to which a particular invoice pertains, or the furnishing of the relevant annual return:
Claim eligible ITC against any invoice raised in a FY.
Any apportionment of ITC belonging to a FY, as eligible and ineligible not made earlier must be affected before the deadline.
Declare CDNs issued against any Invoices raised in a FY.
File Amendments to information reported in the GST Returns filed in a FY.

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Practice File : docs.google.com/spreadsheets/d/1DQd2nras9uDgpVl-GQCBX8t7GMGmCXXy/edit?usp=sharing&ouid=114971401011962481309&rtpof=true&sd=true

[@aky7637]

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[@becominganexpert]

Thanks

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[@rooraliyt3862]

Bhai Maan gye Bhai khatnaak knowledge he excel ki

[@becominganexpert]

Thanks

[@novice4494]

Excellent work.... I think no such type video is available where practical problems in reconciliation are discussed. Amazing

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Thanks 😊

[@sinureddy7492]

I am from karnataka very use ful in dis vedeo thank you sir

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[@becominganexpert]

Thanks

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Apsa hamasa naya trick sikhana milta.

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[@becominganexpert]

Thanks

[@bijaykumarmishra7689]

Many many thanks for different excel tips at the time reconcilation process

[@rajeshdeshpande8782]

Wow very nice presentation keep it up

[@becominganexpert]

Thanks

[@bhaktidedhia4570]

At 19:09 minutes of this video, the values copied are wrong, table heading says 3B to 2A.
..
Overall a good video

[@pratappatwal7921]

Thank u so much sir
Aapne jo 2A and Books ko Reconcile kara hai Aowsom Trick 👌👌👌
Or Reconcile karte time jo aapne Excel ke short key ka use kiya hai Excellent sir👌👌👌

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very useful sir 👍

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We get more knowledge of Excel than gst.

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Thanks

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Very well explained 👏

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[@amineshdadheech8384]

You are best guide

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Thanks

[@facts-dq3ec]

Excellent Bro..

[@nileshbhilare1511]

Excel me reconsilation karke tally me entry kese paas karna hai .. or o video banao....or Jo book me hai but 2b me nahi or badme 2b me aya or book me pahle month me hi tha kese adjust karna Tai tally entry pass pls make video

[@dhparmar2810]

Excellent

[@satenderkumar7231]

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Thanks 😊

[@ExcelMasteryHub10]

Hats off 👏

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Thanks

[@kansingh5968]

Nice video thanks sir.

[@susenDeshmukh-zt7so]

Thanks for this video

[@pawanSharma-em9cd]

Superb sir please make more videos on gst Compliances

[@becominganexpert]

Thanks

[@CA_AnkurSekseria]

'A debit note is a written declaration of a purchase return issued by the buyer and sent to the seller', accordingly a debit note for purchaser would be deducted from Input GST instead of addition? reference time 16:30.
Its a query.

[@becominganexpert]

Right sir
Purchase = Debit note less
Credit note plus
Sales = credit note less
Debit note plus

[@kansingh5968]

Nice video

[@nareshupanchal]

EXCELLENT

[@becominganexpert]

Thanks

[@amanpathak5189]

Amazing 🤩

[@becominganexpert]

Thanks

[@santoshnair4956]

Kindly give one classes of GST 9 nd 9C return. Or give one online class regarding GST return and ITC. If it possible for u.
Thanks

[@becominganexpert]

Sure

[@jainilpatel27]

Well done👍

[@becominganexpert]

Thanks

[@bhusahebgadekar3842]

Very nice video

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Thanks

[@ajayakumarkar7740]

Outstanding n superb

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Thanks

[@vijaymaurya8637]

Nice

[@rishideokr]

Good ❤

[@dineshverma5662]

Really within 5 minutes reconciliation

[@becominganexpert]

Thanks

[@XpertGaming03052]

Great trick and technique shows for ITC reconciliation also in excel bro, but we are maintaining exp in JV instead of purchase register then how could we reconciled ITC with 2B ?

[@becominganexpert]

Export jv Register and add below purchase Register

[@Manishmkm100]

Informative

[@becominganexpert]

Thanks

[@manojprajapati4880]

Make proper vidio on cash and credit ledger match with book & portal

[@notapplicable8021]

Super bro

[@becominganexpert]

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[@svsassociatestrr2093]

SUPER

[@becominganexpert]

Thanks

[@mahakalaghori5750]

Sir ,
Gst ITC Reconciliation ka New Video Uploade kar diziya or mujko b2b or CDNR Data short samjha nahi a rha hai ITC Avilable me sab yes hi a Rha hai CDNR Ma Please Help

[@AjayMishra-ej8el]

Thanks alot dear

[@becominganexpert]

Thanks

[@CAAMEYA80772]

Bahi purchase ke case me related to itc
Debit note matable itc less
And credit mote matable Itc add na

[@becominganexpert]

Yes

[@CAAMEYA80772]

Vedio mein credit note fir less kyu kiya

[@bhushanarora7612]

Sir you are great

[@becominganexpert]

Thanks Sir

[@himadrisubhradas]

great

[@becominganexpert]

Thanks himadriji

[@venkateshgangadhara3322]

Nice sit

[@becominganexpert]

Thanks

[@RahulKumar-pu5fv]

Thanks bro

[@becominganexpert]

Thanks

[@aniljoshi19729]

Sir 2A reconciliation figure not match with table 8.other ITC related information

[@becominganexpert]

2A not match with 8A because if suppliers upload gstr1 after next year jun then it will update in 2A but not 8A

[@aniljoshi19729]

Thanks

[@soundaryaravi4622]

Hi friend 👋 I like your video very much can you Post sumif formula for GST working

[@becominganexpert]

Means

[@Happy_3435]

Bhai muje itc ka chakkar samaj nhi aya ki 3b me jo itc available ata he vo kaha se ata he, 2A me, 2B me,, or ye match kyu nhi hote,,, in 3 ko detail me samjado ki ye kis kis tarike se aate he

[@becominganexpert]

2B se

[@Happy_3435]

@@becominganexpert ek baar 2A , 2B , 3B ke itc inka diff karke video bana do pls 🙏

[@gaptours1897]

SIR DO TECH THIS TRICK PLZ

[@premprakashsahani1846]

❤

[@CAAMEYA80772]

Vedio mein credit note less kyu kiya hai. Purchase k case mein add hona chaheye na

[@becominganexpert]

Right Purchase case me Debit note less and credit note +

[@Happy_3435]

Jab 2A se match hi nhi hona to banaye kyu

[@karantekwani6382]

ITC other than goods and RCM should be done together?

[@becominganexpert]

No RCM should not be considered.
RCM you pay and take credit thus no need to reconcile. If you want to reconcile then you can make separate Statement

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[@becominganexpert]

Bhai aapako business ki file karana hai ya salary ka?

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🎉❤❤

[@praveenkumarsaxena3274]

How to pass gst adjustment entry in tally please reply

[@becominganexpert]

ruclips.net/video/_gZpSVYy8Ms/видео.html
Timestamp in description

[@itidelhi407]

13:51 yha mera data match nhi ho rha gstr9 se 😢😢😢😢 please help

[@becominganexpert]

7387600847
Whatsapp

[@reallife9923]

Sir 2b se reconciliations kaise kare gstr 9 return ke liye

[@becominganexpert]

ruclips.net/video/cTuzw7HEga0/видео.html

[@accountsjob5448]

Too many learning in one video

[@yogeshrawat0210]

sir date not come same format while using Pivot table , please reply

[@becominganexpert]

Monthwise nahi aa raha hai kya?

[@becominganexpert]

9404776008
Whatsapp no

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Alt 4
22:20

[@praveenkumarsaxena3274]

Gst on rcm full details please provide

[@becominganexpert]

Okay

[@m.panchal01]

Brother how to download this Excel format?

[@becominganexpert]

Link in comment box and description

[@kavitasingh29]

sir mere GSTR9 download nahi ho rha hai

[@becominganexpert]

Abhi sabaka problem hai

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Sir es ki bareme new vedio digia please

[@becominganexpert]

Sure

[@MrASHOKSINGHVI]

NEW YEAR GIFT 🌹"T H A N K S"🌹

[@becominganexpert]

Thanks

[@Happy_3435]

Bhai 3b ka itc me import of good and service kyu nhi shamil he with comparison to 2A

[@Happy_3435]

Jab gst portal pe 4 number vaale ko download karenge 3b ke liye to usme import of goods and service ka itc nhi include he

[@becominganexpert]

5 se download karana.
Aur donho plus karana.

[@Happy_3435]

@@becominganexpert acha phir 2A se compare karna he dono ko plus karke

[@Happy_3435]

@@becominganexpert pr 3b ke annual pdf ke import of goods se ye 5 number vaali ki import of goods match hi nhi he

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Hlo sir I need help

[@becominganexpert]

What?

[@amoghsonawane5331]

6:15

[@murugesangokulakannan9342]

Please teach in TAMIL Sir

[@becominganexpert]

Thank you Sir,
If you have any quary you can ask me on Whatsapp
73876 00847

[@ajaykumarchejaraajaykumarc6857]

Monthly GST working sale and purchase Work sheet and automatic calculation GST

[@becominganexpert]

Okay Sir

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Excellent

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❤

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❤