GST - Important Reconciliations must be done before finalization of the Financial Statement
To Ensure that there are no major / material misstatements, It is important to check compliance with GST laws and rules even during the finalization of the Financial Statement. An important list of reconciliations is given below: Balance of Electronic Credit ledger with Balance of Input Tax credit (ITC) in Books of Accounts Balance of Electronic Cash ledger with Balance of excess cash paid in Books of Accounts GST paid in cash in March return, with GST Payables as per Books of Accounts Refund claimed in GST portal with ITC refund receivable in Books of Accounts Output Liability in GST returns with Books of Accounts ITC Reconciliation in FORM GSTR-2A/ 2B with FORM GSTR-3B and Books of Accounts ITC reversed in FORM GSTR-3B with Books of Accounts Ineligible ITC in FORM GSTR-3B with Books of Accounts Reconciliation of Gross Turnover in Books of Accounts with FORM GSTR-1, e-Way Bills and FORM GSTR-3B Reconciliation of accounts of the suppliers Adjustments of previous year, do
Comments