Blog – ITC Reconciliation, GSTR 2A Reconciliation

GSTR 2B

Posted by Mohit Karnani
On March 26, 2021
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What is GSTR 2B? GSTR 2B is a static month wise auto – drafted Input Tax Credit statement. It was recently introduced by GSTN to simplify Input Tax Credit claim for taxpayers. It is generated on 12th of every month on the basis of the information furnished by the suppliers in their respective GSTR 1, […]

HOW TO SAVE YOURSELF FROM FAKE INVOICE TRAP

Posted by Mohit Karnani
On March 5, 2021
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What is a Fake Invoice and How it can be misused? Fake invoice is the one which is issued without actually supplying Goods or Services. As per the SOP issues on how to tackle GST fake invoices, following are the ways in which fake invoices can be misused: Issue of invoice without actual supply of […]

Why due date for filing quarterly GSTR-1 is changed

Posted by Amit Mundhra
On October 23, 2020
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10% Rule, 36(4), Avail ITC, GSTR-1 quarterly, Rule 36(4)

Recently the government has issued a notification to change the due dates for filing of GSTR-1 for the quarterly filers. Earlier the due date to file GSTR-1 was 30th of next month after quarter-end. Now the due date for filing of GSTR-1 will be 13th of next month after quarter-end. Why this is a welcome […]

How to comply with Rule 36(4) for claiming GST Input Tax Credit

Posted by Amit Mundhra
On October 13, 2020
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10% Rule, GST ITC, Input Tax credit, Rule 36(4)

Recently, the suspension on the application of rule 36(4) has ended. From the GSTR-3B of September 2020 onwards, taxpayers should comply for this rule every month. This rule is one of the most complicated rules to apply in practical circumstances. Let’s discuss what this rule is all about. In layman’s language, rule 36(4) says that […]

GST Department to share GST data with Income Tax Department

Posted by Amit Mundhra
On October 10, 2020
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data sharing, GSTR 2A, GSTR-2A reconciliation, Income tax, ITC Reconciliation

In the month of July 2020, the CBDT and CBIC have entered into an MOU where CBIC will share the GSTR-2A data with the Income Tax Department. This is not a new thing in the tax regulatory system in India. In the time of service tax and excise duty, the Income Tax Department used to share the […]

How quarterly filing of GST Returns will impact MSMEs?

Posted by Amit Mundhra
On October 9, 2020
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42nd GST council meeting, gst returns, GSTR 2A, gstr-3b, quarterly returns

The GST council in its 42nd meeting has proposed for quarterly filing of GSTR-3B and GSTR-1 for taxpayers with turnover up to Rs. Rs. 5 crores. Many are looking at this as a welcome step towards ease of compliance in GST. No doubt that this step certainly is a welcome step for easing the compliance […]

Using GSTR-2A Reconciliation as an Audit Tool

Posted by Amit Mundhra
On October 7, 2020
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Audit tool, GST Matching, GSTR-2A Reconcilation, Input Tax credit

Recently one of our clients shared a very interesting story. He got an assignment to complete the audit of a private limited company within a short period. He used Digitax G-RECS as an audit tool to finalise the audit within such specified period. Here it is how he has done it? The company had 80% […]

Why GSTR 2A is equal to form 26AS

Posted by Amit Mundhra
On September 5, 2020
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26AS, All about GST, GST Reconciliation, GSTR 2A, ITC Reconciliation

GSTR-2A is one of the most important innovations to track transactions of the taxpayers by the government. Recently the government has introduced 26AS in a new avatar. 26AS is now not only a tool to monitor your TDS but also an information tool for the government. You must have experienced how Income Tax and GST […]

All About Types of GST Returns

Posted by Amit Mundhra
On April 24, 2020
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GST, GST Act, GST Blog, GST News, GST Offences, GSTNews, GSTR 2A

In the last article, we learnt about what is GST return, the due dates of filing, late fee protocols along with the brief introduction of the types of returns. In this article we will learn about the various types of GST returns elaboratively. So, let’s get started and go at length with types of GST […]

PM Cares Fund to fight COVID-19 Crisis – All you need to know

Posted by Amit Mundhra
On April 9, 2020
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Coronavirus, COVID19, COVID19 Pandemic, PM CARES Fund

About The Fund The name of the fund i.e. PM cares stands for “Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’. The fund is being set up to fight the crisis that has occurred as a result of the current pandemic – COVID19. The prime minister will be the chairman of this trust […]

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