[vc_row top_padding=”50″ bottom_padding=”50″ class=”watchVideoForm”][vc_column width=”1/2″ el_class=”recon-points”][block_title title=”WHY ITC RECONCILIATION IS NECESSARY”][/block_title][list icon=”steadysets-icon-checkmark”][list_item title=”GST Input Tax Credit (ITC), means profit for your company. Organizations are availing and utilizing GST ITC on self-declaration basis on GST portal. As per GST law claim of ITC will only be confirmed once the ITC invoices matches with GSTR-2A available online.”][list_item title=”Therefore, every business person must do an important exercise of reconciliation of ITC claimed with GSTR-2A downloaded from GST portal. Hence, all mismatched, unmatched and unclaimed invoices in GSTR 2A from purchase invoices should be identified by this exercise.”][list_item title=”Apart from above, GSTR-2A will be a major audit tool for the government entities to make enquiries, raise queries, check evasion and collection of taxes. The claim of ITC will only be confirmed once the ITC invoices matches with GSTR-2A available online As per GST law.”][list_item title=”There is a major risk of ITC reversal and levy of interest and penalty in case a business is claiming unmatched ITC. To mitigate this risk, reconciliation exercise is a key activity for every business”][/list][/vc_column][vc_column width=”1/2″ css=”.vc_custom_1583301171021{border-top-width: 1px !important;border-right-width: 1px !important;border-bottom-width: 1px !important;border-left-width: 1px !important;padding-top: 25px !important;padding-right: 25px !important;padding-bottom: 25px !important;padding-left: 25px !important;background-color: #fafafa !important;border-left-color: #cccccc !important;border-left-style: dashed !important;border-right-color: #cccccc !important;border-right-style: dashed !important;border-top-color: #cccccc !important;border-top-style: dashed !important;border-bottom-color: #cccccc !important;border-bottom-style: dashed !important;border-radius: 5px !important;}”][vc_column_text]
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