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WHY ITC RECONCILIATION IS NECESSARY
- 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.
- 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.
- 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.
- 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
Reconciling GSTR 2A data was never that easier. Thanks, GRECS!
Sunil Dangyayach,
CFO, Shera Group of IndustriesIdentifying the defaulting vendors and follow up with them became easy for me now. So, its like I totally rely on GRECS for GSTR 2A reconciliation.
Bharat Kumar,
CEO, Koolwal Impex LLPThose were the days when I used to spend a lot of time on reconciling GSTR 2A data for my clients. All thanks to GRECS because it has given me speed and accuracy altogether.
Manoj Sipani,
Director/ CEOI am really happy with the services of GRECS. Its working is really easy that even the junior-most member of my team performs the task without any confusion. This really a bane because it reduces the dependency and speeds up the work process.
Rakesh Agarwal,
Tax ConsultantGRECS has made my life easier. It is really helpful in tracking multiple excel files at once and has reduced my dependency on excel sheets.
Pankaj Ghosal,
Accounts ManagerThis software is just amazing and a go-to software for us because it carries a lot of things on its own like real time tracking of ITC matching status, identifying unclaimed ITC and much more. So we highly recommend this software for all tax professionals.
Sukhraj Chaudhary,
CEO / ManagerI was looking for a software that can make GST reconciliation easy for me and then I found GRECS. They have the best customer support team that guides you if you stuck at any point.