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Tag: GST ITC reconciliation
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What Is GSTR-3B and How to File It: Complete Guide with Practical Examples for Accurate GST Compliance
GSTR-3B is one of the most important GST return forms filed monthly or quarterly by businesses in India. It summarizes outward supplies, inward supplies, input tax credit (ITC), and tax liability for a given period. Every GST-registered business must file GSTR-3B to stay compliant, avoid penalties, and maintain accurate tax records. This comprehensive blog explains…
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GST Reconciliation Using Excel – Step-by-Step Tutorial for Accurate Tax Filing and Error-Free Compliance
Goods and Services Tax (GST) reconciliation is a vital process for every business registered under GST. It ensures that the data recorded in the company’s books matches the data uploaded to the GST portal by suppliers and customers. A mismatch can lead to wrong tax credits, notices from the GST department, and financial penalties. Performing…
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Step-by-Step Guide to GST Input Tax Credit (ITC) Reversal in Excel with Examples and Auto Calculation Sheet
In the GST regime, Input Tax Credit (ITC) plays a crucial role in reducing the cascading effect of taxes. Businesses can claim credit for the GST paid on purchases (inputs) and use it to offset their GST liability on sales (outputs). However, there are situations where a business needs to reverse the Input Tax Credit…