ITC Reconciliation Tool

The time lag must be taken into account for the purchase reconciliations ever since the introduction of GSTR Form 2A and GSTR Form 2B. Even though Forms GSTR-2A and GSTR-2B show the same information, they differ in a number of ways. The distinction between the two forms is outlined below:

1. Statement type: The GSTR-2A form is an example of a dynamic statement. Continuous updates will be made to the information on inward supply in relation to input tax credit.

The foundation for reflecting on specifics-

2. Form GSTR-2A cases, the information about inward supply will be reflected in the statement in real-time.

In other words, the information will be updated whenever the supplier provides information about outward supplies, either in Form GSTR-1 or through IFF. Thus by arising necessity of tallying books with portal records

This Tool This tool compares invoices to purchase records and invoices that are reflected in portal books. This utility for reconciliation performs the following.

Reconciliation of GSTR 2A vs GSTR 2B ( Invoices reflected in GSTR 2A but Not in GSTR 2B)

Reconciliation of GSTR 2B vs GSTR 2A( Invoices reflected in GSTR 2B but not in GSTR 2A)

3. A Partywise Summary. The summary covers the number of invoices, the total taxable amounts, and the variations between various books.

4. The input summary retrieves the differential Input Tax Amount that separates books from portal books.

(File updated on 15.03.2023)