All GST Taxpayers getting difficult to match their Book ITC with GSTR 2B ITC. Because GSTR-2B contains ITC is not only Related to current month ITC. It may be related to Earlier Months ITC due to their suppliers is filed GST Returns after the due date.
Here is the Simple Equation for Matching your Book ITC with GSTR 2B ITC. First of all, we need to Reconcile our ITC Data (Invoice wise) with GSTR 2B Data (its mandatory). If you don’t have any Reconciliation utility means, please click the link below Link to download the GSTR 2b Matching Excel Utility. This Utility will help to Match Your Books ITC with GSTR 2b Within a minutes.
GSTR 2B Matching Excel Utility Download Link: https://taxguru.in/goods-and-service-tax/gstr-2b-matching-excel-utility.html
Please check the Illustrate image 0.1 for GSTR 2B Matching Concept how it will work.
After the Reconciliation we will get the Results of the following.,
1. Matching ITC (ITC is Available in GSTR 2B)
2. Not Matched ITC(ITC not Available in GSTR 2B)
For Instance, we are going to Match ITC for the month of July 2021. Please check the Illustrate image 0.2.
As per Above Illustrate Image Total Matching ITC is Rs. 75,000/- only. SoUnmatched ITC Rs. 25000/- Will be carry forward to Next Month.
Note : GSTR 2B There is Excess ITC Found Rs. 75000/-. This Excess ITC May be related to Earlier months (Those ITC may be utilized by you in earlier months).If you have not Utilized those ITC means We can take This ITC in Current Month.
Lets see we going to Match ITC for the month of Aug 2021. Please check the Illustrate image 0.3
As per above Illustrate image ITC for the month of Aug 21 & LastMonth Not Matched ITC is Now Reconciled with GSTR 2B for the month of Aug 21.So, If your suppliers is filed their GST Returns for the month of July 21means, Your Not matched ITC Will be matched Here. If still your supplier is not Filed their GST Returns it will continue as ITC Not matched.
Then You ITC Reconciliation for the month of Sept 21 is like.,
|ITC for the month of Sept 21||XXXX|
|(+) ITC Not matched for July 21||XXXX||(If ITC is not Received)|
|(+) ITC Not matched for Aug 21||XXXX||(If ITC is Not Received)|
|Total ITC is||XXXX|
Now the Total ITC Reconciled with GSTR 2B for the month of Sept 2021.