Skip to main content

Posts

Showing posts from March, 2021

RECONCILIATION UNDER GST

  Reconciliation is a very familiar term that comes into contact to a Businessman again and again. Any Taxpayer who is doing any type of Business has to go through reconciliation procedure. Every Taxpayer and Businessman know that reconciliation means error free books of Accounts and tallying or matching the data of one book with the other is termed as reconciliation. Reconciliation can be done of any books of Accounts or of anything and at any stage.   Reconciliation under GST means the reconciliation of Taxes paid or payable at different stages by the taxpayer. We know that when reconciliation of Accounts of books are done there are two set of books, one is of yours and the other is of the vendor that needs to be matched for errors and differences.   Likewise, under GST Reconciliation there are returns that need to be reconciled with each other. Return that needs to be reconciled with each other will be GSTR 2B with your Purchase books and GSTR 1 with your Sales books. Befo