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⚠️💥 Important Key GST Action Points before filing October 2023 returns


📢 Output Reconciliation

➡️ a. Reconcile GSTR-1 and GSTR-3B with the company's financial records to identify and rectify any discrepancies.
➡️ b. Verify and reconcile electronic invoices (e-invoices) with the financial records and the Invoice Reference Number (IRN) portal.
➡️ c. Match and reconcile E-way Bill data with the financial records and GST returns.
➡️ d. Verify and reconcile debit and credit notes with the financial records and GSTR-1 & GSTR-3B.
➡️ e. For export transactions, cross-reference shipping bill details with the information reported in GSTR 1.
➡️ f. Ensure accurate reconciliation of nil-rated, exempt, and non-GST supplies as per the financial records and GST return filings.

📢 Input Reconciliation

➡️a. Reconcile Input Tax Credit (ITC) available and actually availed as per the company's financial records with the figures reported in GSTR-3B. Rectify any discrepancies found.
➡️ b. Initiate communication with suppliers when inputs reflected in GSTR-2B do not match the company's records.
➡️ c. Ensure that eligible credits for inputs appearing in GSTR-2B but not recorded in the financial books are claimed.
➡️ d. Monitor supplier payment timelines, and if payments are not made within 180 days, reverse the corresponding ITC and pay GST along with applicable interest.
➡️ e. Identify and report any ITC reversals made during the financial year 2022-23 as the opening balance for the "Electronic Credit Reversal and Reclaim Statement."

📢 Other Points

➡️ a. Verify and reconcile the Reverse Charge Mechanism (RCM) liability as recorded in the financial books with the figures reported in the GST return.
➡️ b. Conduct a thorough assessment of suppliers to ensure that all compliance requirements are met.

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