We have already seen the possible reasons for mismatch in the purchase records and GSTR 2A forms. Here we will see how Cygnet GSP can help resolve the issue of mismatches and automate error identification for you to a large extent.
Human intervention is the biggest challenge and reason for mismatches in the GSTR 2A and purchase records. Especially with huge organizations and corporates this becomes a big issue with humungous amounts of data to be handled. This is where we need automated solutions for simplifying the return filing process.
Cygnet GSP Reconciliation Solution
Large scale businesses or even small and medium businesses will need automation to make sure that the reconciliation with the vendor records happens in a sophisticated, accurate and fast way to make sure no records go unnoticed.
Cygnet solution for reconciliation empowers you to perform reconciliation in 5 different ways to make sure that you reconcile it right.
Different reconciliations done by Cygnet Reconciliation Solution
1.Monthly and Yearly Consolidated reconciliation – Reconciliations can be prepared monthly basis as well as consolidated yearly to get an idea of details as well as the overall picture for reconciliation mismatches and resolutions.
2.Vendor Wise Reconciliation – our utility can pull reconciliation reports vendor-wise too. Vendor-wise reconciliations highlight the vendors that can prove more critical to the reconciliation process with higher mismatches.
3.Reconciling between different forms GSTR 1, 2,2A and 3B –
Here we do reconciliations using various parameters.
Invoice level reconciliation –
- Purchases or GSTR 2 data compared with GSTR 2A – monthly, yearly and vendor-wise.
- GSTR forms reconciliation between GSTR 1 vs GSTR3B i.e detailed invoice-wise data in GSTR 1 compared with consolidated data in GSTR 3B.
- GSTR 3B vs GSTR 2A for purchase data.
- Different types of reports prepared by the solution –
- match reports where the data matches,
- near miss report where there is a data has mismatches on invoice levels,
- PR Near escape reports where the data in purchase records is not matching with the GSTN data and
- reports where provisional credit is claimed but is not allowed since it is not available in GSTR 1 of supplier.
4.Providing Reconciliation and ITC Reports – various ITC reports are prepared by the solution like ITC available and ITC mismatch reports in case where provisional ITC is claimed in GSTR 3B. This will help us take actions on the mismatches and make sure ITC claims are accurate.
5.Reconciling between e-Way Bills & Inward and E-way bills & Outward invoices – Many times data in E-way bills might not match the one in the invoices. Our solution can track these mismatches and present a reconciliation report on these too so that you may make corrections.
The above different types of reconciliations make sure that all the data is reconciled in a perfect manner and you get a clear picture of the mismatches and errors month on month basis and yearly too. This makes sure to correct the errors and look for trends in the mismatches if any.
Claiming correct ITC can save huge amount of taxes for businesses and hence should be taken advantage of to the fullest. Make sure you grab this chance today and do not regret tomorrow.
Cygnet GSP is committed to providing cutting edge technologically driven solutions to file your GST returns easily with speed and accuracy. We strive to make your business a priority by simplifying GST return filing through our IT solutions. We live by our belief of ‘IT is about you’. Schedule a demo here.