What Is GST Reconciliation?
GST reconciliation is the process of comparing GST returns with books, sales and purchase records, tax invoices, payments and other GST data to identify and correct differences.
Quick Answer
GST reconciliation is the process of comparing GST returns with books, sales and purchase records, tax invoices, payments and other GST data to identify and correct differences.
GST reconciliation is a structured comparison of GST data across returns, books of account, sales and purchase records, invoices, credit/debit notes and payment records.
Practical GST Workflow
- Maintain complete sales and purchase records.
- Reconcile return data with books and source documents.
- Review exceptions such as credit notes, amendments and ITC restrictions.
- File the applicable GST return and retain supporting records.
