What Is GST ITC Reconciliation?
GST ITC reconciliation is the process of comparing purchase and input-tax records with GSTR-2B and accounting data to identify eligible credit, missing invoices, mismatches and reversals.
Quick Answer
GST ITC reconciliation is the process of comparing purchase and input-tax records with GSTR-2B and accounting data to identify eligible credit, missing invoices, mismatches and reversals.
ITC reconciliation compares a taxpayer's purchase records and accounting data with GSTR-2B and other GST 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.
