After 3B, another steps in GST Now !!
With the date for filing return in 3B for April is over, here is another steps to be taken.
Go for Matching Purchases through GSTR 2A !
GST Law has been applicable from 1st July 2017. The financial year 2017-18 has ended in the month of March. Now each and every taxpayer has to match the sales purchases in the books with the GST returns filed and they have to file the returns accordingly.
From 18th May, the government has started the GSTR 2A for the view.
In GSTR 2A, bill wise details of the purchases made by the taxpayers are reflecting. Every taxpayer has to match these details with books of accounts.
Now many questions shall arise . Like ,
if the sales and purchases are matched, then only we can assume that we have done our job brilliantly.
In GSTR 2A, B2B invoices, Debit notes, credit notes, purchases made from Composition dealer, credit taken through TDS and TCS, also, the amendments made in the original invoices by the supplier, etc. is reflecting.
it is important to check GSTR 2A by taxpayers
The government will start GSTR 2 also. In GSTR 2, we will get the ITC as per our books of accounts. If the supplier has not entered the purchases of the taxpayers, then he will be unable to get the credit of that bill.
Therefore, after checking the details in GSTR 2A, match the same with Input tax credit.
Ex. If from July 2017 to March 2018, “A” has made the purchases of Rs. 100000 from “B”, and also has taken the credit of Rs. 12000 in the GSTR 3B, now, “A” has to check it through GSTR 2A. Then he will be able to take the credit of the same.
Taxpayers must do the matching of the bill wise purchases from the books of accounts with GSTR 2A. If certain entries are left due to mistake to account for in the books, then taxpayer needs to do the same. Similarly, if the taxpayer has certain bills which are not reflecting in the GSTR 2A, then the taxpayer must match those bills by communicating and reconciling the same with the supplier.
There shall be an impact due to GSTR 2A
There are so many issues at the time of sales and purchases, Discounts, rate differences, short or excess cash received, etc. these questions remain unsolved. Now the real era of matching mismatching concept has been started.
Every taxpayer must match all the sales purchases. If the supplier has not paid GST to the government or has not filed returns properly, then only the recipient will suffer.
Now the fraudulent transactions between supplier and recipient will expose in GST. It means the real task of GST has been started now. GSTR 2A is available for viewing so this is semifinals and the Finals match will start when GSTR 2 will get open for filing.