Gstr -1 , gstr-3b & bank reconciliation
GSTR-1
- Review all sales transactions for the tax period
- Ensure all sales transactions are accurately recorded in the accounting system
- Check if invoices include all mandatory information like invoice number, date, customer details, and GSTIN
- Verify if invoices comply with GST rules regarding tax calculations and rates
- Compare the sales register report with the GSTR-1 data
- Identify any variances or discrepancies between the two reports
- Investigate and resolve any discrepancies found
- Review previously filed GSTR-1 returns
- Identify any errors or omissions in the returns
- Prepare and file amendments or modifications as necessary
- Review the HSN/SAC codes used for each supply
- Ensure the codes are accurate and match the nature of the supplies
- Make corrections or updates to the codes if necessary
- Check the tax rates applied to each supply
- Ensure the rates are correct as per GST rules
- Make adjustments if any incorrect rates are found
GSTR-3B
Data Preparation
- Collect all bank statements for the specified time frame.
- Ensure that statements include all relevant accounts.
- Organize statements in chronological order.
- Gather all financial records, including invoices, receipts, and vouchers.
- Enter all transactions into the accounting software or spreadsheet.
- Ensure that transactions are categorized correctly.
- Compare the opening balance of the bank statement with the opening balance in the books of accounts.
- Check for any discrepancies and investigate the reasons behind them.
- Verify that the closing balance in the bank statement matches the closing balance in the books of accounts.
Use in Manifestly