GSTR-1 Reconciliation

What is GSTR-1 Reconciliation?

There are several options available for generating e-invoices. Before discussing them in detail, it's important to understand the e-invoicing process. To generate an e-invoice, you first need to upload the invoice details in the prescribed JSON format to the IRP. Next, download the authenticated output file (JSON) containing the IRN and QR code from the IRP. Finally, print the QR code and IRN on the invoices before issuing them to the buyer. With that in mind, let's examine the available e-invoicing solutions for businesses. To simplify matters, we can group them into two categories

Connected e-invoice software

When it comes to invoicing, efficiency is key. That's where a connected e-invoice software shines. These software solutions are fully integrated with the IRP portal. They seamlessly connect with the portal to automatically upload invoice details, download authenticated IRN and QR codes, and print them on the invoice in real-time. In essence, they handle all the necessary steps to generate e-invoices, from uploading to printing.

Seamless GSTR-1 Reconciliation with TallyPrime's latest version

GSTR-1 Reconciliation can get overwhelming with the huge volume of sales transactions of business on a day-to-day basis. However, with TallyPrime’s hassle-free GSTR-1 Reconciliation capabilities, businesses can now stay compliant without stress. Here’s how your reconciliation journey can get simpler with TallyPrime: These methods involve the hassle of manual data transfer, which can be error-prone and time-consuming

Reliable and guaranteed compliance

The various sections and tables of Form GSTR-1 can seem challenging and confusing. The good news is the with TallyPrime, businesses need not sort GST data separately. Moreover, the GSTR-1 Reconciliation is accurately mapped to the GSTR-1 form tables, automatically assigning all the GST onward supplies to the relevant tables. Once the details of the business are imported, the same will be reflected in the concerned sections.

User-friendly and intuitive design

With umpteen transactions and amendments, finding the transactions that require your attention can be tricky. The latest version of TallyPrime makes this easier by a color-coding mechanism that facilitates easier identification – all the sections that require attention will be highlighted in amber color and the values from the portal will be in blue color. The flexibility of TallyPrime enables easier identification of reconciled and unreconciled transactions. From the imported data, all data that is available only on the portal goes to a whole new section by the name ‘Available Only on Portal.’ TallyPrime comes with the option to configure the GST Return Effective Date for a transaction. For some reason, you might not have been able to upload a transaction on GST portal in the same month, or you might have agreed with your counterparty to upload the transaction in the subsequent month. For such transactions, you can easily update the GST Return Effective Date, as needed. Such transactions will automatically appear under Mismatch in Return Period.

Unmatched performance

When it comes to GST transactions, there is often a lot of data involved, which can make it overwhelming to manage. However, with TallyPrime, you do not have to worry about the size of your data. The GSTR-1 Reconciliation report will always be instantly available, that is, as soon as you import your GSTR-1 file, the return information will be reflected in the reports in real-time. Even when you have thousands of GST transactions, GSTR-1 Reconciliation will load the details in a jiffy. Additionally, TallyPrime allows you to move between reports and drill down to transactions quickly, making the entire reconciliation process faster and more efficient.

Multi-GSTIN support

If your business consists of multiple GST registrations/GSTINs, then the GSTR-1 Reconciliation report provides you with an amazing view of your combined GST details and activities across registrations. You also have the flexibility to view GSTR-1 Reconciliation for only one registration, from any of your companies. You can view and resolve your uncertain transactions or export your return, for all GSTINs combined or for one GSTIN at a time, based on your business practice.

Additional flexibilities

What's more, GSTR-1 Reconciliation report provides you with a host of flexibilities. For example, after importing the GSTR-1 data, you can either compare the values in your books and in the portal side by side, or you can view the difference between the values, depending on your convenience. You also have other options such as viewing the report for all your transactions, or for specific transactions such as Available only in Books or Excluded, but available on Portal. You can also choose to ignore minor differences in values between your company books and portal, which might arise use to factors such as rounding off.

How to reconcile GSTR-1 in TallyPrime?

GSTR-1 Reconciliation with the latest TallyPrime version is as simple as it can get! The below steps gives an overview of the reconciliation process: Here are quick steps to reconcile GSTR-1 in TallyPrime