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GST Reconciliation GST reconciliation stands as a pivotal task for businesses across India, regardless of their scale.  This critical process involves cross-checking GST data extracted from various sources like invoices, purchase orders, and bank statements to guarantee its precision and entirety.  The intricacies of this task often make it time-consuming, particularly for enterprises dealing with high transaction volumes. However, despite its complexities, GST reconciliation remains indispensable. Compliance with GST regulations hinges on this process, crucial for evading substantial penalties.  Moreover, it enables businesses to maintain an accurate financial trail, identifying potential errors or discrepancies along the way. A Proper Explanation of GST Reconciliation GST reconciliation process serves to pinpoint errors or omissions, allowing for timely rectification. The primary objective is to ensure consistency between your recorded invoices and purchases and the dat...

Show Cause Notices under GST 1. Acknowledgment of Notice • Notice Dates: There may be a difference between the date of the GST notice and the date of its receipt. Always note the date and time when acknowledging the receipt of the SCN. • Avoidance is Not an Option: Ignoring an SCN is not advisable. Receipt and then a response or contestation is the correct approach. Not acknowledging an SCN is considered equivalent to having received it. 2. Responding to Time-Barred Notices • Challenging Time-Barred SCNs: If the service of notice is beyond the permissible period, it can be contested with appropriate evidence. • Extended Time-Period Rule: For SCNs issued after Section 73 timelines, it is essential to demonstrate that there was no concealment or suppression of facts, preventing the department from extending the SCN issuance period to maximum 54 months. The intention to evade tax is mandatory and this has to be proved by the Department. 3. Proactive Measures • GST Payment before...