{"id":1309,"date":"2021-08-06T13:18:48","date_gmt":"2021-08-06T13:18:48","guid":{"rendered":"https:\/\/www.gstrobo.com\/blog\/?p=1309"},"modified":"2021-08-16T09:10:10","modified_gmt":"2021-08-16T09:10:10","slug":"reconciliation-between-purchase-register-and-gstr-2b","status":"publish","type":"post","link":"https:\/\/www.gstrobo.com\/blog\/reconciliation-between-purchase-register-and-gstr-2b\/","title":{"rendered":"Reconciliation between Purchase Register and GSTR-2B"},"content":{"rendered":"\n

To avoid input tax credit reversal due to any mismatch in information detailed by provider and recipient, you must cautiously reconcile the data in the purchase register and GSTR-2B. So, in this blog, we will talk about the importance of reconciliation between the purchase register and GSTR-2B<\/a>.<\/p>\n\n\n\n

\"reconciliation-between-purchase-register-and-gstr-two-b\"<\/figure><\/div>\n\n\n
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Table of Contents<\/div>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t<\/div>
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  1. What is Purchase Register?\u00a0<\/a><\/li>
  2. What is GSTR-2B?\u00a0<\/a><\/li>
  3. Importance of Reconciliation between GSTR-2B\u00a0and Purchase Register\u00a0<\/a><\/li>
  4. Bottom Line\u00a0<\/a><\/li><\/ol>\n\t\t\t<\/div>\n\t\t<\/div><\/div>\n\n\n

    What is Purchase Register?<\/strong> <\/h2>\n\n\n\n

    A purchase register shows the data of the purchases made by a business concern during a period. In simple words, the purchase register fundamentally rattles off the details about the purchases with seller name, invoice date (chronological order), invoice value, place of supply, and so forth.  <\/p>\n\n\n\n

    What is GSTR-2B?<\/strong> <\/h2>\n\n\n\n

    GSTR-2B is a newly introduced return that gets auto-drafted every month. GSTR-2B consists of all the data related to eligible and ineligible ITC for each month. It is available for all normal taxpayers, SEZ and casual suppliers<\/a>. GSTR-2B auto-populates based on the following returns filed by the counterparty: <\/p>\n\n\n\n

    Type of GST Return <\/strong><\/td>Furnished by <\/strong><\/td><\/tr>
    GSTR 1 <\/td>Normal Taxable Person <\/td><\/tr>
    GSTR-5 <\/td>Non-Resident Taxable Person <\/td><\/tr>
    GSTR 6 <\/td>Input Service Distributor <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    In addition, Form GSTR-2B also contains information on import of goods from the ICEGATE system including inward supplies of goods received from SEZ Units \/ Developers. <\/p>\n\n\n\n

    Importance of Reconciliation between GSTR-2B and Purchase Register<\/strong> <\/h2>\n\n\n\n

    It is important to carry out reconciliation<\/a> between GSTR-2B and purchase register because: <\/p>\n\n\n\n

    1. The taxpayers will not be allowed to claim input tax credit, if it over and above the eligible ITC limit mentioned in the GSTR-2B. So, reconciliation between GSTR-2B and purchase register has become the need of an hour. <\/li>
    2. To prevent ITC loss that happens when the suppliers declare his GST liability but ITC is not claimed by the purchaser in his GST returns<\/a>. Hence, it is important to reconcile GSTR-2B and purchase register so that you do not lose the ITC on any missed purchase invoices. <\/li>
    3. To avoid any duplicity of ITC availed against the same document. So, taxpayers must match and reconcile the values mentioned in GSTR-2B and purchase register. <\/li>
    4. To maximize the input tax credit<\/a> claim by matching the GSTR-2B and purchase register data. <\/li><\/ol>\n\n\n\n

      Bottom Line<\/strong> <\/h2>\n\n\n\n

      Organizations can save working capital through by reconciling GSTR-2B with purchase register data. However, the problem arises when the purchase register data is in bulk and manually reconciling this data with GSTR-2B becomes impossible. That is why GSTrobo\u00ae<\/a>, an industry-leading GST Suvidha Provider (GSP), has created an advanced GST reconciliation software that reconciles thousands of data with-in seconds and reports real-time mismatches so that you can take appropriate actions to claim 100% eligible input tax credit (ITC). This reconciliation software will not only eliminate the scope of error due to human intervention but also lower the time-taken for GST reconciliation by 99% when compared with the manual reconciliation.<\/p>\n","protected":false},"excerpt":{"rendered":"

      To avoid input tax credit reversal due to any mismatch in information detailed by provider and recipient, you must cautiously reconcile the data in the purchase register and GSTR-2B. So, in this blog, we will talk about the importance of reconciliation between the purchase register and GSTR-2B. What is Purchase Register?  A purchase register shows … <\/p>\n","protected":false},"author":1,"featured_media":1343,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"ub_ctt_via":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[68],"tags":[81,48,504,215],"class_list":["post-1309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gst","tag-gst","tag-gst-reconciliation","tag-gstr","tag-gstr-2b"],"aioseo_notices":[],"featured_image_src":"https:\/\/www.gstrobo.com\/blog\/wp-content\/uploads\/2021\/08\/reconciliation-between-purchase-register-and-gstr-two-b.jpg","author_info":{"display_name":"GSTrobo","author_link":"https:\/\/www.gstrobo.com\/blog\/author\/gstblog\/"},"_links":{"self":[{"href":"https:\/\/www.gstrobo.com\/blog\/wp-json\/wp\/v2\/posts\/1309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gstrobo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gstrobo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gstrobo.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gstrobo.com\/blog\/wp-json\/wp\/v2\/comments?post=1309"}],"version-history":[{"count":2,"href":"https:\/\/www.gstrobo.com\/blog\/wp-json\/wp\/v2\/posts\/1309\/revisions"}],"predecessor-version":[{"id":1344,"href":"https:\/\/www.gstrobo.com\/blog\/wp-json\/wp\/v2\/posts\/1309\/revisions\/1344"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gstrobo.com\/blog\/wp-json\/wp\/v2\/media\/1343"}],"wp:attachment":[{"href":"https:\/\/www.gstrobo.com\/blog\/wp-json\/wp\/v2\/media?parent=1309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gstrobo.com\/blog\/wp-json\/wp\/v2\/categories?post=1309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gstrobo.com\/blog\/wp-json\/wp\/v2\/tags?post=1309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}