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The Monthly Tax and ITC Summary Report helps analyse and keep track of the output taxes paid as well as the input tax credit availed over any particular time period. At the time of filing the annual returns, the taxpayer is required to disclose the summary of all taxes paid during the year as well as the total input tax credit claimed. This report helps in easy comparison with the books of accounts and the quick identification of any anomalies.
The Monthly Tax and ITC summary report may not reconcile with the books of accounts due to the following reasons:
Reconciliation at the time of filing of Annual return:
A reconciliation of the output tax liabilities and input tax credit is a much-needed measure to ensure that the monthly tax liabilities match with the liability reported in the annual return. Likewise, the input tax credit claimed month-wise should be in-line with the GST purchases made on which input tax credit can be claimed. This process not only helps the filing of the annual returns, but also helps a taxpayer close his books of accounts. Further, it would help prevent notices being issued to the taxpayer due to mismatches between the monthly and annual GST returns.
ClearTax GST offers easy imports and downloads of GST data for preparation of GST returns.
It provides various options for a user to ingest data to prepare the GSTR–1, GSTR-3B or GSTR-4 in minutes. Options like excel ingestion or direct integration with ERP are available for importing sales or purchase data into ClearTax GST software.
A user has to import the sales data for GSTR-1 just once. Based on this, the software auto-populates the details into GSTR-3B in a click of a button. Thus, one can avoid errors and ensure 100% accuracy in reporting of data with minimal manual intervention.
ClearTax GST also provides useful insights under the REPORTS section so you can speed through the journey of GST compliance in a hassle-free way!
One such report is the ‘Monthly Tax and ITC Summary Report’. This report can be obtained for any time period. Even if the user has not filed the return on the Cleartax GST software in the past, the report section will allow the user to download this data from the GST portal, and compare the same.
This report will help the user analyse and compare the tax liabilities as well as the input tax credit availed. It would also help the user understand the input tax credit utilised from both, cash and credit ledgers. This will be particularly useful when preparing the annual GST returns.
You can also compare data at a GSTIN level or cumulatively at a PAN level.
1. Login to your Cleartax GST account at www.cleartax.in/gst and click on the Reports tab.
2. Select the financial year for which data needs to be compared, and generate the report.
If GSTR-3B is filed using the Cleartax GST software, then the report is automatically displayed. However, if the Cleartax software hasn’t been used before, then click on the button “Refresh data from GSTN” appearing on the right-hand side of the report section. The yearly data from the GSTN will be fetched after verification via OTP-based login credentials.
3. Download the report by clicking on “Download report in excel” to use and share the report in excel form.
ClearTax offers a FREE integrated tool for GST registered businesses to track and check their compliance level for GST Returns filed. Every GSTIN can now access the GST Health Check tool to get the following result in an excel form:
Try out the GST health check tool and check your GSTIN’s health now!