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95% of Indian businesses claim less ITC
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A two-way connect with your accounting system to schedule auto-recons of your GST data, and sync vendor payment decisions.
Auto-reconciliations run in the background, if there is any missing data/invoices found, an automated communication is sent to your vendor.
With advanced data matching, vendor communication and intelligent reports, we help you save on taxes.
Try the one and only comprehensive solution to claim maximum ITC automatically, powered by Artificial Intelligence!
Zero impact from non-compliant vendors using smart vendor risk sort & auto payment
Schedule Auto-Recon on Sundays, see the results in your mailbox on Monday morning!
Multi-channel vendor communication to simplify vendor interactions
Allow teams to smoothly interact, without accessing confidential data with advanced UAM
Avoid manual matching through highly configurable AI powered PAN level matching
Exclusive features that completely
automate the ITC claim process.
Manage Vendor Payments
Auto-manage payments using smart vendor risk categorisation
One-click communication with vendors across email, WhatsApp
Real Time ERP sync
2-way flow with ERP to schedule auto-recon in the background
Seamless collaboration across IDT, Procurement and AP teams
Minimise manual reconciliation with industry-leading engine
Smart suggestions to help you make decisions & avoid notices
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As per the CGST Act, the input tax in relation to a registered person is central tax, state tax, integrated tax or Union Territory tax charged on purchasing goods or services or both. The ITC also covers integrated tax charged on import of goods and GST paid on a reverse charge basis.
In simple terms, when paying GST on sales, you can reduce the tax that you have already paid on purchases and pay the balance amount.
ITC can be claimed by a person registered under GST only if he fulfils ALL the conditions as prescribed:
Also, when goods are received in instalments, ITC can be claimed only when the last lot is received. No ITC will be allowed if depreciation has been claimed on the tax component of a capital good.
The recipient must pay the invoice amount within 180 days from the date of invoice. If the recipient fails to pay so, the amount taken as ITC should be reversed.
The time limit to claim ITC against an invoice or debit note raised in a particular financial year is earlier than the below:
The following are the various sections and rules governing the ITC:
Taxpayers will be able to claim ITC only if the invoice is present as a part of their GSTR-2B. Hence, taxpayers need to do a reconciliation to identify if ITC as per their purchase register and GSTR-2B data is matching.
Up to July 2020, taxpayers were comparing the GSTR-2A with the purchase register. Due to the introduction of static return in GSTR-2B, the monthly reconciliation has moved from GSTR-2A to GSTR-2B. However, for the yearly reconciliation, GSTR-2A, which is a dynamic return, is preferred. But as an exception, one must still refer to GSTR-2A for TDS and TCS credits.
The GST returns are filed either on a monthly or quarterly basis. Finally, annual returns must be filed after the financial year gets over, but before the 31st December of subsequent FY. This filing would need consolidation of the data reported over the FY. To ensure the correctness of the declaration made and to avoid duplications, taxpayers must reconcile the data, then consolidate the values and make the declaration.
The following are the few advantages of using AI-based tools for automated ITC reconciliation:
The automatic vendor communication tool allows vendor communications and seamlessly tracks vendor communication by having all communication channels packed into one. It sends automated communication to vendors and reduces follow-up efforts to the least. It helps in identifying non-compliant vendors and empower them to comply. Also, it nudges quarterly vendors to use the IFF.
The two-way integration tool pulls the purchase register from the ERP, GSTR-2A and GSTR-2B. One can schedule the auto-reconciliations and sync payment decisions for each invoice back into the ERP automatically. Also, these features can be used for taking actions in bulk.
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