Best Practices for Closing Books of Accounts

About the Webinar

31st March is around the corner, and enterprises across India are busy with the closure of books of accounts! While the teams are at it, it is equally crucial for them to conduct a year-end GST and General Ledger (GL) reconciliation.  The process involves a detailed comparison of GSTR-2A/2B with GSTR-3B and the purchase register/expense ledgers/GL and a comparison of the sales register with the filed GSTR-1/3B.  Most importantly, your team must take timely actions by verifying the Input Tax Credit (ITC) claims eligible for the year and identifying any reversals of ineligible ITC. In the reconciliation process, teams can encounter several discrepancies or errors, which they must sort out while filing the March month’s returns or making necessary adjustments in books.  All these can get complicated if teams lack the awareness of GST laws and regulations amended during the year and how a particular discrepancy needs to be dealt with. Join the webinar where our in-house tax expert will provide a ready-to-refer GST Checklist for 31st March 2024 and provide best practices and solutions to navigate complexities in the annual closure of books to stay compliant.31st March is around the corner, and enterprises across India are busy with the closure of books of accounts! While the teams are at it, it is equally crucial for them to conduct a year-end GST and General Ledger (GL) reconciliation.  The process involves a detailed comparison of GSTR-2A/2B with GSTR-3B and the purchase register/expense ledgers/GL and a comparison of the sales register with the filed GSTR-1/3B.  Most importantly, your team must take timely actions by verifying the Input Tax Credit (ITC) claims eligible for the year and identifying any reversals of ineligible ITC. In the reconciliation process, teams can encounter several discrepancies or errors, which they must sort out while filing the March month’s returns or making necessary adjustments in books.  All these can get complicated if teams lack the awareness of GST laws and regulations amended during the year and how a particular discrepancy needs to be dealt with. Join the webinar where our in-house tax expert will provide a ready-to-refer GST Checklist for 31st March 2024 and provide best practices and solutions to navigate complexities in the annual closure of books to stay compliant.

Things we will discuss