Critical GST Checks You Can’t Miss before finalizing Books of Accounts
Businesses finalizing their annual accounts must reconcile accounting records with GST compliance to avoid tax demands, penalties, and credit denials. Key reconciliations include sales, input tax credit (ITC), GST ledgers, and reverse charge mechanism (RCM). Sales reconciliation involves verifying sales reported in books with GSTR 1 and 3B, reviewing invoices, and ensuring correct place of supply.