GST reconciliation with RPA
It’s been over 18 months since GST was implemented. Under this value added tax system, the credit of GST paid on expenses is absolutely critical to monitor and report, as these are no less than cash. It is paramount to therefore to ensure that there is a fool proof, error-free and automated way to avail the right credits. During any audit or inspection, ‘ineligible’ credits identified if any, means short payment of tax and could have both commercial and legal implications.
The books of accounts must reconcile at any time with the GSTR 2A on the GSTR portal, comprising of supplies that are reported by the suppliers. There could be various discrepancies that may be noted during such reconciliations including:
- Incorrect information from GSTR 2A including mis-match of State, incorrect values or simply missed entries itself.
- Incorrect entries in the books – in some instances, the books of accounts may have captured the incorrect invoice numbers or values due to errors made at the time of entry.
Enterprises are still struggling with a lot of manual interventions to undertake such reconciliations. With Avaali’s Velocious – GST made simple, your reconciliations could be significantly simplified and automated with RPA. The bot downloads the GSTR 2 statement, downloads the statement from your ERP, does the required formatting for reconciliation, reconciles the information based on the various rule sets defined and sends the follow up communications to both, the internal teams as well as to suppliers.
This solution ensures a hassle free and error proof way for any enterprise to match their GST records. With Avaali – Velocious proprietary framework for GST reconciliation, you could go-live in a matter of just a few days.