GST Returns Not Matching? Chennai Pros Share a Fix

If you’re in Chennai and facing discrepancies with your GST returns, you’re not alone. Many businesses encounter issues when their GST returns don’t match, leading to confusion, delays, or penalties. Fortunately, GST filing Chennai experts have solutions to simplify the process and help ensure compliance.

In this tutorial, we’ll look at the most common reasons for mismatched GST returns, how to fix them, and how consulting a accounting firm or using a virtual bookkeeping firm will save you from trouble in the future. 

Common Reasons for Mismatched GST Returns

A number of factors can result in discrepancy in your GST returns, the most common among them being:

Data Entry Errors

Straightforward errors, like faulty invoice numbers, different GSTINs, or miscalculated tax values, usually create mismatched returns. These tiny errors can choke the filing process.

Mismatch in GSTR-2A and GSTR-3B

Another common problem occurs when there is a mismatch between the GSTR-2A (automatically populated purchase details) and the GSTR-3B (tax paid summary). When the details of purchases in the GSTR-2A do not match the data declared in the GSTR-3B, discrepancies arise.

Unmatched Input Tax Credit (ITC)

To claim more Input Tax Credit (ITC) than is recorded in the GST books can raise concerns. It often occurs due to a failure to upload relevant invoices by a supplier or as a result of an inability to reconcile purchase invoices and ITC.

Incorrect Filing of Returns

Occasionally, companies unwittingly file incorrect GST returns or skip critical procedures involved in the filing process. This may lead to mismatched returns and approvals taking a longer time.

How to Rectify Mismatched GST Returns

Rectification of mismatched GST returns should be done with caution. Below are steps on how to rectify the issue:

Reconcile Your Invoices and GST Returns

All your purchase and sales invoices should be entered correctly. Ensure that your GSTIN, invoice numbers, and amounts are the same as what is maintained in the GST filing Chennai portal.

Check GSTR-2A Data

If your GSTR-2A and GSTR-3B are mismatched, check if the purchase data is accurate. If your supplier has not uploaded their invoices, contact them or report the matter to the GST portal.

Cross-check ITC Claims

Ensure that the ITC claimed in your GSTR-3B matches the ITC available in GSTR-2A. Make the necessary adjustments to your claims to prevent penalties.

File the Correct Return

Make sure you’re filing the correct return for your business category. Picking the wrong return type or doing something incorrectly when filing can create discrepancies. In case of uncertainty, an accounting firm can assist you in filing the correct return.

How an Accounting Firm In Chennai Can Help

Processing mismatched GST returns can be complicated, but having a professional Accounting Firm In Chennai simplifies the process. Such companies hire experienced accountants who are specialists in GST compliance to ensure precise returns.

Your accounting company can help you with:

• Preparing and submitting your GST returns
• Book reconciliation with GST records
• Settling mismatches in GSTR-2A and GSTR-3B
• Claiming ITC correctly and preventing penalties

The Benefits of Using Virtual Bookkeeping Services

For companies seeking ongoing assistance, a Virtual Bookkeeping Service is an excellent choice. These services offer remote accounting services, so your books will always be current and your GST returns are completed accurately. Professional accountants can handle your finances remotely, so you will not have to worry about common errors and discrepancies in your returns.

Some of the benefits of a virtual bookkeeping service are:

• Access to professional accountants without the expense of in-house personnel
• Regular updates on your financial position, minimizing the risk of mismatched returns
• Real-time invoice reconciliation to maintain your books up to date
• Income tax filing assistance from income tax return filing consultants in Chennai

Why You Need Income Tax Return Filing Consultants in Chennai

Income tax returns and GST filing are interconnected, and irregularities in GST returns can influence your income tax filing too. To avoid hassle, take advice from Income Tax Return Filing Consultants In Chennai.

These experts render professional guidance for income tax return preparation so that your financial information is in conformance with the GST as well as income tax laws. Through their services, you can eliminate mistakes and even pay only taxes necessary, refraining from auditors and charges.

Key Takeaway

Mismatched GST returns are a regular problem, but they can be rectified with proper measures. By reconciling your records, checking GSTR-2A, and taking the advice of an accounting firm in Chennai, you can correct these mismatches efficiently. Also, by utilizing a virtual bookkeeping service or taking advice from income tax return filing consultants in Chennai, you can make your process smoother and ensure compliance.

If you are in need of support with GST filing Chennai or any other accounting needs, contact professionals like Chennai Accounts who can assist you through the process, providing accuracy and timely submissions each time.