“Is GST audit a relentless challenge?” – LedgerVision to rescue (101)

LedgerVision for GST Audit

LedgerVision is a comprehensive tool tailored for GST audits, ensuring compliance, accuracy, and streamlined reporting. Its features are designed to identify errors, reconcile data, and provide ready-made bifurcations for seamless GST compliance, including GSTR 9 and GSTR 9C preparation.

Key Features of LedgerVision for GST Audit

  1. Identifying Wrong GST Entries

LedgerVision detects and flags incorrect entries that can lead to compliance issues, such as:

  • Both SGST input ledgers used in the same transaction.
  • Both CGST input ledgers used simultaneously.
  • Mismatch in CGST and SGST rates used in the same entry.
  • IGST used instead of CGST and SGST, or vice versa.
  • Input ledgers used instead of output ledgers, and vice versa.
  • One input and one output ledger erroneously paired.
  • And many more anomalies flagged for correction.
  1. Reconciliation of GST Data

LedgerVision provides precise reconciliation of GST returns by comparing JSON files from the GST portal with Tally data:

  • GSTR 2A Reconciliation
  • GSTR 2B Reconciliation
  • GSTR 1 Reconciliation

These reconciliations help identify mismatches in GST reporting, ensuring timely corrections.

  1. GST Data Bifurcation for Better Insights

No matter the accounting style, LedgerVision offers bifurcations for better data analysis and preparation:

  • Party-Wise GST Data: Organized by GST category, GST rate, and party-specific details.
  • Profit and Loss Account Bifurcation: Sorted by expenses, GST category, and GST rate.
  1. Simplifying GSTR 9 and GSTR 9C Preparation

LedgerVision simplifies the preparation of these crucial GST returns:

  • For GSTR 9:
    • Details of GST on total capital goods, services, and normal goods.
  • For GSTR 9C:
    • Sales bifurcation GST rate-wise.
    • Table 14 bifurcation of expenses into 18 headings, extracted from the GST P&L bifurcation.
  1. Detailed Reverse Charge Mechanism (RCM) Reports:
    Provides comprehensive data on RCM-related transactions to ensure compliance. Report is in tabular format consisting expenses wise , rate wise and month wise RCM amount.

 

Why Choose LedgerVision for GST Audits?

  • Accurate Error Detection: Ensures compliance by identifying and correcting GST errors.
  • Effortless Reconciliation: Saves time with automated JSON-to-Tally data comparisons.
  • Comprehensive Data Bifurcation: Provides organized and ready-to-use data for complex filings.
  • Seamless Return Preparation: Prepares GSTR 9 and GSTR 9C with minimal effort.

With LedgerVision, GST audits become streamlined, accurate, and stress-free!