Best GST Reconciliation Software

Best GST reconciliation software includes ClearTax, GSTZen, Zoho Books, EasyGST, and TaxRaahi GST. Such GST reconciliation tool compares and matches taxpayers' financial records and the information filed with the GST authorities.

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List of 20 Best GST Reconciliation Software

Showing 1 - 20 of 29 products

Category Champions | 2024

Best GST Reconcile Software for Growing Businesses

Zoho Books is an end-to-end GSTR 2A/2B reconciliation software. It helps to generate GSTR1/GSTR2/GSTR3. It helps in accurate reconciliation by matching the GSTR2 to  GSTR1. It can also help to provide access to your CA. Read Zoho Books Reviews

Category Champions | 2024

Best GSTR 2B reconciliation software for CA & Tax Professionals

EasyGST is the best software for GST reconciliation, Invoice, and ITC Reconciliation in India. EasyGST Software is Trusted by Thousands of Chartered Accountants, Tax Professionals, and Corporates users. Download free EasyGST Software. Read EASYGST - GST Return Filing & Reconciliation Reviews

Category Champions | 2024

ClearTax is a comprehensive GST reconciliation software. It helps in prepreparing reconciliation for every month, properly validates to file GST return, helps with multiple GSTINs, makes viewing of 50+ reports easy, etc. Read ClearTax Reviews

Emergents | 2024

LEGALRAASTA is a trustworthy GST reconciliation software. It helps to serve multi-users under unlimited companies, supports Excel/ ERP im[otrt, prepares accurate reconciliation, files unlimited returns, etc. Learn more about LEGALRAASTA

Emergents | 2024

Software by Legalraasta Pvt. Ltd

TaxRaahi GST reconciliation software e which helps to reconcile data fastly and accurately. It helps in GST registration, preparing invoices with GST calculations, paying tax, GSTR filling from 1 to 7, and so on. Learn more about Taxraahi GST

Contenders | 2024

Software by Udyog Software (India) Ltd

uBooks is a SAAS-based GST reconciliation software. It has POS enabled billing feature for fast filling. It can file returns in JSON and HTML format with an inbuilt automatic calculator. It helps in GSTIN validation. Read uBOOKS Reviews

High Performer | 2024

100% accurate, reliable and easy to use

XaTTaX is a GST ITC reconciliation software. It is available on the cloud as well as on-premises. It helps in filling returns, tracking refunds, tax input credits, reconciliation, tracking unmatched transactions, etc. Read XaTTaX Reviews

Contenders | 2024

GST Compliance Made Easy with autoTax GST Software

autoTax is a GSTsoftware. It can import sales data for automatic calculations. It can automatically prepare GSTR 1 summary, upload it, submit it and file it. It works seamlessly with Oracle, customers, and many more. Read autoTax GST Reviews

Contenders | 2024

Software for GST compliance - by GST Edge

GST Edge is one of the best GST software in India. It helps in multilevel reconciliation, can manage multiple PAN and GSTIN, resolves mismatched entries fastly, auto-reconcile input tax credits, uploads data in any format, etc. Read GST Edge Invoicing & Inventory Reviews

High Performer | 2024

Octa GST is a revolutionary GSTsoftware. It auto calculates the GSTR-9 annual return, consolidates reports of the particular financial year within a blink of an eye, hecks filling status of various returns, etc. Read Octa GST Reviews

Category Champions | 2024

TallyPrime is India’s leading business management software for GST, accounting, inventory, banking, and payroll. TallyPrime is affordable and is one of the most popular business management software, used by nearly 20 lakh businesses worldwide. Read TallyPrime Reviews

Most Reviewed

Contenders | 2024

GSTHero is a cloud-based GST reconciliation software. It is accurate, provides top-security to data, helps in real-time sharing of data with your CA, seamlessly integrates with other accounting software in use, etc. Read GSTHero Reviews

Emergents | 2024

MyGSTcafe is a Offline GST Compliance and Reconcil

myGSTcafe is a GST compliance software. It helps to automate many calculations regarding the GST and file accurate returns. It can upload data from your excel sheets. It provides the one-click reconciliation facility. Learn more about myGSTcafe

High Performer | 2024

Software by VERVE Financial Services Private Limited

LEDGERS is a cloud-based GST compliance software. it has the ability to reconcile the tax credit and calculate & file GST returns directly. It has GST automated built-in calculators to prepare invoices with GST. Read LEDGERS Reviews

Emergents | 2024

Software by H&R Block (India) Private Limited

earlyGST is a GST compliance software. It helps in managing different GSTINs of the company under one login, provides access to multiple users, helps in bulk resolution, notifies any error, and so on. Learn more about earlyGST

Emergents | 2024

Software by IGZ Solutions Pvt Ltd

SuperTax is one of the best GST reconciliation software. It seamlessly integrates with your ERP to make calculations faster. It can be used at multiple offices or branches. It helps in filling just in three simple steps. Learn more about SuperTax

Emergents | 2024

GST Return, Audit and Reconcilation Software

SCIGST is a GST Return Filing, Reconciliation and GST audit software. It can import data from the clients software, Prepare Return, Reconciliation statement for GSTR 2 (Purchase) and GSTR 2A (Supplier Data), Generate GST Annual Return GSTR 9 and ST Audit GSTR 9C. Learn more about SCIGST

Category Champions | 2024

Marg GST software is useful for every business be it retail, distribution or manufacturing. It makes GST billing and filing, generation of E-way bills for transportation business, invoices & 1000's of reports, management of accounts, reconciliation of bank statement easy. Read Marg GST Software Reviews

Category Champions | 2024

Elevate your GST compliance experience by utilizin

Cygnet qualified as a GST Suvidha Provider in India in 2017 and has developed a powerful technology solution for tax data filing. Based on the quality of its services, Cygnet-Digital is awarded the Best Tax Technology 2023. Read Cygnet Tax Reviews

Powerful Reconciliation for matching any records -

enReconcile by Taxilla offers most advanced innovation to deliver highest efficiency, accuracy and cost-advantage. enReconcile delivers diverse Reconciliation Applications for every enterprise requirement on an on-demand cloud for most accurate and efficient matching. Read enReconcile Reviews

What is GST Reconciliation Software?

GST reconciliation software is a specialized solution designed for Indian businesses that enable them to detect mismatches between sales and returns data. As a result, they ensure proper filing of GST returns while saving time and ensuring compliance.

GST reconciliation software helps businesses detect mismatches in the taxpayer's GSTR 2A and GSTR 3B. The GSTR 2A is the summary of the transaction of the taxpayer with their vendors as recorded in the vendors’ GSTR 1. Similarly, GSTR 3B is the summary of the same transaction recorded by the taxpayer. These two records should ideally be the same as they show the same transaction; however, there may be some discrepancies between the two because of the following reasons:

  • Error in Recording

This is when there is an error while recording the total amount of the invoice, tax amount, HSN code, or the item description of the product. This error can be due to either of the parties involved. The GSTR 2A/2B reconciliation software helps both parties to assess the situation to ascertain which account shows the mistake and to rectify it.

  • Error in Reporting

This is when either of the two GSTRs, GSTR 2A or GSTR 3B, shows a transaction that is not recorded on the return end. A missing transaction in GSTR 2A means that the vendor has not recorded it in their accounts. In contrast, a missing transaction in GSTR 3B signifies that the transaction has not been recorded in the taxpayer’s account. This may be a result of the products being in transit. Account reconciliation software helps to detect such missing records and notify the parties so that they can record the transactions in their respective accounts.

Additionally, the GST reconciliation software also helps to detect any discrepancies between GSTR 3B and GSTR 1, which is the summary of the taxpayer’s sales. The data reconciliation software helps you rectify the discrepancies by accepting the records as shown in the GSTR 2A or by reporting the discrepancies to the vendor so that they can change their records.

What are the Benefits of Using GST Reconciliation Tools?

Using GST reconciliation software solutions for cross-checking the different GSTRs helps businesses in various ways. Some of the benefits of using GST reconciliation software are:

  • It saves the time of the employees by automatically cross-checking the data quickly and efficiently, eliminating the need to hire a professional.
  • The account reconciliation software eases the communication between the taxpayer and the vendors by sending the reports of discrepancies automatically.
  • The reconciliation software tools sieve through the large data in a precise and efficient manner, thereby reducing any chances of error in reconciliation.
  • The GSTR 2B reconciliation software helps to reconcile the data recorded in the taxpayer's accounts with the various vendors to ensure that there is no error in recording the transactions by any parties, as well as to account for the goods in transition and Reconcile transitional ITC.
  • The automated reconciliation software helps businesses to claim the correct amount of Input Tax Credit and to detect any fraud or incorrect transactions as recorded by the vendor. This helps to minimize the overall risk of fraud by either party.
  • Moreover, the data reconciliation software also helps to cross-check GSTR 1 with GSTR 3B and other related documents, such as shipping bills which are submitted on ICEGATE in case of export, thus ensuring that all the data presented by the taxpayer is correct.

Besides ensuring compliance, saving time, and reducing paperwork, GST reconciliation software helps businesses in the following areas:

  • Electronic filing of dealer returns
  • GST Invoice & ITC Report Generation
  • Reconciliation with the online portal
  • Maintenance of credit and cash ledgers
  • Digitizing tax liability registers
  • Electronic payment of taxes

What are the Features of GSTR 2A/2B Reconciliation Software?

Before choosing the best GST Reconciliation Software for your business from among the various GST reconciliation software solutions available in the market, there are some features that you should not compromise on. These pertinent features include:

  • The account reconciliation software should be able to manage large numbers of vendors and data. It should also be able to handle any significant expansion in the business.
  • There should be a seamless transfer of data from the ERP and other data sources to the GST reconciliation software and vice versa.
  • The automated reconciliation software should be able to provide detailed reports of any error along with insights on how to manage them.
  • Since the reconciliation process would need to be done every month, the GST reconciliation software tools should be quick and efficient so that they do not affect the day-to-day working of the business and can promptly meet the deadlines without any help from the workforce.
  • The GST reconciliation tools should enable collaboration and data sharing between the owner and management of the business and the accounting team.
  • The software should also be able to adapt to changes as per the GST Act or Regulations through automated (preferred) or manual updates so that the returns filed by the business are always in compliance with the applicable rules and regulations.
  • The payment reconciliation software tools should be very sensitive to detect any error, however minute, and its cause correctly.
  • The GSTR 2A reconciliation software should have an adequate support team to address problems and provide solutions or alternatives.
  • Additionally, the software should also support offline mode.

Though this list contains the major features that GST reconciliation software must have, it is not exhaustive. Before choosing best software for GST reconciliation, you should determine the needs and nature of the business, its vendors, size, and other such factors that may affect the efficiency of the account reconciliation software.

If possible, get a one-on-one consultation with the software providers to learn about the various available software. Then, make an educated decision while purchasing GSTR 2A reconciliation software for your business.

Most of the GSTR 2B reconciliation software has a demo period during which you can judge the performance, efficiency, ease of use, and suitability of the software. Once you find the perfect fit for your business in terms of features, performance, and cost, you can start using it to apply for the Input Tax Credit without any hassle.

Latest Trends of GST Reconciliation Software

Since the beginning of 2020, there have been several changes in GST regulations, from e-invoicing to the introduction of the QMRP scheme. In addition, businesses with a monthly turnover exceeding 50 lacks have been mandated to pay 1% of their GST amount in cash. These and several other changes in government guidelines have forced many to opt for specialized GST filing software.

Modern GST return software can automatically populate your GST details once you provide your GSTN number. A few such solutions can also calculate GST details on each transaction, simplifying daily business dealings while ensuring compliance. Besides reconciling accounts, most GST reconciliation software can compute returns based on both the old and new GST guidelines.

Most GST return software today is SaaS-based, allowing users to interact directly with the government portal. Besides offering top-notch security and a host of payment options, such tools also have advanced analytics and reporting features that continuously assess your organization’s financial health.

FAQs

To do a GST reconciliation in Excel without using GST reconciliation software, following the steps below:

  1. Add your GSTR-2A data into the 'B2B from GSTN' sheet for multiple months
  2. Input your Purchase Register details in a separate sheet
  3. Right-click and click on the Reconcile Now button.

The cost of GST reconciliation software may alter significantly based on the features provided. However, the basic version of most government-backed GST solutions is completely free. Also, the total cost of GST returns software will depend on the number of users in your firm and the payment plan that matches your needs.

To work on GST reconciliation, here are a few steps to follow:

  1. Claim ITCs belonging to a relevant financial year on your GST filing software
  2. Match the Table of exports at 6A of GSTR-1 vis-a-vis the corresponding declarations provided in GSTR-3B
  3. Matching the Table of exports at 6A of GSTR-1 vis-a-vis the details of inventory/ shipping bills submitted on ICEGATE.
  4. Compare Annual Income Tax Return with Annual GST returns

Last Updated: February 08, 2024