It is getting difficult for GST taxpayers to match their Book's ITC with GSTR 2B ITC because GSTR-2B contains ITC which is not only related to the current month ITC. It may be related to earlier month's ITC due to the suppliers filing their GST Returns after the due date.
Here is a Simple Equation for Matching your Book ITC with GSTR 2B ITC. First of all, we need to Reconcile our ITC Data (Invoice wise) with GSTR 2B Data (its mandatory). If you don’t have any Reconciliation utility means, please click the link below to download the GSTR 2B Matching Excel Utility. This Utility will help you to Match Your Book's ITC with GSTR 2B within minutes.
GSTR 2B Matching Excel Utility Download Link: Click Here
Please check the Illustrate image 0.1 for GSTR 2B Matching Concept how it will work.
After the Reconciliation, we will get the Results of the following.,
1. Matching ITC (ITCis Available in GSTR 2B)
2. Not Matched ITC(ITC not Available in GSTR 2B)
For Instance, we are going to Match ITC for the month of July 2021. Please check the Illustrate image 0.2.
As per Above Illustrate Image Total Matching ITC is Rs. 75,000/- only. So unmatched ITC Rs. 25000/- Will be carried forward to Next Month.
Note: GSTR 2B There is Excess ITC Found Rs. 75000/-. This Excess ITC May be related to Earlier months (Those ITC may be utilized by you in earlier months). If you have not Utilized those ITC means We can take This ITC in Current Month.
Let's see we going to Match ITC for the month of Aug 2021. Please check the Illustrate image 0.3
As per the above Illustrate image, ITC for the month of Aug 21 & LastMonth Not Matched ITC is Now Reconciled with GSTR 2B for the month of Aug 21. So, If your suppliers are filed their GST Returns for the month of July 21means, Your Not matched ITC Will be matched Here. If still your supplier is not Filed their GST Returns it will continue as ITC Not matched.
Then Your ITC Reconciliation for the month of Sept 21 is like.,
ITC for the month of Sept 21 XXXX
(+) ITC Not matched for July 21 XXXX (If ITC is not Received)
(+) ITC Not matched for Aug 21 XXXX (If ITC is Not Received)
Total ITC is XXXX
Now the Total ITC Reconciled with GSTR 2B for the month of Sept 2021.
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