https://www.taxtmi.com/article/detailed?id=7421 GST return filing requires software reports enabling input tax credit matching by reconciling suppliers' outward supplies with recipients' inward purchases. For entities with a single registration across business verticals, centralised billing and unique alphanumeric invoice identifiers are recommended to prevent duplicate invoices, with invoices showing the receiving unit's address so credit is allocated correctly. Reports must also link advance receipts to purchase orders and apply party-wise FIFO accounting to adjust tax on advances against invoices. Reporting should treat debit notes as increases in liability and include only those credit notes that reduce tax liability and corresponding input tax credit. en-us Thu, 18 May 2017 07:11:35 +0530 Thu, 18 May 2017 07:11:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7421 GST return filing requires software reports enabling input tax credit matching by reconciling suppliers' outward supplies with recipients' inward purchases. For entities with a single registration across business verticals, centralised billing and unique alphanumeric invoice identifiers are recommended to prevent duplicate invoices, with invoices showing the receiving unit's address so credit is allocated correctly. Reports must also link advance receipts to purchase orders and apply party-wise FIFO accounting to adjust tax on advances against invoices. Reporting should treat debit notes as increases in liability and include only those credit notes that reduce tax liability and corresponding input tax credit. Articles Goods and Services Tax - GST Thu, 18 May 2017 07:11:35 +0530 https://www.taxtmi.com/article/detailed?id=7421