ISD (Input Service Distributor) reconciliation is the process of matching and
verifying Input Tax Credit (ITC) distributed by the ISD with the credits
received and recorded by respective recipient units (branches/locations). This
ensures accurate reporting and compliance under GST.
Step 1: Import GSTR-2 Data
Import the GSTR-2 data into the software using one of the
following methods:
- Upload
an Excel file containing the purchase data, or
- Import
directly from Tally, if your accounting data is maintained in Tally.
Note: Ensure that the file structure matches the
prescribed format for successful import.
Step 2: Access the “Books vs 2A/2B Annual” Section
After importing the data, navigate to the Books vs 2A/2B
Annual section in the software.
Step 3: Select “Invoice Wise Reco”
Choose the Invoice Wise Reco option for detailed
reconciliation.
- The
ISD reconciliation table is positioned below the B2B and IMPG
reconciliation tables.
- This
feature enables invoice-level comparison between your books and ISD data,
ensuring accurate matching.
Step 4: Review Reconciliation Status
The system will categorize invoices into the following
statuses:
- Matched:
Invoice details match completely between your books and ISD data.
- Partially
Matched – Books Only: Certain details (e.g., taxable value, GSTIN)
match, but discrepancies exist in your books.
- Partially
Matched – ISD Only: Some details match in ISD data, but discrepancies
exist in your books.
- In
Books Only: Invoices are present in your books but missing in ISD
data.
- In
Portal Only: Invoices are available on the ISD portal but not in your
books.
Benefits of ISD Reconciliation
- Ensures
accuracy in ITC reporting.
- Identifies
mismatches and discrepancies promptly.
- Facilitates
timely corrective actions to maintain compliance.
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