As the 30th of November approaches, businesses need to ensure they maximise their Input Tax Credit (ITC) claims for FY 2023-24 before the final deadline. With recent updates in GST regulations and the introduction of the Invoice Management System (IMS), understanding the nuances of annual ITC reconciliation has never been more critical. This webinar will provide practical guidance on ensuring comprehensive yearly reconciliation to claim the correct ITC in the backdrop of the newly launched IMS and avoid notices or missed credits.

Learn from industry experts about the best practices for managing ITC, handling mismatches, and ensuring compliance with the latest regulatory requirements. Don’t miss this opportunity to secure your business’s rightful tax credits and improve your bottom line.

Deadline Alert : Understand the importance of the 30th November deadline for ITC claims for FY 2023-24 and its impact on your business.

Recent Updates impacting ITC : Learn about recent changes in ITC-related regulations and how the newly introduced Invoice Management System (IMS) affects the claiming process.

Process of Annual Reconciliation : Get a detailed walkthrough of the annual ITC reconciliation process to ensure your claims are accurate and complete.

Common Errors to Avoid : Discover actionable insights and best practices for integrating your ITC claims with IMS and staying compliant with GST regulations.

Register now to make sure you maximise your ITC claims before the deadline and stay ahead of the evolving compliance landscape!

• Understanding ITC Reconciliation:
• Overview of ITC reconciliation requirements for FY 2023-24.
• Key sections to focus on for claiming the correct ITC.
• The importance of the 30th November deadline for claiming ITC for FY 2023-24.
• Compliance Checklist for ITC Claims:
• Step-by-step guide to ensure accurate ITC claims.
• Documentation required to support valid ITC claims.
• Cross-verification of ITC with GSTR-1, GSTR-3B, and GSTR-2B.
• Integrating with the New Invoice Management System (IMS):
• How to adapt your ITC claims with the newly launched IMS.
• Best practices for integrating IMS into your ITC reconciliation process.
• Ensuring correct invoicing to avoid mismatches and disallowed ITC claims.
• Common Errors to Avoid:
• Mismatches between GSTR-3B and GSTR-2B leading to ITC discrepancies.
• Incorrect reversal of ITC under Rule 42.
• Missing out on claiming eligible ITC before the deadline.
• Best Practices for Maximizing ITC:
• Reconciliation strategies to ensure full ITC is claimed.
• Leveraging automation and technology to reduce errors in ITC reconciliation.
• How to prepare for future audits by maintaining accurate records.