Purchasing and GST (Goods and Services Tax) work:
Review and verify invoices related to purchases, ensuring GST is correctly applied.
Ensure all GST-related information is accurately captured in purchase records.
Maintain compliance with GST laws and regulations related to purchases and inputs.
File GST returns for purchases, ensuring proper documentation and timely submissions.
Monitor and reconcile GST credits and debits for purchase transactions.
Ensure that GST is properly accounted for on vendor invoices and track GST liabilities.
Maintain updated records of GST registration details for suppliers and vendors.
Accurately record all purchases in the purchase ledger, reflecting proper GST amounts.
Ensure accurate classification of purchases for GST input tax credit (ITC) claims.
Track purchase-related expenses, segregating GST paid on inputs to claim ITC.
Allocate GST appropriately to different cost centers as per company policies.
Reconcile purchase accounts with vendors and internal records, ensuring GST entries match.
Perform GST reconciliation for purchases, comparing input tax credits to actual tax payments.
Provide analysis of purchase-related costs, including the impact of GST on overall expenses.
Identify and report discrepancies in GST claims and recommend corrective actions.
Prepare and submit accurate monthly/quarterly GST returns related to purchases (GSTR-2, GSTR-3B).
Ensure all GST-related data is correctly reflected in financial statements.
Assist in audits by providing necessary documentation and GST-related reports for purchase transactions.
Respond to any audit queries related to purchase transactions and GST compliance.
Oversee the timely payment of vendors, ensuring the proper GST amounts are paid and recorded.
Ensure GST payments and credits are aligned with the tax period and accounting records.
Implement and monitor internal controls over purchasing and GST to prevent errors or fraud.
Ensure all purchase transactions are documented correctly to avoid GST discrepancies.
Manage and track any GST refunds or adjustments arising from purchase-related errors or excess tax payments.
Coordinate with tax authorities for timely refunds and claim adjustments.
Address any disputes or discrepancies related to GST invoicing with vendors and resolve them promptly.
Ensure that vendors are correctly charging GST, and handle any corrections if necessary.
Work closely with external tax consultants or advisors to ensure compliance with changing GST laws.
Collaborate with the procurement and finance teams to ensure that GST practices are aligned across departments.