Automated GST Reconciliation by TrackMyTkt


Tax invoicing and reconciliation are not new to any taxpayer. But under the new GST regime, the process of tax filing post-reconciliation with the books of accounts has gained more significance as the accuracy of the Input Tax Credit claimed by businesses is tracked by the GST authority at a higher frequency. Also, the business must reconcile their data every month with the data declared by its vendors too. The return filing and processing have been semantically automated thereby inter-linking with the GST returns. This calls for a solution which can streamline the entire process to make it hassle-free.


What it does?

The TrackMyTkt GST Reconciliation tool helps you to automatically reconcile the flight tickets with the GST invoices from the respective airlines. The tool directly downloads the tax invoices from the airline portal and reconcile the GST amounts from the invoice against the flight tickets. It shows if the amounts match or not match without even a single button click by the user, thereby automating the process.


How does it work?

All you need to do is email the airline tickets to and sit back & relax. TrackMyTkt extracts the required data from the airline tickets to download the tax invoices along with the corresponding credit notes if any. In some cases, you have to forward the tax invoices you are receiving to your GST email to TrackMyTkt is configured to take care of various business scenarios like date change, cancellations, re-bookings.  For tickets with no tax invoices, TrackMyTkt allows the user to manually upload tax invoices in order to verify and match with the GST in tickets. All tickets and corresponding tax invoices are reconciled and the same is presented in the dashboard for the admin user to view and correct manually if required on a case-to-case basis.


Given below is a screenshot of the admin dashboard


In the dashboard, the user can view total tickets in the system along with details of the ‘matched’ and ‘yet to match’ tickets with the GST invoices. It also has filters to let the user slice and dice the data. The outcome of the process is a consolidated Microsoft Excel worksheet, which outlines the gaps in claiming the Input Tax Credit.


How it helps your business?

In the current scenario, the need of the business is to comply with the procedural requirements as specified under the GST Act i.e. to file the GST returns in the government recognized GST return format after reconciliation with books of account on a regular basis. This process, though it looks simple, involves a great amount of manual effort. And, in case you have a sizeable number of transactions happening within a month, say in a 4-digit number, then even by considering 5% possibility of mismatches, it will be a substantial amount. On top of this, the GST reconciliation window given by the law is between 11th to 14th every month. This short time window will make it very difficult to manage the reconciliation process accurately. Therefore, this necessitates the process to be conducted on a continuous basis every month. TrackMyTkt GST Reconciliation tool helps with significantly reducing the travel and finance teams’ effort and ensures that there is minimum input credit loss to the organization by being prompt with the GST filings.

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