Bank statement to GST return
You can prepare a GST return from a bank statement by classifying each credit as sales and each debit as a purchase or expense, then separating GST on both sides. FINOVAQ automates this: upload the statement, review the classified entries, and it drafts GSTR-1 and GSTR-3B figures.
How to convert a bank statement into a GST return
- Download your statement as PDF or Excel from net banking
- Upload it to FINOVAQ
- Check the classification: sales, purchases, expenses, owner money, loan, tax
- Add or confirm GSTIN and tax rate on flagged lines
- Review the GSTR-1 and GSTR-3B draft and open the portal autofill
What if some payments have no invoice?
Cash and UPI payments without a bill cannot give you input tax credit. FINOVAQ flags these lines so you can ask the supplier for an invoice before you file.
Which bank formats work?
Text-based PDF statements and Excel files from Indian banks are supported. Scanned image PDFs may need the OCR option in your plan.
Frequently asked questions
Can I get GSTR-3B directly from my bank statement?
A bank statement shows money, not tax. FINOVAQ combines it with invoice and rate data to estimate output tax and input credit, and asks you to confirm what it cannot know.
How long does it take?
Reading and classifying a statement takes about a minute. Your review time depends on how many lines are flagged.