As we all are aware that a month ago Principal Commissioner - GST Policy at CBIC made an announcement about government planning to scrap new returns and decided to improve and modify the existing GST returns. Further to that, it was added that there will be new form GSTR-2B will be introduced in which will detail w.r.t input tax credit that can be availed, credit to be reversed, etc would be reflecting.
According to the Twitter source, GSTN has enabled the Form GSTR-2B. following are the details and formats have been shared.
GSTR-2B is going to be auto-drafted ITC statement which will provide details of the eligible/ineligible credits and the required reversals on the basis of GSTR-1, GSTR-5 and GSTR6 furnished by the vendors / ISD and ICEGATE, but the same is only recommended in nature and not necessarily binding on taxpayers.
It would link current return filing forms and help to curb tax evasion
This is a static document, which will be available on the 12th of the following month
Format of Form GSTR-2B
- It contains goods import information from the ICEGATE system.
- It is a summary statement showing all ITCs that are available and not available under this section
- Document-level details of invoices, credit notes, debit notes, etc.
Note: It's recommended that all taxpayers assess the detailed GSTR-2B Advisory on the Common Portal before using the Statement
System Downloaded Advisory on GSTR-2B
Taxpayers can access their GSTR-2B through Login to GST portal Returns dashboard select return period GSTR-2B
Further, also Cut-off dates considered for GSTR-2B been provided as follows
Key Features of GSTR-2B are as follows:
- You will access and save the overview statement as a PDF file.
- Availability of section-wise guidance. (the same is provided earlier in the article)
- Allows text search for all the generated records.
- Hide/view the columns according to the user's ease.
- If the file contains more than 1,000 items, options for a complete download of GSTR-2B and advanced search are enabled.
- May access section-wise information or download the ITC instantly.
- The choice for accessing, filtering and sorting data as needed.
- An email or SMS will be delivered to the taxpayer reminding them of the generation of GSTR-2B.
Comparison of GSTR-2A with GSTR-2B
Nature of Statement - GSTR-2A is dynamic, as it varies from day to day when the supplier uploads the Invoice. However, in the case of GSTR-2B, it stays static or fixed since GSTR-2B can not adjust after one month on the grounds of future actions of the supplier.
Frequency of Availability - in both the cases it's Monthly
Source of Information - In the case of GSTR-2A data was fetched from GSTR-1, GSTR-5, GSTR-6, GSTR-7, GSTR-8. However, the data in GSTR-2B will be fetched from GSTR-1, GSTR-5, GSTR-6, ICEGATE system.
ITC on Import of Goods - Very Important point GSTR-2A does not contain details for Imports of Goods. However, GSTR-2B contains data for ITC on import of goods as obtained from #ICEGATE system (available from GSTR-2B of August 2020 onwards)
Press Release dated 29th of August 2020
Source - (Twitter, GST Insights)
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