Following Key Points to remember while checking GSTR-2B
As per Notification number 82/2020 dt. November 10, 2020, An auto-drafted statement containing the details of Input Credit shall be made available to the registered person in FORM GSTR-2B.
- Form-GSTR-2B is a statement based on the information furnished by your suppliers (GSTR01, GSTR-05 (i.e. registered non-resident taxable person, GSTR-06 ("ISD")).
- Input credit shall be non-available, If invoices or debit note for the supply of goods or services or both filled by your supplier after the due date of the return, i.e. end of the Month of September following the end of the financial year (FY), to which such invoices or debit note pertains or filing of relevant annual return. (For Example Purchase for the month of March 2020 filled by your supplier after September 2020, then this credit is "LAPSED")
- Input credit shall not be available if Invoices or debit notes where the supplier (GSTIN) and place of supply are in the same state while the receiver of goods or services or both is in another state. (For Example : (Company XYZ registered in Delhi has taken service of renting of immovable property from the service provider whose location as well as the property lying at Mumbai).
- GSTR-2B data is available on the 12th of every Subsequent month, For example, FORM GSTR-2B for the month of February will consist of all the documents filed by suppliers who choose to file their FORM GSTR-1 monthly from 00:00 hours on 12th February to 23:59 hours on 11th March.
- Monthly reconciliation shall be done from the books of accounts with this Auto Drafted ITC Statement in such a manner, that a) No credit shall be taken twice. b) Credit shall be reversed wherever necessary. c) Tax on a Reverse Charge basis shall be paid.
- In this context and as per my view, all GST Credit (i.e. CGST, SGST, IGST) should be recorded as Recoverable account ("Fictitious Account") ["CGST RECOVERABLE ACCOUNT"]and as when the input gets reflected in GSTR-2B, the same should be parked in GST Input for better controlling purpose.
- In point Number-03 of GSTR-2B reflect those credit which is available to the recipient of goods or services or both, however, these credit needs to be reconciled with the books of account of the enterprises on monthly basis. And all pending input shall be recorded as recoverable in the books of accounts of the enterprises.
- In Table number-04 of GSTR-3B, "ITC NOT AVAILABLE SUMMARY". This table is information in nature
Also read -
- New GST Form-2B - Auto Drafted ITC Statement inserted by CBIC
- CBIC Issues 8 Important GST Notifications related to GSTR 1, Form-2B, GSTR-3B, and GST E-Invoicing
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