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Launch of GSTR-2B under GST

Kusum Gandhi 
on 30 August 2020

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Central Board of Indirect Tax & Customs issued Press Release dated 29.08.2020 regarding GSTR-2B for the month of July-2020.Highlights of press release are as under -

GST Council, in its 39th meeting held on 14th March 2020, had recommended to adopt and implement the incremental approach of linking the present system of filing of GSTR-3B and GSTR-1 and other significant changes like enhancements in GSTR-2A and its linking to GSTR-3B.

One such enhancement that the Council recommended was introduction of an auto-drafted ITC statement which would aid in assisting/determining the ITC that is available for every taxpayer.

  • GSTR-2B is going to be such an auto-drafted ITC statement , which will be generated for every registered person on the basis of the information furnished by his suppliers in their respective GSTR-1, GSTR-5 and GSTR-6 .
  • It is a static statement and will be made available for each month, on the 12th day of the succeeding month.
  • It is expected that GSTR-2B will help in reduction in time taken for preparing return, minimizing errors, assist reconciliation & simplify compliance relating to filing of returns.
Launch of GSTR-2B under GST

Key features of GSTR-2B

Key features in GSTR-2B which would assist taxpayers in return filing are as under:

  1. It contains information on import of goods from the ICEGATE system including inward supplies of goods received from SEZ Units / Developers. This is not available with the release of GSTR-2B for the month of July and will be made available shortly.
  2. A summary statement which shows all the ITC available and non-available under each section. The advisory given against each section clarifies the action to be taken by the taxpayers in their respective section of GSTR-3B;
  3. Document level details of all invoices, credit notes, debit notes etc. is also provided both for viewing and download;
 

Notes-

  1. GSTR-2B for the month of July 2020 has been made available on the common portal on a trial basis.
  2. Since, this is the first time that the statement is being introduced, taxpayers are advised to refer to GSTR-2B for the month of July, 2020 only for feedback purposes.
  3. All taxpayers are requested to go through their GSTR-2B for July 2020 and after comparing the same with the credit availed by them in July 2020, provide feedback (if any) on any aspect of GSTR-2B by raising a ticket on the self-service portal (https://selfservice.gstsystem.in/).
  4. All taxpayers are advised to view the detailed advisory relating to GSTR-2B on the common portal before using the statement.
  5. Taxpayers can access their GSTR-2B through: Login to GST Portal > Returns Dashboard > Select Return period >GSTR-2B.
 

Disclaimer: The contents of this article are solely for informational purpose. It does not constitute professional advice or a formal recommendation. No part of this article should be distributed or copied without express written permission of the author.


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