gstr 2a

Attention: Restrictions on availment of ITC as per GSTR-2A from 1st January 2022

Arjuna (Fictional Character): Krishna, what is the new amendment that has been notified by the CBIC in respect of claim of ITC which will be applicable from 1st Jan 2022? Krishna (Fictional Character): Arjuna, Earlier taxpayer had been allowed to claim ITC based on the 4 conditions mentioned in section 16. However, in section 16 of the Central Goods and Services Tax Act, in sub-section (2), after clause (a), CBIC has inserted 5th condition via clause (aa) namely, “the details of the inv..

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GST ITC available when reflected in GSTR 2A/ 2B w.e.f. January 01, 2022

Background The Hon'ble Finance Minister, in Budget 2021-22, proposed changes vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 ("the CGST Act") to insert a new condition for availment of Input Tax Credit ("ITC") under the GST. Accordingly, amended Bill was passed in Rajya Sabha, the upper house, and it received presidential assent vide Finance Act, 2021. Relevant provisions:   The CBIC vide Notification No. 39/2021- Cen..

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Difference Between GSTR 2A and 2B

GSTR 2A GSTR 2A is a system generated auto populated eligible ITC statement or return. The inward supplies are captured in the statement on a real-time basis from the following details: GSTR 1 & 5 - Which pertains to B2B transactions. GSTR-6- Details of Input service Distributor. GSTR-7and GSTR-8. The TDS/ TCS details . No changes can be made in GSTR 2A since it is system generated.   GSTR -2A enables the taxpayer/dealer to view both original and amended invoices..

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Insights of GSTR 2A, GSTR 2B and GSTR 3B

With the advent of GST, the registered person is surrounded by many returns and statements which are required to be filed timely either in monthly, quarterly or in an annual frequency. Among all, GSTR 2A and GSTR 2B are purchase-related auto-populated statement. It gets auto-populated and has a direct link with the details furnished by counterparty in various returns as stated below. GSTR 2A and GSTR 2B gets auto-populated from the following returns   Registered Person ..

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