Bill of Entry not reflected in GSTR-2B Importers can claim IGST and cess paid on their imports only after issuing the bill of entry (BoE). Hence, taxpayers must access the bill of entry on the portal to avail input tax credit seamlessly. The GST Network (GSTN) provides a framework to taxpayers for finding the relevant bill of entry. At times Bill of Entry (BoE) is not reflected in GSTR-2B, and we all are well aware the we cannot claim Input Tax Credit (ITC) of inward supplies not reflected in..
For some of the taxpayers, there was an issue in relation to duplicate entries in GSTR 2B which has since been fixed and correct GSTR 2B has been generated. In this regard, taxpayers while filing GSTR 3B are advised to check and ensure that the value of ITC they are availing is correct as per the law. They may check the correct ITC value from download of Auto drafted ITC statement GSTR 2B or pdf of System Generated GSTR3B or on the ITC observed on the mouse hover of Table 4 in GSTR ..
A few taxpayers (recipients of supply) had reported that they have observed same invoice twice in GSTR2B i.e. April and May, 2022. The error has been rectified and correct GSTR 2B generated. ..
Central Board of Indirect Tax (CBIT) has said in a recent notice that GSTR-2B portal for April 2022 is now available for users. The notification also mentioned that input tax credit (ITC) gets auto populated in GSTR-3B from GSTR-2B only if the taxpayer has not saved any data in GSTR-3B for the tax period. ..
1. It has been noticed that in a few cases, certain records are not reflected in the GSTR-2B statement for the period of April 2022. However, such records are visible in GSTR-2A of such recipients. 2. The technical team is working to resolve this issue for the impacted taxpayers and generate fresh GSTR-2B at the earliest. 3. In the interim, affected taxpayers interested in filing GSTR-3B are requested to file the return on self-assessment basis using GSTR-2A. Inconvenience cau..
Since implementation of GST, the claim of input tax credit has witnessed multiple amendments with Government’s intention to allow less and recover more and restricting the claim only if the invoices/debit notes are uploaded by the suppliers in GSTR-1. Through this write-up, we intend to cover the intricacies of claim of ITC from practical and accounting perspective working a ready reference for your business. A. Legal Position upto 31.12.2021 A legal history with respect to claim of ..
Section 16 of the CGST Act, 2017 pre-budget status Section 16(1) of the CGST Act, 2017 is quoted below Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger o..
1. As a facilitation measure for taxpayers & for assisting the taxpayers in doing a correct self-assessment, a new functionality of interest calculator is being released in GSTR-3B. This functionality will arrive at the system computed interest on the basis of the tax liability values declared by the taxpayers. The interest appliable, if any, on the tax liability declared in the GSTR-3B of a particular tax-period will be computed after the filing of the said GSTR-3B. These systems computed i..
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..
The Central Board of Indirect Taxes and Customs will make available Form GSTR-2B in the afternoon of 14th November as its generation commences after the end of the due date of GSTR-1/IFF filing on 13th November. What is GSTR 2B? Form GSTR-2B is an auto-drafted ITC statement that is static. It is a Summary statement showing ITC available and non-available for every section. GSTR-2B has been made available from August 2020 onwards. It can be generated by recipient taxpayers ..
1. Form GSTR-2B is an auto-drafted ITC statement which is generated for every normal taxpayer on the basis of the information furnished by their suppliers in their respective GSTR-1/IFF, GSTR-5 (non-resident taxable person) and GSTR-6 (input service distributor). This statement indicates availability and non-availability of input tax credit to the taxpayer against each document filed by their suppliers and is made available to the taxpayers in the afternoon of 14th of every month. 2. Please c..
All GST Taxpayers getting difficult to match their Book ITC with GSTR 2B ITC. Because GSTR-2B contains ITC is not only Related to the current month ITC. It may be related to Earlier Months ITC due to their suppliers is filed GST Returns after the due date. Here is the Simple Equation for Matching your Book ITC with GSTR 2B ITC. First of all, we need to Reconcile our ITC Data (Invoice wise) with GSTR 2B Data (its mandatory). If you don’t have any Reconciliation utility means, pleas..
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..
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 ..
ITR 1 and ITR 4
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