May 2024
M	T	W	T	F	S	S
	1	2	3	4	5
6	7	8	9	10	11	12
13	14	15	16	17	18	19
20	21	22	23	24	25	26
27	28	29	30	31

Analysis of GSTR-2B and Its Practical Implications

Sep 09, 2020 by Advocate Samir I Siddhapuria in GST Compliances

Table of Contents

Analysis of GSTR-2B and Its Practical Implications

Background of GSTR 2B

GST Council, in its 39th Meeting held on March 14, 2020, recommended linking the data available in GSTN viz. linking outward supply data in Form GSTR-1 and Form GSTR-3B and Input Tax Credit (‘ITC’) data between Form GSTR-2A and Form GSTR-3B.
It was also stated that the present return system (GSTR-1, GSTR-2A & GSTR-3B) will be continued until September 2020.
The Government has issued a Press Release on August 29, 2020, and introduced Form GSTR-2B which indicates ITC available to tax payers for the relevant tax period.

What is GSTR 2B

GSTR-2B is an auto-drafted Input Tax Credit (ITC) statement generated for every recipient(other than composition dealer), on the basis of the information furnished by their suppliers, in their respective
Form GSTR-1 (Outward Supply details) &
Form GSTR 5 (Non-Resident Taxable Person return) &
Form GSTR-6 filed by Input Service Distributor.
It is a static statement and will be made available for each month, on the 12th day of the succeeding month i.e. for the month of August 2020 the statement will be generated on 12th September.
It consists of all documents filed by suppliers/ISD in their Form GSTR-1, 5 & 6 between 00:00 hours on the 12th day of the preceding month to 23:59 hours, on the 11th day of the current month. Thus, the statement generated on the 12th of September will contain data from 00:00 hours of 12th August to 23:59 hours of 11th September

The details filed in GSTR-1 & 5 (by supplier) & GSTR-6 (by ISD) would reflect in the next open GSTR-2B of the recipient irrespective of the supplier’s/ISD’s date of filing.
If a supplier files a document INV-1 dt. 15.08.2020 on 11th September, it will get reflected in the GSTR-2B of August (generated on 12th September).
If the document is filed on 12th September 2020 the document will be reflected in GSTR-2B of September (generated on 12th October).
Instances where the return due date is later than the date of generation of GSTR 2B, it is advised to avail ITC on a self- assessment basis.

Why GSTR 2B?

The insertion of GSTR-2B on the GSTN portal is for assisting the taxpayers in reconciling and matching the Input Tax Credit periodically.
Taxpayers can now reconcile data generated in Form GSTR-2B, with their own records and books of accounts.
By this reconciliation, taxpayers have to ensure while filing of GSTR 3B that;

→ No credit is taken twice,

→ Credit is reversed as per law &

→ Tax on reverse charge basis is paid correctly.

How to Download GSTR 2B

Login to GST Portal
Go to Returns Dashboard
Select Return period
Click on Form GSTR-2B

Read & Download the full copy in pdf:

Get unlimited unrestricted access to thousands of insightful content at ConsultEase.

payu form placeholder

If you already have a premium membership, Sign In.

Advocate Samir I Siddhapuria

Name :- Samir Ishvarlal Siddhapuria Education:- B.Com LL.B, Advocate. Age:- 43 yrs Profession: -Area of practice is tax planning, providing opinions and litigation before the various authorities like the Hon’ble Tribunal, Advance ruling authority & Commissioner appeals. Author:- 1) Gujarat VAT Act, 2003. 2) Guj. VAT Rules, 2006. 3) VAT diary, 2007. 4) Gujarat Vat Audit Manual. 5) VAT Diary 2008. 6) Guj VAT and Works Contract. Editor:- Sales Tax Journal for the year 2017-18 & 2018-19 Column writer:- Sales Tax Journal published on monthly basis (Question and Answer Column) Visiting Faculty:-1) Sardar Patel Institute of Public Administration 2) State Goods and Services Tax Department Presentations – More than 300 plus presentation has been delivered up till now across Gujarat on all aspects of GST. Some of them are as under Topic-Forum Place of supply under IGST -ICSI Ahmedabad Branch, GST Overview -WAPTAG Association, Input tax credit and Issues -ALL Gujarat Federation of Tax Consultants, Transitional credit under the GST Act- Rajkot Sales Tax Bar Association, Supply, Levy, Invoice, and returns Under GST- Anand Sales Tax Bar Association Registration and return under the GST & Search, Seizer, and arrest under GST.- Gujarat Sales Tax Bar Association, Understanding on GSTR 1,2,3 and form 3B- Central Gujarat Tax Association, Input tax credit & Composition under the GST -Dealer awareness program by VAT department at Ahmedabad

Discuss Now

Opinions & information presented by ConsultEase Members are their own.