GSTN launches auto-drafted ITC statement GSTR-2B for July

Sarkaritel
By Sarkaritel August 29, 2020 18:34


New Delhi, Aug 29  The Goods and Services Tax Network (GSTN) on Saturday launched GSTR-2B for the month of July 2020 as an auto-drafted input tax credit (ITC) statement which would aid in assisting/determining the input tax credit that is available for every taxpayer.

GSTN said that GSTR-2B is going to be 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 (non-resident taxable person) and GSTR-6 (input service distributor).

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, minimising errors, assist reconciliation & simplify compliance relating to filing of returns.

It may be noted that the GST Council, in its 39th meeting held on March 14, 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 input tax credit (ITC) statement which would aid in assisting /determining the input tax credit that is available for every taxpayer.

The auto-drafted GSTR-2B contains information on import of goods from the ICEGATE system including inward supplies of goods received from Special Economic Zones Units/Developers. It will also have a summary statement which shows all the ITC available and non-available under each section.

Sarkaritel
By Sarkaritel August 29, 2020 18:34