GSTR 2B - It's Functionality

On the recommendation of the GST Council Meeting held on March 14, 2020, a new return form namely Form GSTR-2B has been introduced.  It is an auto-populated input tax credit (ITC) statement for a registered person under the GST regime. It will be generated based on information furnished by the suppliers in their respective returns such as Form 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 i.e. on the 12^th day of the succeeding month.

Benefits of GSTR-2B

• Helps in reduction of time taken for preparing the return.
• Assistance in reconciliation.
• Helps to minimize errors.
• Simplification of the compliance (filing of returns).

Information Contained in GSTR-2B

• Information regarding the import of goods from the ICEGATE system, including inward supplies of goods received from Special Economic Zones (SEZ) Units/Developers.
• Summary statement showing the available and non-available ITC under each section.
• Document level details of all invoices, credit notes, debit notes, etc.

Form GSTR-2B for July has been made available on the common portal on a trial basis.

Amendments made in GSTR-2A

Two tables have been newly inserted in Form GSTR-2A, namely, for:

• Displaying details of import of goods.
• Inward supplies made from special economic zones (SEZ) units or developers.

Now, the registered persons can view their bill of entries data which is received by the GSTN from ICEGATE System.

In conclusion, the introduction of Form GSTR-2B has brought several benefits for registered persons under the GST regime. It automates the process of input tax credit (ITC) reconciliation and reduces the time and effort required for return preparation. GSTR-2B contains detailed information on imports, supplies from SEZ units, and document-level details of invoices, credit notes, and debit notes. Additionally, amendments have been made to Form GSTR-2A, allowing registered persons to view their bill of entries data received from the ICEGATE system. This streamlines the compliance process and enhances transparency.

"Optimize your GST compliance with Form GSTR-2B - the auto-populated ITC statement. Save time, minimize errors, and simplify reconciliation. Learn more about its benefits and access the trial version on our website." for more details, contact us at info@manishanilgupta.com

Disclaimer: The information given above is to provide general guidance to the readers. This information should not be sought as a substitute for legal opinion