What has GSTN introduced?
GSTN, that stands for Goods and Service Tax Network,
which is also an information technology backbone provider for GST has brought
in new return filling form. As a result of which, input tax credit has been
auto-populated.
GSTR 2B, that has been brought recently, has been
made active for July 2020. The form will be accessible every month, on 12th
day of the coming month.
What are the benefits expected from GSTR-2B?
GSTR-2B is expected to assist in minimizing the
time required for preparation of return, reducing the errors, assisting in
reconciliation and also simplification of compliance related to returns’
filing. GSTN mentioned about it in a statement, on Saturday.
What things will GSTR-2B contain?
GSTR-2B will have information about goods import
from ICEGATE system. Also, it will contain the summary statement on available
as well as non-available ITC, under each section and it also has document level
details of every invoices, credit notes, debit notes, etc.
For whom will GSTR-2B be available?
GSTR-2B will be made available for all the
registered individuals, on the basis of information that has been furnished by
his suppliers, in their respective GSTR-1, GSTR-5( non-resident taxable person)
and GSTR-6 (input service distributor).
It has already been made clear by GSTN that
GSTR-2B for July has been made accessible on the common portal on trial basis
and also feedbacks have been taken from taxpayers.
What did various people speak on this?
Abhishek Jain, Tax Partner, EY presented the
statement that discussions had been made on the linkages since long and both
industry and government had been waiting for it. The linkages will surely help
the government for tax evasion examination and also assist industries in
verification of the credits proposed to be availed by them.
Rajat Mohan, a senior partner in AMRG Associates, stated that ITC
auto-population, based on new report GSTR-2B could have impact on the businesses’
working capital, significantly. Rather than making large number of changes on
piecemeal basis, if tax authorities came up with list of comprehensive changes
made in single attempt finalized after appropriate trade participation,
businesses would acknowledge it more.
What things have been included in GSTR-2A recently?
To display the details of items that have been imported from
abroad and also the inward supplies that have been made from special economic
zones units or developers, GSTR-2A has been provided with two new tables.
This insertion will help taxpayers in
self-reconciliation of taxes paid and taxes reflected in the system, online. Taxpayers
can see their entries data’ invoice that is received by GST system (GSTN) via
ICEGATE system (Customs). It has been enabled on trial basis to receive the
feedbacks.
If you need any help regarding on GST Registration and GST Return Filing feel free to contact us our Toll Free number 180030702070, Our Business advisor will explain you in details.
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