With the introduction of GSTR-2B in 2020, the identification of documents for taxpayers has become much easier. It is a feature available to all taxpayers that include casual, normal, and Special Economic Zone or SEZ taxpayers. Several amendments have been made to it since its introduction to polish its purpose. Keep reading to know about GSTR-2B, how to file it, and its benefits in detail.
GSTR-2B is a newly introduced auto-generated Input Tax Credit (ITC) system. It was introduced with the intent of making ITC tax claims simple and less time-consuming for taxpayers. It is mandatory for taxpayers to download their statements on the 14th of every month before filing their ITC returns. This statement is generated monthly and is unchanged for a specified time.
It contains records of Input Tax Credit on purchases that have been made by taxpayers. Mentioned below are the contents of the GSTR-2B:
Apart from that, the GSTR-2B form is divided into 2 categories:
Part A of this section consists of details regarding inward supplies, credit-debit notes, or CDN. Further, these details include amendments and import of goods that are divided into four parts:
Part A of this section includes details of credit and debit notes and invoices. This may also include amendments all of which are divided into 3 parts:
Part B of this section includes details of CDN and amendments mentioned under the ‘Others’ section.
It is an auto-generated system that collects auto-populated data based on documents like GSTR 1, GSTR 5, and GSTR 6 submitted by the suppliers. Therefore, there is no additional filing process for GSTR-2B.
Mentioned below are the features of GSTR-2B:
The benefits of GSTR-2B are as follows:
The introduction of GSTR-2B was intended to make the process of GSTR filling easier for taxpayers. This new system in totality is a useful feature that provides accurate details and is not time-consuming.
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