GSTN LAUNCHES AUTO-DRAFTED INPUT TAX CREDIT STATEMENT GSTR-2B FOR JULY

GSTN LAUNCHES AUTO-DRAFTED INPUT TAX CREDIT STATEMENT GSTR-2B FOR JULY

Goods and Service Tax Network (GSTN) is a company whose objective is not profit-oriented. It is also a non-government company.

 

The GSTR- 2B for the month of July 2020, an auto-drafted input tax credit system has been launched on Saturday, 29th August 2020 by the Goods and Service Tax Network (GSTN). The department has launched this statement in order to simplify the compliance procedure.

 

On the basis of the information furnished by the suppliers, every registered person will get the auto-generated input tax credit statement GSTR-2B on the Goods and Service Tax (GST) portal. The GSTR-2B will be available for each month i.e on the 12th day of the succeeding month.
 

The GSTR-2B will have the following information related to:
  • import of goods from the ICEGATE system,
     
  • gist of statement on all the ITC available and non-available under each section and 
     
  • details of all invoices, credit notes, debit notes, etc., that can be viewed by the taxpayers.
     
Benefits of the GSTR-2B

The auto-generated GSTR-2B provides the following benefit to the taxpayers:

  • GSTR-2B will assist in determining the taxpayer's Input Tax Credit (ITC) liability.
  • GSTR-2B will help in saving the time in case of preparing the return.
  • It will help in minimizing the errors while filing the returns
  • It will assist in reconciliation.
  • It will also help in simplifying the compliance burden of the taxpayers.
     
Keynotes
  1. The auto-generated GSTR-2B will be made available for every registered person on the basis of information furnished by their suppliers in their respective GSTR-1, GSTR-5 (non-resident taxable person), and GSTR-6 (input service distributor).
     
  2. Goods and Service Tax Network has clarified that GSTR-2B for the month of July has been made available on the GST portal on a trial basis. 
     
  3. The network is seeking necessary feedback from taxpayers; so that any further improvement can be done in this auto-generated input tax credit statement.
     
GSTN

Goods and Service Tax Network (GSTN) is a company whose objective is not profit-oriented. It is also a non-government company. It handles the department of Information Technology of Goods and Service Tax (GST).
 

Conclusion

The department is trying and ensuring that the taxpayers have to follow minimal compliances so that the compliance burden of the taxpayers can be reduced at some extent.
 

Edited by Minu Mishra
 

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