GSTR-2A data to be linked with GSTR-3B for better ITC management

GSTR-2A data to be linked with GSTR-3B for better ITC management As per the latest news updates, The new GST Return System has been scrapped. Also, the existing returns will be continued with the below-mentioned changes. GSTN - Upcoming Changes/ initiatives

• SMS based Nil Return filing for GSTR-3B and GSTR-1
• Improvements in GSTR-2A to show the status of filing of GSTR-1 and GSTR-3B by the supplier.
• To show the status of the amendment of invoice with the month of the amendment.
• Providing detail of Invoices considered for computation in table 8A of GSTR-9
• The flow of ITC due to IGST paid on import from ICES to GST System
• Linking GSTR-1 with GSTR-3B (for the flow of liability). PDF mail of filled GSTR-3B
• Linking GSTR-2A/2B & ICEGATE data with GSTR-3B for better ITC management.
• Delinking of credit/debit notes with invoices in GSTR-1

E-Invoicing turnover threshold to be increased to Rs 500Cr from Rs 100Cr [caption id="attachment_90222" align="aligncenter" width="837"] GSTR-2A data to be linked with GSTR-3B for better ITC management[/caption]

Challenges in ITC declaration using GSTR-2A

• Dynamic statement
• Has both uploaded and filed documents
• No system aid to determine available ITC
• Document sit in Original tax period hence difficult in reconciliation
• Long time for downloading GSTR-2A

The taxpayer wanted a quick process where all invoices on which ITC is available are present in one place.

GSTR-2A will now provide

• The static statement generated monthly
• PDF and Emailer
• Document Level- ITC available or not
• ITC summarization allied with GSTR-3B
• Instant download of pdf, excel
• Filer and search options
• Advance search to view documents beyond 1000 records

You May Also Refer:

• New GST Returns Scrapped by Government: Modified version of Existing to Continue
• Discussion on New GST Return Changes