ITC Statement Form GSTR-2B made available on GST Portal for taxpayers

Reetu | Sep 4, 2020 | Views 2312206

ITC Statement Form GSTR-2B made available on GST Portal for taxpayers

ITC Statement Form GSTR-2B made available on GST Portal for taxpayers

1. GSTR-2B is an auto-drafted Input Tax Credit (ITC) statement generated for every recipient, on the basis of the information furnished by their suppliers, in their respective Form GSTR-1 & 5 and Form GSTR-6 filed by ISD.

2. Taxpayers can now reconcile data generated in Form GSTR-2B, with their own records and books of accounts. Using this reconciliation, they can now file their Form GSTR 3B and they can ensure that:

  • no credit is taken twice,
  • credit is reversed as per law, &
  • tax on reverse charge basis is paid.

3. Generated Form GSTR-2B consists of:

  • A summary of ITC available as on the date of its generation and is divided into credit that can be availed and credit that is to be reversed (Table 3).
  • A summary of ITC not available and is divided into ITC not available and ITC reversal (Table 4).

4. It is a static statement, generated once on the 12th of the following month.

  • It consists of all documents filed by suppliers/ISD in their Form GSTR-1, 5 & 6, between 00:00 hours on 12th day of preceding month to 23:59 hours, on 11th day of current month. Thus, statement generated on 12th of August will contain data from 00:00 hours of 12th July to 23:59 hours of 11th.
  • The details filed in GSTR-1 & 5 (by supplier) & GSTR-6 (by ISD) would reflect in the next open GSTR-2B of the recipient irrespective of supplier’s/ISD’s date of filing. For e.g, if a supplier files a document INV-1 dt. 15.07.2020 on 11th August, it will get reflected in GSTR-2B of July (generated on 12th August). If the document is filed on 12th August, 2020 the document will be reflected in GSTR-2B of August (generated on 12th September).
You May Also Like :

StudyCafe Membership

Join StudyCafe Membership. For More details about Membership Click Join Membership Button
Join Membership

In case of any Doubt regarding Membership you can mail us at [email protected]

Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"

Tags: GST, ITC

Author Bio
My Recent Articles
2nd Highest Gross GST Collection in January 2023; Crosses Rs.1.50 Lakh Crore Mark for third time in FY 2022-23 Budget 2023: How to download Union Budget 2023? Summary of Economic Survey 2022-23 Taxpayers having trouble logging into GST portal; Check the Reason MoF notifies amendments to National Savings Time Deposit Scheme and Kisan Vikas Patra SchemeView All Posts