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Dorchester Center, MA 02124
ITC Statement Form GSTR-2B has been made available on GST Portal for the taxpayers. The GST Council, in its 39th meeting held on 14th March 2020, had recommended to adopt and implement the incremental approach of linking the present system of filing of GSTR-3B and GSTR-1 and other significant changes like enhancements in GSTR-2A and its linking to GSTR-3B.
One such enhancement that the Council recommended was the introduction of an auto-drafted input tax credit (ITC) statement which would aid in assisting/determining the input tax credit that is available for every taxpayer.
GSTR-2B is an auto-drafted Input Tax Credit (ITC) statement that will be generated for every registered person on the basis of the information furnished by his suppliers in their respective GSTR-1, 5 (non-resident taxable person) and 6 (input service distributor). GSTR-2B is generated once on the 12th of the following month.
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:
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Key features in GSTR-2B which would assist taxpayers in return filing are as below:
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It is expected that GSTR-2B will help in reduction in time taken in preparing the return, minimizing errors, assist reconciliation & simplify compliance relating to filing of returns.
GSTR-2B for the month of July 2020 has been made available on the common portal on a trial basis. Since this is the first time that the statement is being introduced, taxpayers are advised to refer to GSTR-2B for the month of July 2020 only for feedback purposes.
All taxpayers are requested to go through their GSTR-2B for July 2020 and after comparing the same with the credit availed by them in July 2020, provide feedback (if any) on any aspect of GSTR-2B by raising a ticket on the self-service portal (https://selfservice.gstsystem.in/).
All taxpayers are advised to view the detailed advisory relating to GSTR-2B on the common portal before using the statement. Taxpayers can access their GSTR-2B through: Login to GST Portal > Returns Dashboard > Select Return period >GSTR-2B.
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