GSTR- 2B : GST upcoming Changes and Relaxations

Presently, for claiming the Input Tax Credit (ITC), apart from the conditions mentioned under section 16, one of the condition is reflection of the same in GSTR-2A. This matching concept was made live by the Government in November 2019. Due to the which it has now become even more difficult for the taxpayers to maintain the records and claim the ITC. There are certain challenges in declaring ITC using GSTR-2A which includes:

  • The Dynamic Nature of the statement GSTR-2A, this statements keeps on updating whenever a supplier files his GSTR-1. So, it becomes difficult for a taxpayer to determine his actual ITC and results in blocking working capital.
  • It contains both uploaded as well as filed invoices.
  • There is no User Interface where it reflects the total amount of ITC for a month just like in GSTR-1 where you can see the total amount of tax.
  • It takes a lot of time to download the GSTR-2A when the number of invoice count is more than 1000 or 2000.
In order to overcomes, some of these and other challenges and for ease of filing of GST returns the government has now come up with certain new measures, which includes introduction of a new statement namely GSTR-2B. 

Introduction of GSTR-2B

Although it is still very early to say regarding the date when the same will be taken live by the government but it is expected to be roll out with these changes as soon as possible. The features of GSTR-2B will include:
  •  Unlike GSTR-2A, which a very dynamic statement, this one will be a static statement which will be generated on monthly basis after the due date to file GSTR-1 is over.
  • It will available on the portal as well as will be mailed to the registered email id of the taxpayer.
  • It would be bifurcated in 2 parts first one will contains the details of ITC available and second will show the details of ITC not available.
  • ITC will be aligned as per the tables in GSTR-3B (depicted below).
  • It will be available instantly for downloading in PDF as well as excel formats.
  • It will contain filter as well as search option and a special advance search feature will be there to view documents beyond 1000 records.

Other Relaxations 

  • Linking of GSTR-1 with GSTR-3B, PDF of GSTR-3B will be sent over email and linking of GSTR-2A/GSTR-2B and ICEGATE date with GSTR-3B.
  • Status of amendment of invoices will be shown with month of amendment.
  • Flow of ITC dues to IGST paid on import from ICES to GST system.
  • Facility to create HSN master/vendor master on taxpayer dashboard.
  • Matching tool for comparison of system drafted purchase register.
  • Delinking of debit/credit note with invoices in GSTR-1.
  • Providing details of invoices considered for computation of table 8A of GSTR-9.
For more useful updates please visit and follow https://tax-tunnel.blogspot.com

----------------------------------------------------------------------------------------------------------------------------

For any tax related issues/queries:

Please Contact:

Tax Tunnel

📱 +91-78382 12620

📱 +91-85878 18830/7982351846

📧tunneltax@gmail.com

Comments

Post a Comment

Popular posts from this blog

Due date of TDS return and other compliances has been extended

Image
Relaxation of Certain provisions and compliance's  under Income Tax Act As we know in view of the spread of pandemic COVID-19, our government has given many relief from  time to time to taxpayer’s whether in terms of due date extension, payment of tax, filing of returns and  other compliance's for the benefit of taxpayer.  In view of this, the government has issued the “THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN  PROVISIONS) ORDINANCE, 2020” dated 31.03.2020 to give relaxation of certain provision including  extension of time limit, in the taxation and other laws.  After that, for considering the issues faced by the taxpayer’s the government has issued new  Notification-35/2020 date 24.06.2020 to amend the Sub Section (1) of Section 3 of The Taxation and  Other Laws (Relaxation Of Certain Provisions) Ordinance, 2020 for further reliefs. Further new Notification 56/2020 dated 29.07.2020 has amend the extended due date of  Incom...
Read more

Last Date for Furnishing LUT - Export without Payment of Tax (Updated till 27.06.2020)

Image
Export without payment of tax After the introduction the GST in 2017, any “supply”  of goods or services or both is  taxable subject to some exemption given for specific goods and services. Therefore, the export of goods  and services is also taxable, subject to refund that can be reclaimed later against the tax paid. For considering the difficulties faced by the exporter in the process of refund and efforts for taking  refund for the goods and services which have been exported, the government has introduced the concept of " Letter of Undertaking (LUT) or Bond". Under the GST Scenario, exporter has two options:  Export the goods and services by paying tax and later reclaim by apply refund for the tax paid or, Export the goods and service without paying tax by issuing Letter of undertaking or  Bond Under this article, we are explaining the two ways for exporting the goods and services without payment f tax:          1. LUT ( Letter o...
Read more

Reduced TDS Rate for the FY 2020-21

Image
As we know that the world is facing the pandemic and everyone got affected by this very badly whether in terms of monetary or non-monetary. Government has taken various steps on time to time to give relief to taxpayer’s whether in terms of reducing rates, relief packages and extension of time limit of various compliances. A  press released has been conducted on 13.05.2020 and one of the major announcement has been  made by our finance minister for reduction in TDS rates by 25% under income tax act and give liquidity  to taxpayer’s. We have summarised  only those TDS rates which has been reduced w.e.f 14.05.2020 and these are  as under: TDS RATES FOR RESIDENT OF INDIA TDS and Nature of Payment Up to 1 3 .05.2020 Amended w.e.f. 14.05.2020 Section 193 Interest on Securities   10%   7.5% Section 194 Dividend other than Section 115-O) ...
Read more