Launch of auto-drafted ITC statement - GSTR 2B

Goods and Service Tax Network (GSTN) on Saturday launched GSTR-2B for the month of July 2020 as an auto-drafted input tax credit (ITC) statement. The launch of this GSTR-2B is expected to reduce the time taken for preparing return, minimise errors, assist reconciliation and simplify compliance relating to filing of returns.

Put it simply, GSTR-2B is an auto-drafted ITC statement which will be generated for every registered person on the basis of information furnished by his suppliers in their respective GSTR-1, GSTR-5 (non-resident taxable person) and GSTR-6 (input service distributor).

It is a static statement and will be made available for each month on the 12th day of the succeeding month,

It is expected that GSTR-2B will help in reduction in time taken for preparing return, minimising errors, assist reconciliation & simplify compliance relating to filing of returns.

Key features in GSTR-2B which would assist taxpayers in return filing are as under:

• It contains information on import of goods from the ICEGATE system including inward supplies of goods received from Special Economic Zones Units / Developers. This is not available with the release of GSTR-2B for the month of July and will be made available shortly.
• It Contains Summary of ITC Available and ITC not available in GSTR-3B. The advisory given against each section clarifies the action to be taken by the taxpayers in their respective section of GSTR-3B;
• ITC will be shown as non-available in following scenarios:-

-Invoice or Debit note is issued after time limit prescribed under Section 16(4) of CGST Act

-Invoice or debit note where the Supplier (GSTIN) and place of supply are in the same State while

4. Document-level details of all invoices, credit notes, debit notes etc. is also provided both for viewing and download;

5. GSTR-2B for the month of July 2020 has been made available on the common portal on trial basis.

6. 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

7. 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/ ).

8. All taxpayers are advised to view the detailed advisory relating to GSTR-2B on the common portal before using the statement.

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