Skip to main content

Comparison B/w GSTR 2A & GSTR 2B with Key Features

Image
By

The government has decided to stay with the current GST (Goods and Services Tax) return filing system for the present. Earlier the Government was planning to bring a new GST return filing system along with forms ANX-1, ANX-2, RET-1 and RET-2 but now it has been put on hold until the new update. Government chose to introduce advanced features to the old system instead of launching the new return filing system.

Difference Between GSTR 2A vs GSTR 2B

Some Decisions That are Taken in 39th GST Council Meeting

To prevent tax evasion, Govt. has decided to link the outward supply details in form GSTR 1 with liability in form GSTR 3B. The input tax credit in form GSTR 3B will then be linked to the details of supply shown in form GSTR 2A. There will also be initiatives to implement Aadhaar authentication and spike rules, to reduce evasion and prevent gaming of the system.

A measure to deal with the issue related to ITC was also recommended to the Council of the introduction of Auto-Draft Input Tax Credit statement which will help in assisting/ determining the input tax credit which is available for each taxpayer. 

The government also launched Form GSTR 2B, which is for the input tax credit. It will help the government and assess both the inputs and outputs matching the ITC in the form GSTR-1 and GSTR 2A, GSTR 3B, accordingly.

What is GSTR 2B?

GSTR-2B is an auto-drafted statement, these statements will be auto-generated for every registered person on the basis of details provided by the supplier in the GSTR-1 or GSTR-5, or GSTR-6. It is a static statement and will be available on 12th of every following month. It will be available from July 2020 onward and for example, for July month this statement can be accessed on August 12, 2020.

Features of GSTR 2B

  • This statement includes details on the import of goods from the ICEGATE system including details of the inward supply of goods received from specific economic zones units /developers.
  • It allows assessees to reconcile the data generated in form GSTR 2B with their records and accounts book. With it, furnishing their Form GSTR 3B is possible and easier, they can ensure that no credit is taken twice, the credit is reversed in accordance with the law, and tax on the reverse charge basis Is paid.
  • This includes all documents provided by suppliers / ISDs in their forms GSTR 1, 5 and 6 from 00:00 hours on the 12th day of the previous month till 23:59 hrs on the 11th day of the current month.
  • This statement also includes details on the import of goods from the ICEGATE system which also includes details on imports from Special Economic Zone units/developers. However, this statement does not have details of Reverse charge credit on import of services and taxpayers have to record it in Table 4 (a) (2) of FORM GSTR-3B.
  • It also features document-wise details of ITC eligibility, the contents of GSTR-2B is listed below:
    • The summary statement in which ITC is available or not will be clearly shown.
    • Advice for each section explaining what action taxpayers have to take.
    • With “view and download” document-wise details like invoices, credit notes, debit notes etc.
    • Cut-off dates and advisories for creating and using GSTR 2B.
    • Import of goods and imports from SEZ units/developers (available from GSTR 2B of August 2020).

Difference Between GSTR 2A and GSTR 2B

  • GSTR 2A is dynamic; it changes from day to day whereas GSTR-2B for one month cannot change on the basis of future acts of the supplier
  • GSTR 2A fetch information from GSTR-1, GSTR-5 (NR), GSTR-6 (ISD), GSTR-7 (TDS), GSTR-8 (TCS) whereas GSTR 2B fetch details from GSTR-1, GSTR-5, GSTR-6, ICEGATE system
  • GSTR 2A doesn’t feature details of ITC related to Import of Goods but GSTR 2B features details of ITC on import of goods from ICEGATE system

The recently released Form GSTR 2A has been explained here, however, all the taxpayers are advised to get more details from the released advisory relating to GSTR -2B available on the common portal. A taxpayer can view and download their GSTR 2B by signing in to the GST Portal and then navigation to Return Dashboard >Select Return period >GSTR 2B

Comments

Post a Comment

Popular posts from this blog

A Full Guide to GST E-Way Bill 2 for Faster Compliance

By
  Have you encountered any challenges while trying to create a GST E-way bill using the government portal? If yes, SAG Infotech is here to provide some important solutions for you. NIC has launched the GST E-Way Bill 2 Portal. Designed to Offer GST E-way Bill Services with High Availability Using the e-way bill site, taxpayers and logistics operators can log in with their current account and password. Data from the GST E-way Bill2 site will be verified, combined, and available on the main GST E-way Bill portal for all business and analytical objectives. To guarantee that e-invoice generation is unaffected, this portal is integrated with another e-invoice portal for e-way bill generation. Users can freely create and amend E-Way Bills using the GST E-Way Bill2 Portal. The seamless integration and merging of the e-Waybill1 and e-Waybill2 systems will lessen reliance on the e-Waybill1 system in emergencies. E-way bill details are synchronised with the main portal in only a few seco...
Post a Comment
Read more

Gen Online Payroll Software for Small Business in India

By
In today's digital world, every person and businessperson works very hard to manage data manually, which can be a time-consuming and labour-intensive task, particularly when information needs to be constantly updated and verified. Likewise, managing large volumes of employee-related data can be a challenging and overwhelming task for HR professionals. Therefore, to address the workload and complexity of these tasks, the IT sector has developed Payroll software. In recent years, we have seen a huge growth in the number of Payroll software options. Yes, there are many types of HR Payroll software available in the Indian market at present. If you're looking for a reliable and popular payroll software option, you can choose Gen Online Payroll software, brought to you by SAG Infotech. Whether the business is medium or small, Gen Payroll software can make managing numerous important tasks of a human resources manager hassle-free. The Online Payroll software assigns a unique ...
Post a Comment
Read more

GST Collection of August 2024 Reaches INR 1.75 Lakh Crore

By
Concerning the financial front, gross GST collections for August 2024 show a strong 10% growth, reaching approximately ₹1.75 lakh crore.  This surge, driven by robust domestic consumption, led to a 9.2% increase in GST revenues from domestic transactions to approximately ₹1.25 lakh crore. Revenue from imported goods also saw a substantial rise of 12.1%, totalling ₹49,976 crores.  Despite the overall growth, there was a slight decrease from the ₹1.82 lakh crore collected in July 2024 when compared month-on-month. However, industry experts remain optimistic.  They point out that the 10% year-on-year increase at the commencement of the festive season is a strong indicator of sustained and potentially growing consumption in the upcoming months. The government's ongoing efforts to simplify the GST process, especially through measures such as adjusting rates to lower working capital expenses, have been positively acknowledged.  This dedication is also evident in the ₹...
Post a Comment
Read more