Skip to main content

Simple to Understand Difference Between GSTR-2A & GSTR-2B

Main Difference Between GSTR-2A & GSTR-2B

The registered person reconciles its purchase invoices with the available Input Tax Credits (ITCs) reflected in GSTR-2A and GSTR-2B using GSTR-2A and GSTR-2B. The GSTR-2A and GTSR-2B must be understood for this purpose.

GST Act (Goods and Services Tax) has implemented two auto-populated returns, GSTR-2A and GSTR-2B, which contain the following information:

  • GSTR-2A: Details of auto-drafted supplies
  • GSTR-2B - This is an auto-drafted statement of GST input tax credit

There is significant information included in the above-referred statement regarding inward supplies as well as input tax credits. Understanding the differences between these two statements is crucial since they cover the same information.

It is the purpose of this article to discuss the differences between GSTR-2A and GSTR-2B in detail.

ParticularsGSTR-2A FormGSTR-2B Form
Type of StatementIt is dynamic in nature. Information that the supplier uploads keeps changing from day to day.In nature, it is constant. Suppliers' future actions cannot change it.
Basis for ReflectionIn the event that a supplier files a return for a previous period for which an ITC was claimed, the ITC will be reflected in the GSTR-2A of that period. GSTR-2A for June 2022 will reflect the respective supplies in the GSTR-1 that was filed by the supplier in August 2022.In the current month, the GST input tax credit (ITC) reflected in a supplier's return from a prior period will appear in GSTR - 2B. In August 2022, the supplier filed the GSTR-1 of June 2022; the respective supplies in his GSTR-1 will be reflected in the GSTR-2B of August 2022.
Date of GenerationSuppliers can use Furnishing Facility (IFF) or GSTR-1 to upload invoices.This report gets generated on the 14th of every month for the previous month.
Bifurcation of Eligible/Ineligible ITCDoes not provide bifurcationProvides Bifurcation
Information Source– GSTR-1/IFF – GSTR-5 (Non-Resident) – GSTR-6 (ISD) – GSTR-7 (GST-TDS) – GSTR-8 (GST-TCS) – GSTR-1/IFF – GSTR-5 (Non- Resident) – GSTR-6 (ISD)
ITC on Import of GoodsDoes not provide such ITCInput tax credit based on ICEGATE system on importation of goods.

Comments

Popular posts from this blog

GST Collection of August 2024 Reaches INR 1.75 Lakh Crore

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 ₹...

GST: Assessees Must E-file Their Tax Returns by 30th Nov 2024 to Claim Pending ITC

If you are a GST-registered assessee you need to consider the due date to avail of any due Input tax credit or revised errors/omissions for the FY 2023-24 is November 30, 2024, via submitting the appropriate GST forms. Missing the due date can produce an outcome of a financial loss as the unclaimed ITC could not be used to offset your output tax obligation. What is the Method to Claim the Due ITC or Revised GST Errors for the FY 2023-24 It was stressed by the tax experts that the GST law specifies the procedure to claim the due ITC via GSTR-3B and amend errors in GSTR-1. Filing GSTR-1: Errors induced in GSTR-1 can be rectified by making amendments in the following GSTR-1 filings. Filing GSTR-3B: Via the GSTR-3B return the obligated ITC can merely be claimed. November 11, 2024, was the due date to submit the GSTR-1, and November 20, 2024, is for GSTR-3B without any penalty. Both the outcomes can be provided till November 30, 2024, as per the late fees. R...

Gen Online Payroll Software for Small Business in India

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 ID t...