Import data inserted in GSTR-2A
New Delhi: An auto-drafted input tax credit (ITC) statement which would aid in assisting / determining the input tax credit for every taxpayer has been made available on the common portal on trial basis.
It may be mentioned that 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 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.
Since, this is the first time that the statement is being introduced, the finance ministry on Saturday advised taxpayers to refer to GSTR-2B for the month of July, 2020 only for feedback purposes . The ministry requested all taxpayers 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,” the ministry stated.
The auto-drafted ITC statement 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). 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.
- A summary statement which shows all the ITC available and non-available under each section. The advisory given against each section clarifies the action to be taken by the taxpayers in their respective section of GSTR-3B; Document level details of all invoices, credit notes, debit notes etc. is also provided both for viewing and download;
Meanwhile, the ministry also inserted two new tables in GSTR-2A for displaying details of import of goods from overseas and inward supplies made from SEZ units / SEZ developers. “Taxpayers can now view their bill of entries data which is received by the GST System (GSTN) from ICEGATE System (Customs),” the ministry stated. It added that the present data upload had been done on a trial basis to give a feel of the functionality and to get feedback from the taxpayers on the same.
“Currently, the system is displaying data up to 6th August, 2020. Further, taxpayers may note that system currently does not contain import information for bill of entries filed at non-computerized ports (non-EDI ports) and imports made through courier services/post office. This will be made available shortly,” it said, adding that amendment information made in the details of bill of entries would also be provided soon.
“Taxpayers are requested that they share their feedback through raising a ticket on the self-service portal (https://selfservice.gstsystem.in/),” it further stated.
In the meantime, the ministry also communicated to the states about the two borrowing options to meet the GST Compensation requirement for 2020-21 consequent to the discussions in the 41st meeting of the GST Council held on August 27, 2020. It has asked states to communicate their preference within seven working days. A meeting of State Finance Secretaries with the Union Finance Secretary and Secretary (Expenditure) is scheduled to be held on 1st September, 2020 for clarifying issues, if any.
– globalbihari bureau
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