23.3 C
New York
Wednesday, July 28, 2021

GST Network starts providing auto-drafted input tax credit statement to taxpayers

Must read

Wiv.io: Are NFTs The Future Of Wine?

Wiv.io: Are NFTs The Future Of Wine? As old as the world itself, wine has been an important cultural experience throughout human history - from...

US Bitcoin miner Stronghold files for $100M IPO to fund massive expansion

Sign In/Free Sign Up 0 Cryptocurrency23 minutes ago (Jul 28, 2021 01:20AM ET) US Bitcoin miner Stronghold files for $100M IPO to fund massive...

Dollar Up, Boosted by Plunge in Chinese Shares and Caution Ahead of Fed Decision

Forex28 minutes ago (Jul 28, 2021 01:15AM ET) (C) Reuters. By Gina Lee Investing.com - The dollar was up, but remained below its recent highs, on...

Nuggets News CEO under fire over alleged unpaid loans and investment funds

Sign In/Free Sign Up 0 Cryptocurrency43 minutes ago (Jul 28, 2021 01:00AM ET) Nuggets News CEO under fire over alleged unpaid loans and investment...

Goods and Service Tax Network (GSTN), the information technology backbone provider for GST introduced new return filing form which has auto-populated input tax credit.

The new form – GSTR 2B – has been activated for July 2020, and will be 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,” GSTN said in a statement Saturday.

The GSTR-2B will contain information on import of goods from the ICEGATE system, will have summary statement on all the ITC available and non-available under each section and have document level details of all invoices, credit notes, debit notes etc.

GSTR-2B 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).

However, GSTN has clarified that GSTR-2B for the month of July has been made available on the common portal on trial basis, and feedback has been sought from taxpayers.

Abhishek Jain, Tax Partner, EY said, “There were discussions on these linkages from a long time and were awaited by both industry and Government. These linkages would definitely aid the Government in checking tax evasion and also help industry in verifying the credits proposed to be availed by them”.

“Auto-population of ITC based on new report GSTR-2B may impact the working capital of businesses to a great extent. Businesses would appreciate it if instead of making numerous changes on a piecemeal basis, tax authorities come with a list of comprehensive changes in one go finalized after suitable trade participation,” said Rajat Mohan, senior partner at AMRG Associates.

Meanwhile, two new tables have been inserted in GSTR-2A for displaying details of import of goods from overseas and inward supplies made from special economic zones (SEZ) units or developers.

The insertion will enable taxpayers to self-reconcile the taxes paid and the taxes reflected in the system online. taxpayers can view their bill of entries data which is received by the GST System (GSTN) from ICEGATE System (Customs). This has been enabled on trial basis for feedback.

- Advertisement -

Latest article

Wiv.io: Are NFTs The Future Of Wine?

Wiv.io: Are NFTs The Future Of Wine? As old as the world itself, wine has been an important cultural experience throughout human history - from...

US Bitcoin miner Stronghold files for $100M IPO to fund massive expansion

Sign In/Free Sign Up 0 Cryptocurrency23 minutes ago (Jul 28, 2021 01:20AM ET) US Bitcoin miner Stronghold files for $100M IPO to fund massive...

Dollar Up, Boosted by Plunge in Chinese Shares and Caution Ahead of Fed Decision

Forex28 minutes ago (Jul 28, 2021 01:15AM ET) (C) Reuters. By Gina Lee Investing.com - The dollar was up, but remained below its recent highs, on...

Nuggets News CEO under fire over alleged unpaid loans and investment funds

Sign In/Free Sign Up 0 Cryptocurrency43 minutes ago (Jul 28, 2021 01:00AM ET) Nuggets News CEO under fire over alleged unpaid loans and investment...

Why Tuesday’s Loss Was Bullish, And Why It Still Doesn’t Matter

SPX Index Daily Chart Tuesday was a mixed session for the S&P 500. The index opened with losses and the one-way selling knocked stocks down...