Goods and Services Tax : The article explains why buyers should avoid claiming ITC when purchase invoices are missing from GSTR-2B. It outlines the legal p...
Goods and Services Tax : GST reconciliation requires matching GSTR-1, GSTR-3B, and Books of Account to detect errors in output tax and ITC claims. Identify...
Goods and Services Tax : A practical guide to ensuring Bill of Entry data flows correctly from ICEGATE to GSTR-2B. Proper verification prevents ITC blockag...
Goods and Services Tax : The High Court ruled that GST authorities must mandatorily apply Circular No. 183/15/2022-GST before disallowing ITC due to return...
Goods and Services Tax : Introduction: The Death of the Month-End Rush For nearly half a decade, the 14th of every month has been a day of reckoning for In...
Goods and Services Tax : GSTN alerts taxpayers about duplicate invoices in GSTR-2B for September and October 2024. Resolution is underway; QRMP taxpayers a...
Goods and Services Tax : Explore the impact of the 53rd GST Council Meeting recommendations, including waivers on interest and penalties under Section 73, ...
Goods and Services Tax : AGFTC & ITBA highlight issues with GST portal downtime on 10th and 11th April 2024, urging prompt action from authorities....
Goods and Services Tax : Explore latest GSTN advisory on DRC-01C compliance for managing input tax credit discrepancies in GSTR-2B and GSTR-3B. Learn the r...
Goods and Services Tax : It may be noted that, the Input Tax Credit (ITC) gets auto populated in GSTR3B from GSTR2B only if the taxpayer has not saved any ...
Goods and Services Tax : Allahabad HC dismisses plea in Laxmi Telecom Vs State of U.P., ruling alternative statutory remedies are available for GST dispute...
Goods and Services Tax : During the scrutiny of the petitioner's monthly return, it was found that there was a short payment of taxes due to excess claim o...
Goods and Services Tax : During the relevant period, the petitioner filed its return and paid the appropriate taxes. While scrutinizing the petitioner's mo...
Goods and Services Tax : Madras High Court held that ex-parte order passed under Section 73 of the Central Goods and Services Tax Act without affording ade...
Goods and Services Tax : Kerala High Court held that Section 149 of the Customs Act is an additional remedy available to the person who seek amendment of t...
Goods and Services Tax : Understand how to manage inadvertently rejected invoices, debit notes, and credit notes on IMS, including ITC claims for recipient...
Goods and Services Tax : Draft GSTR-2B for December 2024 (Oct-Dec 2024 quarter) will be generated on January 16, 2025, following extended return filing dea...
Goods and Services Tax : Understand scenarios where GSTR-2B is not generated for October 2024, including QRMP scheme details and filing prerequisites. Read...
Goods and Services Tax : The Supplier View functionality in GST IMS allows suppliers to track actions taken by recipients on invoices, ensuring better tr...
Goods and Services Tax : GSTN issues advisory on the new Invoice Management System (IMS) for accepting or rejecting supplier invoices, impacting GSTR-2B an...
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 FORM GSTR-1 (details of the statement outward supplies) to the liability FORM GSTR-3B. This would be followed by the linking of the input tax credit in FORM […]
1.What is GSTR-2B? Form GSTR-2B is auto generated statement of ITC available, as the details submitted by their suppliers, through GSTR-1, GSTR-5 and GSTR-6.it also contains information of import from the ICEGATE system including inward supplies of goods received from Special Economic Zone. GSTR-2B can be used to take exact input in GSTR-3B , because […]
Quick View: GSTR 2B : An informative statement Useful for : All taxpayer Effective from : August 2020 onward Available to download : 12th of subsequent month Nature : Static (data will not be changed once published) Introduction GSTN has incorporated a new functionality on its portal by enabling GSTR 2B with effect from August […]
GSTN has incorporated a new functionality on its portal by enabling GSTR 2B with effect from August 2020. GSTR 2B addresses the difficulties faced by the taxpayers in availment of Input Tax Credit and its reconciliation.
Rule 86A has been put in place w.e.f 26.12.2019 which empowers Commissioner or Officer authorized in this behalf not below the rank of Assistant Commissioner to restrict the use of input tax credit from electronic credit ledger
An offline tool has been made available to the taxpayers to match Input Tax Credit (ITC), as auto populated in their Form GSTR-2B, with their purchase register. This tool will help the taxpayer to compare their ITC as per their Purchase Register, with the ITC as shown available in their auto drafted Form GSTR-2B and thus help them to claim correct ITC, while filing Form GSTR-3B.
Two major enhancements on GST portal to make monthly return filing easier – GSTN deployed two major functionalities in view of the simplifying GSTR-3B filing – System will compute liability and Input tax credit availability for the filer – 1.03 crore normal taxpayers are required to file monthly tax return, GSTR-3B New Delhi, 13th September […]
What is Form GSTR-2B ♦ GSTR-2B is an auto-drafted ITC statement generated for the buyer on the basis of the information furnished by his suppliers. ♦ It also contains information on import of goods from the ICEGATE system including inward supplies of goods received from Special Economic Zones Units / Developers. (This feature will be […]
Background GST Council, in its 39th Meeting held on March 14, 2020, recommended linking the data available in GSTN viz. linking outward supply data in Form GSTR-1 and Form GSTR-3B and Input Tax Credit (‘ITC’) data between Form GSTR-2A and Form GSTR-3B. It was also stated that the present return system (GSTR-1, GSTR-2A & GSTR-3B) […]
All about GSTR-2B made available on GST Portal Introduction – a) Form GSTR-2B is an auto-drafted ITC statement which will be displayed for every registered person on the basis of the information furnished by his suppliers in their respective GSTR-1, GSTR-5 (non-resident taxable person) and GSTR-6 (input service distributor). b) It is a static statement […]
