Arjuna (Fictional Character): Krishna, all the taxpayers are going to furnish the Form GSTR-2 for July month. So what is exactly Form GSTR-2?
Krishna (Fictional Character): Arjuna, GSTR-2 is the details of inward supplies of goods or services which is to be furnished by registered taxpayer on a monthly basis. The GSTR-2 would be prepared by registered taxpayer by acting upon on auto-populated details from GSTR-1 filed by the corresponding supplier. For example- If A sales some goods to B, A (Supplier) must have filed GSTR-1 giving details of its sales. This detail of purchase of goods from A would be available in GSTR-2A of B. Any action in relation to this purchase must be taken by B (Recipient) in GSTR-2.
Arjuna: Krishna, when do the taxpayer need to file Form GSTR-2 for a given tax period?
Krishna: Arjuna, The due date for filing Form GSTR-2 is the 15th of the month succeeding the tax period. But date of filing of Form GSTR-2 can be extended by the Board/Commissioner by notification. The due date for filing GSTR-2 for the month of July is extended up to 30th of November 2017.
Arjuna: Krishna, who is required to file Form GSTR-2?
Krishna: Arjuna, Every registered person is required to file Form GSTR-2 (Statement of Inward Supplies), on a monthly basis, prepared on the basis of auto-populated details from the Form GSTR-1 of the suppliers after accepting, modifying, rejecting, or keep pending such data. Receiver taxpayers can also add inward supplies and credit or debit notes received for supplies that are not declared by the supplier taxpayer in Form GSTR-1. Form GSTR-2 needs to be filed even if there is no business activity (Nil Return) during a given tax period.
Arjuna: Krishna, Is there any taxpayer who is exempt from filing Form GSTR-2?
Krishna: Arjuna, Yes, the following taxpayers are exempt from filing Form GSTR-2:
- Input Service Distributors.
- Taxpayers under the Composition Scheme.
- Non-resident Taxable Persons.
- Taxpayers paying tax under section 51 (TDS) or 52 (TCS).
Arjuna: Krishna, what is GSTR-2A and what is to be done with it?
Krishna: Arjuna, Form GSTR - 2A is available only for read. It provides information regarding our purchases as uploaded by supplier in his Form GSTR-1. For the details provided in that, actions like Accept, reject, modify or pending needs to be taken in GSTR-2. Before taking any action, the taxpayer should check if -
- The invoice number is correct.
- The Date of Supply is correct.
- The place of supply is correct.
- The Tax amounts and their rates are correct and whether the credit is for input, input services, capital goods or is ineligible credit.
Arjuna: Krishna, what is the next step after the taxpayers have taken action on the invoices (Accept, reject, modify or pending)?
Krishna: Arjuna, after the taxpayers have taken action on the invoices (Accept. Reject, Modify/ Mark as pending), they need to:
- Add missing invoices/other details
- Take action on other auto-drafted details.
- Preview GSTR-2.
- Acknowledge and Submit GSTR-2 to freeze data.
- File GSTR-2 with DSC/ EVC.
Arjuna: Krishna, What if there is any mis-match between GSTR-2 and ITC claimed in GST-Form 3B?
Krishna: Arjuna, You have asked a very good question, everybody should note that the ITC credit claimed in GSTR-2 is credit available of that respective month. If there is any mis-match and ITC credit claimed in Form 3B is more than that is available as finalized by GSTR-2 then payment along with interest need to be made.
Arjuna: Krishna, what lesson the taxpayer should take from GST?
Krishna: Arjuna, along with the information of sales, taxpayers have to check the details of purchases. They should update their books of accounts. Everyone should understand that, Old days are gone and days of GST have come.
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