Thursday 28 September 2017

GSTR 2 Return, Prepare Online & Reconciliation with GSTR 2A


      WHAT IS GSTR-2?

According to the new GST law, every registered taxpayer is required to submit details of Inward Supplies in GSTR 2. The GSTR 2 comprises of all the inward supplies transactions carried out by the recipient including the ones on which reverse charge is applicable for the month. This, GSTR 2 form submitted by the recipient, is further used by the government to review the GSTR-1 submitted by the seller for buyer-seller reconciliation.

The registered person shall specify the inward supplies in respect of which he is not eligible, either fully or partially, for input tax credit in FORM GSTR-2 where such eligibility can be determined at the invoice level.

The registered person shall declare the quantum of ineligible input tax credit on inward supplies which is relatable to non-taxable supplies or for purposes other than business and cannot be determined at the invoice level in FORM GSTR-2

The details of invoices furnished by an non-resident taxable person in his return in FORM GSTR-5 under rule 63 shall be made available to the recipient of credit in Part A of FORM GSTR 2A electronically through the common portal and the said recipient may include the same in FORM GSTR-2.

The details of invoices furnished by an Input Service Distributor in his return in FORM GSTR- 6 under rule 65 shall be made available to the recipient of credit in Part B of FORM GSTR 2A electronically through the common portal and the said recipient may include the same in FORM GSTR-2

The details of tax deducted at source furnished by the deductor under sub-section (3) of section 39 in FORM GSTR-7 shall be made available to the deductee in Part C of FORM GSTR- 2A electronically through the common portal and the said deductee may include the same in FORM GSTR-2

The details of tax collected at source furnished by an e-commerce operator under section 52in FORM GSTR-8 shall be made available to the concerned person in Part C of FORM GSTR 2A electronically through the common portal and such person may include the same in FORM GSTR-2

Who has to file the GSTR 2?

It is mandatory for every registered taxpayer to file GSTR-2 irrespective of the number of inward supplies transactions carried out during the month i.e. even without single transaction return should be filed.

However, the following registered taxpayers do not have to file GSTR 2

Input Service Distributors
Composition Dealers
Non-resident taxable person
Persons liable to collect TCS
Persons liable to deduct TDS
Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act)
When is GSTR- 2 to be submitted?

As per Notification No.30/2017 dated 5th September 2017
Month        Due Date for filing.
July   Up to 31st October, 2017
August       15 th October, 2017
September onwards    15 th of next month
Penalty for late filing of GSTR-02:

Every registered person who fails to furnish the details of outward supplies by due date shall pay a late fee of ₹100/- for every day during which such failure continues subject to maximum of ₹5000/- under CGST Act
Every registered person who fails to furnish the details of outward supplies by due date shall pay a late fee of₹100/- for every day during which such failure continues subject to maximum of ₹5000/- under SGST Act/UTGST Act
Every registered person who fails to furnish the details of outward supplies by due date shall pay a late fee of ₹100/- for every day during which such failure continues subject to maximum of ₹5000/- under IGST Act
File GSTR 2 using PayMyGST software?

Ensure all your inward supplies invoices are in uploaded either by bulk importing or by adding them manually.
You can select the invoices on which reverse charge is applicable while uploading purchase invoices.
Download your GSTR 2A data from the software or do reconciliation manually on the software
Reconcile the downloaded data with your purchase register.
Accept/ Reject/ Modify/ Keep on hold any differences between the two sets of data available
Save the data missing from the purchase register.
Validate the data and upload it to the government GST portal.
Finally, E-sign the return form and file the return.
Particulars to be filed under GSTR-2

Month & Year –The month & Year for which return is to be filed should be selected.
GSTIN-Each taxpayer will be allotted a state-wise PAN-based 15-digit Goods and Services Taxpayer Identification Number (GSTIN).
Name of the Registered Person-Name of the taxpayer, will be auto-filled at the time of logging. Trade Name, if any, should be separately provided.
Inward supplies received from a registered person other than supplies attracting reverse charge-Most of the inward supplies details such as the type, rate and amount of GST, amount and eligibility of ITC from the GSTR – 1 submitted by the supplier will be auto – populated here. In the event of the supplier overlooking a certain transaction or transaction details then the recipient can manually add these details. A notification about this addition/ modification will be sent to the supplier in his GSTR – 1A form where he can accept or reject it.
Inward supplies on which tax is to be paid on reverse charge.-On certain occasions the recipient is accountable for the payment of GST, such instances or payments are called reverse charge. All the transactions details of purchases which are eligible for reverse charge will be filed under this section.
Inputs/capital goods received from overseas or from SEZ units on a Bill of Entry.-All the details regarding the import of goods acquired against a bill or entry and all the goods purchased from SEZ sellers will be accounted here.
Amendments to details of inward supplies furnished-A GST return cannot be modified after being filed. Any modification can be made under this section only in the successive return that is filed the following month. These amendments in the data submitted can be made manually. The seller will get a notification regarding these changes made which he can accept or reject in his GSTR – 1A.
Supplies received from composition taxable person and other exempt – All the details of the inward supplies made from composition dealers or other exempted/ non- GST supplies need to be reported under this section.
Input Service Distributor credit received – All the information regarding the input tax credit acquired from an Input Service Distributor will be auto – populated from the GSTR – 6 return filed.
TDS and TCS credit received – TDS Credit Received –  The taxpayer needs to fill this section only in the event of specified contracts with specified person’s i.e government bodies. The receiver (government) will deduct a certain percentage of transaction value as Tax Deduction at Source. All data will get auto-populated here from the GSTR-7 filed.
TCS Credit Received – This section is relevant for online sellers registered with e- commerce operator. E-commerce operator is required to collect tax at source at the time of making payment to such sellers. This information will again be auto-populated from GSTR-8 of e-commerce operator.
Consolidated statement of advances paid/Advance adjusted –All the advance payments that have been made by the buyer during the month will accounted for under this section.
Input tax credit reversal/reclaim –All the details of the input tax credit that cannot be collected during the month due to various ITC rules need to be accounted under this section by the taxpayer.
Addition and reduction of amount in output tax for mismatch and other reasons – Any additional tax liability that may emerge due to the corrections made to the GSTR-3 of the previous month.
HSN-wise summary– This HSN wise summary of goods purchased needs to be filed under this section by the taxpayer


For More Details Visit us : 


Contact us: support@paymygst.com

Call us at: +91 9573050444

FaceBook Page: www.facebook.com/paymygst  

Blog: paymygst.blogspot.com







































No comments:

Post a Comment