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
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