Home News & Interview CBIC Enables Auto-Drafted Input Tax Credit Statement GSTR-2B For July

CBIC Enables Auto-Drafted Input Tax Credit Statement GSTR-2B For July

25
Spread the love
  •  
  •  
  •  
  •  
  •  
  •  
  •  

The Central Board of Indirect Taxes and Customs (CBIC) on Saturday has launched GSTR-2B for the month of July 2020 as an auto-drafted input tax credit (ITC) statement.

The launch of this GSTR-2B is expected to reduce the time taken for preparing return, minimise errors, assist reconciliation and simplify compliance relating to filing of returns.

The 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 GSTR-3B and GSTR-1 and other significant changes like enhancements in GSTR-2A and its linking to GSTR-3B.

One such enhancement that the Council recommended was the introduction of an auto-drafted input tax credit (ITC) statement which would aid in assisting/determining the input tax credit that is available for every taxpayer.

GSTR-2B is an auto-drafted ITC statement which 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).

The Taxpayer can assess their GSTR-2B through: Login to GST Portal >Return Dashboard >Select Return period >GSTR2B.