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October 26, 2022

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The impact of GST on the different areas of the economy has made significant changes in many businesses. This shows that it is necessary to know the various aspects of GST and its updates in detail in order to keep up with the industrial trends. Let’s look into some important information on GSTR-2B in detail.


What is GSTR-2B?

Every regular taxpayer receives an auto-drafted ITC statement, or GSTR-2B, based on the data provided by his suppliers in their respective GSTR-1/IFF, GSTR-5, and GSTR-6 forms. In a manner similar to GSTR-2A, GSTR-2B gives eligible and ineligible Input Tax Credit for each month, however, it is constant or unchanging over time. All regular, SEZ and casual taxpayers may use GSTR-2B. On the basis of the GSTR-1, GSTR-5, and GSTR-6 provided by their suppliers, each recipient is able to produce it. The statement details whether the taxpayer is eligible for an input tax credit based on each document submitted by the suppliers. To put it another way, anytime a GSTR-2B for a month is accessed on the GST portal, the information in it does not change to reflect changes made by their suppliers in the following months.

For instance, the GSTR-2B created for July 2020 will include papers submitted by their suppliers between 12 a.m. on July 12 and 11:59 p.m. on August 11 of that same year. On August 12, 2020, a statement for July 2020 will be generated. The eligibility for ITC shall be explicitly detailed document-by-document in the statement. ITC data will be covered from the GSTR-1 filing date for the month before this one (M-1) till the GSTR-1 filing date for this month (M).


When it is generated and made available to the taxpayer?

Beginning in August 2020, GSTR-2B has been made available. Until January 2021, it could be generated by recipient taxpayers once a month on the 12th of the month next to the tax period. For example, GSTR 2B for August 2020 can be accessible on September 12, 2020.

It should be noted that the GSTR-2B creation process begins after the IFF, GSTR-5, and GSTR-6 due dates have passed at midnight on the 13th, therefore the taxpayer can access the GSTR-2B in the afternoon on the 14th of the month. Additionally, GSTR-2B is a static statement that is made public on the 14th day of each month. For instance, the statement for the month of July 2020 was created and made available to the registered person on August 14, 2020. Information on every document in GSTR-2B is made available online and through a download feature.


What are the inputs of GSTR 2B

The different inputs required for GSTR 2B are as follows:

  • All the B2B information or documents filed by suppliers in their monthly or quarterly GSTR-1, IFF, and information in GSTR-5 filed by NRTP taxpayers.
  • Information in GSTR-6 filed by ISD taxpayers.
  • Information of ITC of IGST paid on import of goods which is filed in ICEGATE.


 Key features of GSTR 2B

  • We can view and download the summary statement as a PDF file.
  • Access detailed ITC downloads or section-by-section data right away.
  • There is section-by-section guidance provided.
  • allows you to perform a text search on all of the produced entries.
  • The ability to view, filter, and sort data are available.
  • according to the user's settings, hide or show columns.
  • If the file contains more than 1,000 records, options for a full GSTR-2B download and an improved search are available.
  • An email or SMS will be sent to the taxpayer informing them that GSTR 2B has been generated.
  • Only papers submitted by suppliers or ISD in GSTR-1/5/6 are reflected.


Importance and benefits of GSTR 2B


The information in GSTR-2B is presented in a way that makes it simple for taxpayers to compare ITC to their own books of accounts and records. They will find it easy to identify papers, ensuring the following:


  • The input tax credit cannot be used twice in relation to the same document.
  • Where necessary, the tax credit is reversed in their GSTR-3B in accordance with the GST law.
  • GST is duly paid for the relevant paperwork, including the import of services, on a reverse charge basis.
  • The statement lists the specific GSTR-3B tables or columns where the input tax credit for an invoice or debit note must be claimed.


The bottom line

In this evergrowing economy, it is necessary to adapt to futuristic solutions for generating GST reports, managing accounts, and streamlining tasks effectively. Accoxi is a cloud-based online accounting software that comes with significant features that helps with core accounting, GST report generation, pos enabled billing, and many more.


If you are looking for an online accounting software to manage your business needs, get to know Accoxi in detail. Connect with us today to know more.


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