GSTR-2 gives complete information on Inward Supply, i.e., purchases for a given tax period. Every registered person is required to file GSTR 2, the data of which is used by the government to check the seller’s GSTR 1 data for buyer-seller reconciliation.
Before we get into the step-by-step guide of GSTR-2 return filing, let’s understand what GSTR-2 is. GSTR-2 is a monthly return that needs to be filed by every registered taxpayer under the Goods and Services Tax (GST) regime. It contains details of all inward supplies of goods and services received by the taxpayer during the month.
The information provided in GSTR-2 is used by the tax authorities to match the details of inward and outward supplies of the taxpayer to calculate the tax liability.
MEANING
GSTR-2 is a monthly return that allows the taxpayer to declare and summarise the details of inward purchases of taxable goods and/or services. However, the GSTR-2 form has currently suspended since September 2017 through an amendment to the CGST Rules.
GSTR 2 is a monthly return that enables registered taxpayers to declare and summarise the details of their inward purchases of taxable goods and/or services. The information provided in GSTR-2 is used by the tax authorities to match the details of inward and outward supplies of the taxpayer to calculate the tax liability.
However, it is important to note that the GSTR-2 form has currently been suspended since September 2017 through an amendment to the CGST Rules.
SCOPE
The scope of GSTR-2 is to capture and report the details of all inward supplies of goods and services received by the taxpayer during the month. This includes purchases made from registered and unregistered suppliers, imports, and purchases made from composition scheme dealers. The information provided in GSTR-2 is used for buyer-seller reconciliation and to calculate the tax liability of the taxpayer.
However, it is important to note that the GSTR-2 form has currently been suspended since September 2017 through an amendment to the CGST Rules.
The scope of the GSTR-2 form involves providing details of all inward supplies of goods and services received during a particular tax period. This includes information such as the supplier’s GSTIN, invoice details, taxable value, and the amount of tax paid. The GSTR-2 form is an important component of the GST return filing process and is used to claim input tax credit.
WHAT IS GST?
GST stands for Goods and Services Tax. It is a single, indirect tax that has replaced various indirect taxes in India. The GST Act was introduced on July 1, 2017, and it has three components – Central GST (CGST), State GST (SGST), and Integrated GST (IGST). The introduction of GST has created a uniform tax structure across India, making it easier for businesses to comply with tax regulations and reduce tax evasion.
WHAT IS GSTR-2?
GSTR 2 is a monthly return that needs to be filed by every registered taxpayer under the Goods and Services Tax (GST) regime. It contains details of all inward supplies of goods and services received by the taxpayer during the month. The information provided in it is used by the tax authorities to match the details of inward and outward supplies of the taxpayer to calculate the tax liability.
GSTR 2 is a monthly return that needs to be filed by every registered taxpayer under the Goods and Services Tax (GST) regime. It contains details of all inward supplies of goods and services received by the taxpayer during the month. The information provided in GSTR-2 is used by the tax authorities to match the details of inward and outward supplies of the taxpayer to calculate the tax liability.
GSTR-2 STEPS
A step-by-step guide for GSTR 2 can be handy for businesses that need to file their GST returns. GSTR 2 is a form that businesses need to file to provide details of inward supplies of goods and services. The form contains details of purchases made from registered dealers and is used to claim input tax credit. The step-by-step guide can help businesses ensure that they accurately fill out the form and avoid any errors or discrepancies.
GSTR-2 return filing is an important process for businesses registered under GST. It involves the reconciliation of input tax credit (ITC) claimed by the business with the details of purchases and expenses reported by their suppliers in their GSTR-1 returns. Here is a step-by-step guide to help you file your GSTR-2 return:
1. Log in to the GST portal using your credentials.
2. Navigate to the ‘Return Dashboard’ and select ‘GSTR-2’.
3. Select the appropriate financial year and tax period for which you want to file the return.
4. Download the GSTR-2 offline utility tool and import the data from your purchase register.
5. Review the details of your purchases and expenses and make any necessary corrections.
6. Add any missing invoices and ensure that the data matches that reported by your suppliers in their GSTR-1 returns.
7. Once you have finalized the data, generate the JSON file and upload it to the GST portal.
8. Preview the return to ensure that all the details are correct and then submit the return.
9. Complete the process by signing the return using your digital signature or EVC. That’s it! By following these steps, you can easily file your GSTR-2 return and ensure compliance with GST regulations.
CONCLUSION
In conclusion, GSTR-2 is a monthly return that every registered taxpayer needs to file under the Goods and Services Tax (GST) regime. It captures and reports the details of all inward supplies of goods and services received by the taxpayer during the month, including purchases made from registered and unregistered suppliers, imports, and purchases made from composition scheme dealers.
The information provided in GSTR-2 is used for buyer-seller reconciliation and to calculate the tax liability of the taxpayer. While the GSTR-2 form has been suspended since September 2017 through an amendment to the CGST Rules. Businesses need to understand its scope and significance for GST compliance.
FAQ’s
1. What is the GSTR-2 return and who needs to file it?
– GSTR-2 is a return that needs to be filed by registered taxpayers under the Goods and Services Tax (GST) regime. It contains details of all inward supplies received during a particular tax period.
2. What are the due dates for filing GSTR-2 returns?
– The due date for filing GSTR-2 returns is the 15th of each month following the tax period for which the return is being filed.
3. What are the mandatory details that need to be provided while filing GSTR-2 returns?
– While filing it, taxpayers need to provide details such as the GSTIN of the supplier, invoice date, invoice number, invoice value, and the amount of tax paid.
4. What happens if GSTR-2 returns are not filed within the due date?
– If GSTR-2 returns are not filed within the due date, a penalty of Rs. 100 per day (up to a maximum of Rs. 5,000) may be levied.
5. Can GSTR-2 returns be revised?
– Yes, GSTR-2 returns can be revised multiple times before the due date for filing the next return. However, it is important to note that revisions should only be made to correct genuine errors.
6. Can GSTR-2 returns be filed manually?
– No, GSTR 2 returns cannot be filed manually. They need to be filed online on the GST portal.
This Blog is written by Kratika Pal.
