Monday, November 16, 2015

Components Of GST Return For Inward Supplies (GSTR-2)



Components Of GST Return For Inward Supplies

1. Name along with GSTIN 

2. Period to which the Return pertains 

3. Final invoice-level inward supply information - for goods and services separately 

4. The information submitted by the Counterparty Supplier in GSTR-1 will be auto populated in the concerned tables of GSTR-2. The same may be modified by the taxpayer while filing GSTR-2.
 
5. Final invoice-level supply information separately for goods and services as follows:
 
6. The inward supplies would be auto-populated in the ITC ledger on submission of return.
 
7. There will be separate tables for:
  • submitting details of import of Goods/Capital Goods from outside India and for the services received from outside India.
  • submitting details of ITC received on an invoice on which partial credit has been availed earlier
  • submitting revisions for inward supply invoices of previous tax periods (including post purchase discounts received). This will include the details of Credit/Debit Note issued by the suppliers and the differential value impact and concomitant tax payable or refund/tax credit sought.
  • for modifications/correcting errors in the returns submitted earlier.
  • submitting details of NIL rated, Exempted and Non GST inward Supplies (Both Inter-State and Intra-State) including those received from compounding taxpayers and unregistered dealers.
  • ISD credit received by the taxpayer.
  • TDS Credit received by the taxpayer.
8. For capturing details of capital goods, there will be a field for availment of ITC over a period from the date of accounting of capital goods in the books of accounts.
 
9. In respect of inputs, there can be two situations:
  • If inputs are received in one lot, the ITC will be given in the return period in which the purchase is recorded in the books of accounts.
  • If inputs covered under one invoice are received in more than one instance/lot, the ITC will be given in the return period in which the last purchase is recorded in the books of accounts.
10. 
  • Auto Population from GSTR-1 will be done on or after 11th of the succeeding month.
  • Addition or Deletion of the invoice will be permitted between 12th and 15th of the succeeding month.
  • Adjustments would be permitted on 16th and 17th of the succeeding month.
The return (GSTR-2) would be filed by 15th of the succeeding month

Thanking you
JAV & ASSOCIATES
Chartered Accountants
chatterjee@yahoo.co.in;
 

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