Goods and Services Tax Network launches auto-drafted ITC statement GSTR-2B for July
Context: The Goods and Services Tax Network (GSTN) on Saturday launched GSTR-2B for the month of July 2020 as an auto-drafted input tax credit (ITC) statement which would aid in assisting/determining the input tax credit that is available for every taxpayer.
About:
- GSTN said that GSTR-2B is going to be an auto-drafted ITC statement which will be generated for every registered person on the basis of the information furnished by his suppliers in their respective GSTR-1, GSTR-5 (non-resident taxable person) and GSTR-6 (input service distributor).
- It is a static statement and will be made available for each month, on the 12th day of the succeeding month.
- It is expected that GSTR-2B will help in reduction in time taken for preparing return, minimising errors, assist reconciliation & simplify compliance relating to filing of returns.
- The auto-drafted GSTR-2B contains information on import of goods from the ICEGATE system including inward supplies of goods received from Special Economic Zones Units/Developers. It will also have a summary statement which shows all the ITC available and non-available under each section.
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