GSTR-2B is a monthly auto-drafted input tax credit (ITC) statement generated for registered taxpayers. It provides a summary of input tax credit available based on the details of their suppliers’ GSTR-1, GSTR-5, and GSTR-6.

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Purpose:

The primary purpose of GSTR-2B is to help taxpayers in reconciling their purchase-related data and claiming accurate input tax credit while filing their GSTR-3B returns.

Auto-population:

Similar to GSTR-2A, GSTR-2B is auto-populated with details of inward supplies (purchases) as reported by the suppliers in their GSTR-1, GSTR-5, and GSTR-6 returns.

Access:

Taxpayers can access GSTR-2B through the GST portal. It is typically made available for download around the 12th of the succeeding month.

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GSTR-2B Return Filing:

Reconciliation:

• Taxpayers use GSTR-2B to reconcile their input tax credit with their purchase records, ensuring accuracy in claiming credits during GSTR-3B filing.

Correction:

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If discrepancies are found, corrections can be made in the GSTR-3B return.

Filing Frequency:

GSTR-2B is not filed separately. It serves as a reference for reconciliation while filing the GSTR-3B return, which is the monthly summary return.

GSTR-2B Format

The GSTR-2B typically includes the following sections:

Summary:

It provides a summary of ITC available and ineligible ITC.

Section-wise Details:

Breakdown of ITC under various sections like ITC available, ineligible ITC, ITC reversed, and reclaimed ITC.

Document-wise Details:

It includes details of invoices, credit notes, and debit notes that contribute to the ITC calculation.

Advantages:

GSTR-2B simplifies the reconciliation process, reduces errors, and facilitates a smoother ITC claim.

Note:

Since the GST laws and forms are subject to amendments, it’s crucial to refer to the latest guidelines and notifications from the GST authorities or consult with a tax professional like Legato Business Solution LLP  for the most accurate and up-to-date information. As of my last update, the government was actively working on simplifying the GST return filing process, so there may be changes since then.

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