GST
GST

Indore: The Central Board of Indirect Taxes and Customs (CBIC) launched the automated GST-2B return form for July on Saturday.

The GST Council, in its 39th meeting held on March 14, had recommended to adopt and implement the incremental approach of linking the present system of filing of GSTR-3B and GSTR-1 and other significant changes like enhancements in GSTR-2A and its linking to GSTR-3B. One such enhancement that the Council recommended was introduction of an auto-drafted input tax credit (ITC) statement which would aid in assisting, determining the input tax credit that is available for every taxpayer.

GSTR-2B is going to be such 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, 5 (non-resident taxable person) and 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.

CA Kirti Joshi, Vice-Chairman of Indore Branch of the Institute of Chartered Accountants of India (ICAI) expressed hope that GSTR-2B will help in reduction in time taken for preparing return, minimising errors, assist reconciliation & simplify compliance relating to filing of returns.

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