What is GSTR 2?
Every registered taxable person have to submit “Return for Inward Supplies” in GSTR 2. The entries in GSTR 2 should be mentioned by the buyer from 12th to 15th of the succeeding month. Adjustments, if any, is allowed to the seller in GSTR 1 on the 16th and 17th of the succeeding month after the buyer has uploaded his entries in GSTR 2. Not only this, GSTR 2 is the comprehensive return in which detailed information has to be furnished. Proper invoicing and documentation are mandatory to submit the correct information in GST return.
How to file GSTR 2 with Step by Step Procedure
In this article we are going to provide you the full and complete detailed description about GSTR 2. Here you will be getting the correct and useful steps by which you can file the GSTR 2 return in correct manner. Step by Step Procedure is given below:
- Taxpayer will be allotted a state-wise PAN-based 15-digit (GSTIN). The identification of taxpayer will be auto-filled at the time of return filing in future.
- Name of the taxpayer, will be auto-filled at the time of logging into the common GST Portal. Trade Name, if any, should be separately provided.
- Next option will be “Inward supplies received from a registered person other than supplies attracting reverse charge” . In this Bar/ Column the registered taxpayer is advised to fulfills certain things i.e. recipient taxpayer will have to mention whether he/she is eligible to avail input tax credit or not. If he/she is eligible, then the amount of credit against the tax mentioned in the invoice needs to be filled.
The taxpayer can also add invoices those are not uploaded by the counter party supplier. In the case of inter-state supplies, only IGST would be filed. Similarly, in the case of intra-state supplies, CGST and SGST would be filed.
- Now we move to the another option i.e. “Inward supplies on which tax is to be paid on reverse charge”,This option consists of such basic details i.e. Place of Supply to be captured always. But in case, supplies received from registered person, is required only if the invoices is different from the location of the recipient.Recipient will have the option to accept invoices auto populated as well as add the invoices, related to reverse charge only when the Time of Supply arises in terms of the Act.
- Next bar which the taxpayer have to fill is “Input/capital goods received from overseas or from SEZ units on a Bill of Entry.” This option or bar is consisted of certain terms i.e. the details relating to Import of Goods/Capital Goods from outside India as well as supplies by an SEZ unit to be reported rate-wise by recipient tax payer.
- Next step is “Amendments to details of inward supplies furnished” i.e. this step includes debit notes and credit notes issued and their subsequent amendments.
- Now move to the other step i.e. “Supplies received from composition taxable person and other exempt” that involves the certain description of Table 7A and 7B that involves information on a gross value level.
- Next step is ISD i.e. ” Input Service Distributor” that involves two columns i.e. 8A (ISD Invoice) and 8B ( ISD Credit Notes)
- Now move to another important step i.e. “TDS and TCS credit”.
- Move to “Consolidated statement of advances paid/Advance adjusted”, in such bar/ column the Information of advance paid related to reverse charge supplies and the tax paid on it including adjustments against invoices issued are there.
- Next step is “Input tax credit reversal/reclaim” . In this step the input credit tax whether it is reversal or reclaim should be entered in the manner.
- Next step is “Addition and reduction of amount in output tax for mismatch and other reasons”. In such column/ bar the reduction and the addition information of the amount should be filled.
- In the last step “HSN Summary” All inward supplies must be reported in categorised on the basis of HSN codes.
For more details, Kindly visit the official website of GST i.e. www.gst.gov.in