and issues in Filing of GSTR 2 26 th October,2017 - Presentation by - - PowerPoint PPT Presentation
Step by Step Procedure and issues in Filing of GSTR 2 26 th October,2017 - Presentation by CA Vishrut Shah (Partner - Bihari Shah & Co.) Flow of Presentation Decoding GSTR 2A Conversion of GSTR 2A into GSTR 2 Step by Step Filing
(Partner - Bihari Shah & Co.)
respective GSTR 1 – Return furnished by Normal Tax payer on monthly basis GSTR 5 – Return furnished by Non Resident Foreign Taxable Person GSTR 6 – Return furnished by Input Service Distributor GSTR 7 – Return furnished by person authorizing for deducting Tax at source GSTR 8 – Return furnished by E Commerce Operator for the supplies made through their portal and tax collected thereon
previous month return filing of GSTR 1 & GSTR 5 and duly reflected in the consequent month in the amendment tab.
– 1 & GSTR – 5 any amendment is shown with respect to B2B invoices / credit note or debit note in respective amendment sheet and it is duly submitted.
for its acceptance
Option 1 :- Online Conversion on GSTN Site Download GSTR 2A Zip file. Extract Jason File and import it in GSTR 2 Prepare offline section online. All the entries of GSTR 2A Shall automatically reflects in Table 3, 4A & 6C. You can select the necessary options of Accept, Modify, Add, Reject and Pending for converting that data into final GSTR 2 Data. Also can fill the other required details online and can generate final GSTR 2 Return on GSTN site only. Suitable when No. of entries are less
Option 2 :- Use of offline Tool for Finalising GSTR 2 Download GSTR 2 Zip file from the prepare offline section. Within 20 Minutes same shall be available for download. Import the said file to your Offline utility of the GSTN. You can perform the function of accept, modify or reject for each entry. Also all other details can be entered in offline utility or an excel file prepared with GSTR 2 Details in given format can be imported in the Offline Utility Jason file can be generated from offline utility which can be uploaded on GST site and GSTR 2 Summary can be generated. It is more advisable when no. of entries are more
Option 3 :- Use of ASP Download GSTR 2A Zip file. Import the said file to your ASP and than you can perform the function of accept , Add, reject modify or pending on the GSTR 2A file. Submit the necessary details and the said generated files can be converted into Jason file and imported on GSTN Site using the Prepare Offline Tool and generate Final GSTR 2 Return. It is more advisable when no. of entries are more
GSTR 2 Return Filing Details Submission A] INVOICE DETAILS – (Directly Linked With The Claim Of ITC)
charge supplies
GSTR 2 Return Filing Details Submission B] OTHER DETAILS – (Informative Details to be submitted for the relevant tax period by the Assessee)
rated/non GST supplies
supplies
Functions to be performed for each entry a) Accept [ If entry is correct and match with our accounting details ] b) Reject [ If entry is wrong and do not match with our accounting details ] Nature of Action When to Perform and its Implication Accept It should be selected when entry is correct in respect of all the following details
Reject If the entry shown is not related with our GSTIN in all aspects than such entry should be rejected
Nature of Action When to Perform and its Implication Modify If any of the details mentioned in the entry is not correct than same should be modified with the applicable correct details from available invoice of the supplier. Only following details can be modified :
Nature
Action When to Perform and its Implication Modify If there is any mismatch in bifurcation of taxable value under different tax rate, than same also need to be modified Any changes done in the column of Eligibility of ITC shall not be considered as modification. Currently by default option selected is Input Modify invoice can not be accepted, it only need to be saved with the relevant modification. It should be only performed when invoice belongs to our GSTIN
Nature of Action When to Perform and its Implication Pending This option should be selected when the entry is correct in all aspects but in our books of accounts we have taken its credit in the next tax period. Such Pending entry shall be carry forward for next tax period automatically upon selection of this action. It can be carry forward till September month GSTR 2 from the end of year or filing GSTR – 9 (Annual Return) for the year.
Nature of Action When to Perform and its Implication Missing Invoice When any invoice is available with you but same is not reported by the supplier due to any reason then details of such invoice need to be submitted by the Recipient based
Here details should also be furnished for the cases where the supplier is not liable for GST but had issued invoice liable for GST under Reverse charge All Missing Invoice details submitted by the Recipient shall again reported back to Supplier in the GSTR 1A
along with the transactions attracting levy of GST under Reverse Charge
required actions need to be performed from Accept, Reject, Modify or Pending
submitted manually based on the self invoice raised
consolidated invoice is permissible and accordingly for all those transactions only single entry can be passed with different rates applicable.
from unregistered person
any of the following two cases than same shall be reported under this table
No.. Original Invoice for the purpose of this table means self generated invoice number as reported under Table 4C – Import of Service & Table 4B – Inward Supply from unregistered Dealer
various supplier apart from registered and unregistered supplier on which no GST is charged.
state transactions
[Supply charged at NIL Rate / Zero Rate excluding Export Transaction and Supply made to SEZ Unit]
[ It includes all supply that is exempted by way of Notification. As per the definition u/s 2(47) it also includes NIL Rated Supply ] Ex :- Electricity, Toll Charges, Interest etc.
[ It includes all supply that is not covered under GST ] Ex :- Petrol & other specified Petroleum Products, Alcohol for Human Consumption etc.
Reverse Charge on the amount paid as advance during a tax period for which invoice is not recorded during a tax period.
transactions
advance amount was paid in the previous tax period on which Reverse Charge was applicable and said cases were duly reported in earlier tax period return filed and final Invoice or adjustment of such advance is taken place during the current tax period.
transactions
shall also include services with their respective SAC Code or Description
Should match with the total amount of Tax charged for all inward supplies including supplies chargeable to tax under Reverse Charge.
need to reclaim with respect to rules of the GST as detailed below
Description for Reversal of ITC Effect of Adjustment Type of Adjustment
Amount in terms of rule 37 (2) Reversal of Input Tax Credit ITC need to be reversed when There is non payment to buyer within period of 180 Days Amount in terms of rule 42 (1) (m) Reversal of Input Tax Credit ITC Reversal in terms of Inward supplies used partly for the purpose
covers reversal of ITC as per the method prescribed used for affecting Exempt Supplies & Non Supplies
Description for Reversal of ITC Effect of Adjustment Type of Adjustment
Amount in terms
Reversal of Input Tax Credit Reversal of ITC on Capital Goods supplies used partly for the purpose of Business and Non Business. Also it covers reversal
prescribed used for affecting Exempt Supplies & Non Supplies Amount in terms
Reversal of Input Tax Credit Reversal of ITC With respect to any residuary effect for entire financial year with respect to Section 42(1)
Description for Reversal of ITC Effect of Adjustment Type of Adjustment
Amount in terms
Increase of Input Tax Credit Availment of additional ITC With respect to any residuary effect for entire financial year with respect to Section 42(1) On account of amount paid subsequent to reversal of ITC Reversal of Input Tax Credit Any other Adjustment Any other liability (Specify) Reversal / Increase of Input Tax Credit Any other Adjustment
GSTR – 6 shall reflected here and same shall be available to the Recipient as ITC Credit in his ITC Credit Ledger upon filing of form GSTR 2
confirm the detailed entered
ARN.
that incremental data can be saved.
reflected through GSTR 2A .
the Return and same can not be filed
the entry in case of GSTR 2. Compulsorily provisional credit is granted in such case.
case of Missing Invoice Details.
expenses only. So suppose if any party has imported any service or paid Tax under RCM than option to claim credit of the same is available only for the month it self and it is not allowed in next month. During First month many assesse have not claimed the credit in the month in which payment is made and in all such cases reconciliation of GSTR 2 with GSTR 3B data and its corresponding effect in credit ledger need to check.
modification of any entry or rejection of any entry will directly reflected into GSTR 1A of the Supplier.
i) Accept the modification or rejection done by the Recipient in their GSTR 2 or ii) Reject such modification or rejection
Recipient in the GSTR 2 shall be final.
same will come to GSTR 2A of the Recipient and he need to again either accept it, modify it or Reject it.
supplier and recipient both accept any transactions.
2nd November.