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 GSTR 2  Relevance of GSTR 1A  Discussion on Issues faced while filing GSTR 2 - Presentation by CA Vishrut Shah

Return filing Process under GST - Presentation by CA Vishrut Shah

Decoding GSTR 2A  It is an auto populated read only return  It contains details of information furnished by supplier in their 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 - Presentation by CA Vishrut Shah

Decoding GSTR 2A - Dashboard - Presentation by CA Vishrut Shah

Decoding GSTR 2A – B2B Invoices - Presentation by CA Vishrut Shah

Decoding GSTR 2A – B2B Invoices - Presentation by CA Vishrut Shah

Decoding GSTR 2A – Credit Note - Presentation by CA Vishrut Shah

Decoding GSTR 2A – Amendment to B2B Invoices / Credit Note / Debit Note  It covers details of amendment made on account of error in previous month return filing of GSTR 1 & GSTR 5 and duly reflected in the consequent month in the amendment tab.  It will reflect any entry only where in next monthly return of GSTR – 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.  Details submitted by the supplier shall be available to the recipient for its acceptance - Presentation by CA Vishrut Shah

Converting GSTR 2A into GSTR 2 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 - Presentation by CA Vishrut Shah

Converting GSTR 2A into GSTR 2 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 - Presentation by CA Vishrut Shah

Converting GSTR 2A into GSTR 2 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 - Presentation by CA Vishrut Shah

Step by Step filing of GSTR 2 GSTR 2 Return Filing Details Submission A] INVOICE DETAILS – (Directly Linked With The Claim Of ITC)  Inward supplies received from Registered person including reverse charge supplies  Import of Inputs/Capital goods and Supplies received from SEZ  Import of service  Debit/Credit Notes for supplies from registered person  Inward supplies from an unregistered supplier  Debit Notes/Credit Notes for Unregistered Supplier - Presentation by CA Vishrut Shah

Step by Step filing of GSTR 2 GSTR 2 Return Filing Details Submission B] OTHER DETAILS – (Informative Details to be submitted for the relevant tax period by the Assessee)  Supplies from composition taxable person and other exempt/nil rated/non GST supplies  Advance amount paid for reverse charge supplies  Adjustment of advance amount paid earlier for reverse charge supplies  HSN summary of inward supplies  Input Tax Credit Reversal/Reclaim  ISD Credit Received - Presentation by CA Vishrut Shah

Step by Step filing of GSTR 2 - Dashboard - Presentation by CA Vishrut Shah

Details of Inward supplies received from Registered person including reverse charge supplies - Presentation by CA Vishrut Shah

Details of Inward supplies received from Registered person including reverse charge supplies Nature of Action When to Perform and its Implication Functions to be performed for each entry Accept It should be selected when entry is correct in respect of all the following details Invoice No.  Invoice Date  Total Invoice Value  Taxable Value  Tax Amount  a) Accept [ If entry is correct and match with our accounting details ] Reject If the entry shown is not related with our GSTIN in all aspects than such entry should be rejected b) Reject [ If entry is wrong and do not match with our accounting details ] - Presentation by CA Vishrut Shah

Details of Inward supplies received from Registered person including reverse charge supplies 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 : Invoice No.  Invoice Date  Total Invoice Value  Taxable Value  Tax Amount  Eligible Tax Amount  - Presentation by CA Vishrut Shah

Details of Inward supplies received from Registered person including reverse charge supplies Nature of When to Perform and its Implication Action 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 only and any of the details is wrongly reported by the Supplier. - Presentation by CA Vishrut Shah

Details of Inward supplies received from Registered person including reverse charge supplies - Presentation by CA Vishrut Shah

Details of Inward supplies received from Registered person including reverse charge supplies 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. - Presentation by CA Vishrut Shah

Details of Inward supplies received from Registered person including reverse charge supplies 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 on the actual invoice received. 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 - Presentation by CA Vishrut Shah

Details of Inward supplies received from Registered person including reverse charge supplies - Presentation by CA Vishrut Shah

Details of Inward supplies received from Registered person including reverse charge supplies - Presentation by CA Vishrut Shah

Import of Inputs/Capital goods and Supplies received from SEZ  It covers two type of transactions - Import of Any Inputs / Capital Goods - Supply received from SEZ  Following details need to be entered manually - 6 Digit Port Code Assign to Port of Import - 7 Digit Bill of Entry No. assigned to import transactions - Bill of Entry Date need to be mentioned - Bill of Entry Value need to be mentioned - If its import from SEZ than mandatory GSTIN of SEZ Supplier - Taxable Value and Rate of Tax wise bifurcation - Eligibility details of ITC & amount of ITC Available - Presentation by CA Vishrut Shah

Import of Inputs/Capital goods and Supplies received from SEZ - Presentation by CA Vishrut Shah

Import of Service  Following details need to be entered manually - Invoice No. - Invoice Date - Total Invoice Value - Place of Supply - Taxable Value and Rate of Tax wise bifurcation - Eligibility details of ITC & amount of ITC Available  It shall also include details of Transaction wherein GST is not applicable along with the transactions attracting levy of GST under Reverse Charge - Presentation by CA Vishrut Shah