New Statement GSTR 2B introduced GST Portal from July 2020 return period onwards

New Statement GSTR 2B introduced GST Portal from July 2020 return period onwards

1. GSTR-2B is an auto-drafted Input Tax Credit (ITC) statement generated for every recipient, on the basis of the information furnished by their suppliers, in their respective Form GSTR-1 & 5 and Form GSTR-6 filed by ISD.
2. It is a static statement, generated once on 12th of following month.
3. Taxpayers can now reconcile data generated in Form GSTR-2B, with their own records and books of accounts and can ensure that
   • no credit is taken twice,
   • credit is reversed as per law, &
   • tax on reverse charge basis is paid.
4. Generated Form GSTR-2B consists of:
   • A summary of ITC available as on the date of its generation and is divided into credit that can be availed and credit that is to be reversed (Table 3)
   • A summary of ITC not available and is divided into ITC not available and ITC reversal (Table 4)
5. It also contains information on imports of goods from the ICEGATE system including data on imports from Special Economic Zones Units / Developers. (This will be made available in GSTR-2B from 12th September 2020 onwards).
6. Reverse charge credit on import of services is not part of this statement and need to be entered by taxpayers in Table 4(A) (2) of FORM GSTR-3B.