Goods and Services Tax – GST – By: – CA Akash Phophalia – Dated:- 10-2-2016 – Background The Joint Committee on Business Process for GST on GST return has given its report stating various returns to be filed by the different taxpayers alongwith the periodicity of filing of returns. GSTR -2 prescribes the details to be furnished by the taxpayer in relation to inward supplies effected by it for the relevant period. This article summarizes the components, periodicity and instructions for filing of the return based on the committee report. Who needs to file this return This return needs to be filed by every taxpayer. However, compounding taxpayers and ISD are not required to furnish this return as separate returns have been specified for such categories of registered taxpayers. Periodicity As per the committee report GSTR-2 is the monthly return need to be filed by the 15th of the subsequent month. It is required to be filed by every taxpayer. However, the date of filing of return is like
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or the services received from outside India. 6. The details of inward supplies would be auto-populated in the ITC ledger of the taxpayer on submission of his return. The taxpayer will select the invoice details regarding the in-eligibility and eligibility of ITC in relation to these inward supplies and the quantum available in a particular tax period. 7. There will be a separate table for submitting details in relation to ITC received on an invoice on which partial credit has been availed earlier. 8. In respect of capital goods, there will be a field to capture appropriate information regarding availment of ITC over a period (to be prescribed in GST Law in terms of duration and number of instalments) from the date of accountal of capital goods in the taxpayer s books of accounts. [GST Law may provide that Input credit pertaining to Capital Goods would be allowed to be availed of over a period of 2 years in two equal instalments] 9. In respect of inputs, there can be two situations. If
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rs will be provided in the GST Law. 12. There will be a separate table for submitting details in relation to NIL rated, Exempted and Non GST inward Supplies (Both Inter-State and Intra-State) including those received from compounding taxpayers and unregistered dealers. 13. There will be a separate table for the ISD credit received by the taxpayer. 14. There would be a separate table for TDS Credit received by the taxpayer. Auto Population in this return from GSTR-1 will be done on or after 11th of the succeeding month. Addition or Deletion of the invoice by the taxpayer will be permitted between 12th and 15th of the succeeding month. Adjustments would be permitted on 16th and 17th of the succeeding month Conclusion GSTR-2 is the comprehensive return having schema where detailed information is required to be furnished. Proper invoicing and documentation would be key feature to furnish the correct information in such return. By the time the schema and the law is finalised we can see furt
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