What is Form GSTR-2 and Who is Required to File Form GSTR-2?

Posted In | Finance | Accounting Software | Gridlex Academy | India Accounting Tax

GSTR 2 is a return form that is used by taxpayers in India to file their GST (Goods and Services Tax) returns. GST is a tax levied on the supply of goods and services in India, and GSTR 2 is used by taxpayers to report details of inward supplies (i.e., supplies received by the taxpayer) and input tax credit (ITC) claimed for a given period.

 

 

Due Date of Filing GSTR 2

GSTR 2 is a monthly return that must be filed by the 15th of the following month. For example, if you are required to file GSTR 2 for the month of January, the due date for filing the return would be February 15th.

 

It's important to note that the due date for filing GSTR 2 may be different if you are an annual taxpayer or if you are eligible for a special composition scheme. In such cases, you should refer to the relevant guidelines issued by the Indian government for more information on the due date for filing GSTR 2.

 

Eligibility for GSTR 2 Filing 

To be eligible for GSTR 2 filing:

• You must be a registered taxpayer and have a valid GSTIN (Goods and Services Tax Identification Number). 
• You must also be required to pay tax under the GST system and be engaged in the supply of goods or services or both.
• You must have received supplies of goods or services or both during the relevant tax period for which you are required to file GSTR 2. This includes supplies made by registered or unregistered taxpayers, as well as supplies made from a branch or a different location.

 

Rules for GSTR 2 Filing 

There are several rules and guidelines that must be followed when filing GSTR 2. Some of the key rules for GSTR 2 filing are as follows:

1. Timely filing: GSTR 2 must be filed by the 15th of the following month. For example, if you are required to file GSTR 2 for the month of January, the due date for filing the return would be February 15th.
    
2. Correct information: All information provided in the GSTR 2 return must be accurate and complete. This includes details of all inward supplies of goods or services or both received during the relevant tax period.
    
3. GSTIN: You must have a valid GSTIN to be eligible for GSTR 2 filing.
    
4. Payment of tax: If you have any tax liability for the relevant tax period, you must pay the tax before filing the GSTR 2 return.
    
5. Late filing: If you are unable to file your GSTR 2 return by the due date, you may be eligible for late filing. However, you may be required to pay a late filing fee and interest on the unpaid tax.

 

GSTR 2 is an important part of the GST compliance process in India. It helps taxpayers to report their GST liability accurately and helps the tax authorities to monitor and enforce compliance with the GST law. If you have any questions about GSTR 2 or the GST return filing process in general, you should contact the Indian tax authorities or seek guidance

 

Frequently Asked Questions: 

1. Is GSTR-2A and GSTR 2 same?

No, GSTR-2A and GSTR 2 are not the same. GSTR-2A is a form that is generated by the GST (Goods and Services Tax) system in India, while GSTR 2 is a return form that is filed by taxpayers.

 

2. What is GSTR-2A? 

GSTR-2A is a summary of the outward supplies made by a taxpayer's customers or clients, as reported in their GSTR-1 returns. It is generated automatically by the GST system based on the information reported in GSTR-1, and is made available to the taxpayer through the GST portal.

 

3. What is GSTR-2? 

GSTR 2 is a return form that is used by taxpayers to report details of their inward supplies (i.e., supplies received by the taxpayer) and input tax credit (ITC) claimed for a given period. Taxpayers are required to file GSTR 2 on a monthly or quarterly basis, depending on their GST turnover and other factors.

 

4. Is GSTR 2 applicable now?

It is not clear whether GSTR 2 is currently applicable or not. The GST (Goods and Services Tax) system in India has undergone several changes and updates since its introduction, and it is possible that the rules and procedures for filing GST returns, including GSTR 2, have changed since the knowledge cutoff date of this Assistant.

 

5. Is GSTR 2B mandatory?

GSTR 2B is not a mandatory form under the GST (Goods and Services Tax) law in India. It is a summary of the inward supplies (i.e., supplies received by a taxpayer) that is generated automatically by the GST system based on the information reported in the GSTR-1 returns of the taxpayer's customers or clients.

 

6. How do I reconcile my GSTR 2B?

Here are the steps you can follow to reconcile your GSTR 2B:

1. Access your GSTR 2B summary
2. Compare the information in GSTR 2B with your GSTR 2 return
3. Identify and resolve any discrepancies
4. Update your GSTR 2 return