Webinar on GSTR 2B Reconciliations | 21 Oct 2023 | 3:00 PM

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📚 What: GSTR 2B Reconciliation 

Webinar Date: 21 OCT 2023.
Webinar Time: – 03:00 PM

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🚀 GSTR 2B Highlights:  

Reconciliation of GSTR-2B is an essential step in the Goods and Services Tax (GST) compliance process in India. GSTR-2B is a static auto-drafted input tax credit (ITC) statement that provides details of eligible ITC based on the GSTR-2A and GSTR-2B data. Reconciliation helps ensure that the data in GSTR-2B matches your purchase records, allowing you to claim accurate input tax credits.

GSTR 2B Reports

GSTR-2B is a static auto-drafted input tax credit (ITC) statement in the Goods and Services Tax (GST) system of India. It provides taxpayers with details of eligible ITC based on the GSTR-2A and GSTR-2B data filed by their suppliers. GSTR-2B reports include the following information:

  1. Supplier-wise Details: GSTR-2B displays the details of your suppliers, including their GSTIN, legal name, and the total invoice count for each supplier.
  2. Invoice Details: It provides a list of invoices for each supplier, including invoice number, invoice date, invoice value, and the GST amount. This information is categorized as follows:
    • Invoices for which credit can be claimed in the current month
    • Invoices for which credit can be claimed in subsequent months
  1. Credit Available: GSTR-2B calculates the total input tax credit available for you based on the data in the report. It also separates the credit into various categories, such as:

    • Integrated GST (IGST) credit
    • Central GST (CGST) credit
    • State/Union Territory GST (SGST/UTGST) credit
    • Cess credit
  2. Reversal of ITC: The report also includes details of any reversal of ITC (input tax credit) by your suppliers. If your suppliers have reversed ITC for any invoices, it’s important to take note of these entries.

  3. ITC Utilized: It shows the total ITC utilized in your GSTR-3B return for the particular tax period.

  4. Summary: GSTR-2B provides a summary of the total ITC available, ITC utilized, and the balance ITC that can be claimed.

GSTR-2B reports are generated monthly, and they can be downloaded from the GST portal. These reports are crucial for businesses to reconcile their purchase data and ensure that they are claiming the correct input tax credit.

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