It is the tax filing time for GST. Many businesses would have already filed the GSTR 1 return for July and now you need to file GSTR 2 return for all your purchase/expense bills spent on July. In this article we will understand about what is GSTR 2 return, who needs to file and what contents needs to be filled in GST return
What is GSTR 2 ?
GSTR 1 is a monthly return of inward supplies. Essentially, it is a return showing all your purchase and expense transactions
Who needs to file GSTR 2?
Every business registered under GST will have to file GSTR2
What is the due date of filing GSTR 2?
- GSTR 2 for the month of July 2017 is due on 31st October 2017
Due date for GSTR 2 for the month of August and September 2017 will be notified soon by the government
Contents of GSTR 2 form:
- GSTIN of the business
This is the 15 digit GSTIN allotted to you for your business
- Legal name of the business
Enter your trade name in which business is being carried out
- Inward supplies received from registered taxable person other than supplies attracting reverse charge
Enter all your inward supplies/expenses from registered vendor having GSTIN. Do not include supplies which are eligible for reverse charge
4. Inward supplies on which tax is to be paid on reverse charge
Enter all your purchases from unregistered vendors and Vendors providing applicable reverse charge services
- Input/capital goods received from overseas or SEZ
Any import of goods or services from overseas or entity under SEZ need to be entered here
- Amendments made in inward supplies furnished in returns for earlier tax periods in 3,4 and 5
Any changes in Inward supplies already filed in the earlier period due to tax rate change or any other revision need to be entered here.
- Supplies received from composition taxable person or other/Nil/Non GST supply
Enter all your supplies received from vendors who have opted for composition scheme or supplies, which are Nil rated, and outside the scope of GST
- Input service distributor credit received
If you have taken services from Input service distributor for services, enter the amount of Input tax credit here.
- TDS and TCS credit received
Any TDS and TCS credit. This is not applicable in July and August as Government had relaxed it for initial few months
- Consolidated statement of advances paid/advances adjusted on account of receipt of supply
Any advances paid to vendors or adjusted against a particual inward supply need to be entered here.
- Input tax credit reversal
Any Input tax credit taken in the previous month which was not eligible for credit need to be reversed in the following month. Enter the amount of Input tax credit reversed here.
- Addition/reduction of amount in output tax for mismatch and other reasons
Any difference in tax liability which may arise due to modifications made in GSTR 3 of earlier period need to be entered here.
13. HSN summary of inward supplies
Enter the HSN wise details of goods purchased during the month for which GSTR 2 is filed here.
Before filing GSTR 2, you need to download GSTR 2A from the GSTN portal and match it with your purchase/inward supplies register. GSTR 2A is the detailed break up of all your inward supplies and input tax credit which you eligible for and uploaded by your supplier. In case there are any discrepancy in GSTR 2A , you need to add/modify/edit the details and upload it back by 31st October 2017
Where to file GSTR return?
GSTR 2 has to be filed on GST portal (www.gst.gov.in ). You will receive GSTR 2A automatically generated on GSTN portal. You need to add/modify your inward supplies details and enter it back on GSTN portal. Filing of GSTR return will provide you the Final input credit, which is available to you.