What is GSTR 2B?

GSTR 2B is a static month wise auto – drafted Input Tax Credit statement. It was recently introduced by GSTN to simplify Input Tax Credit claim for taxpayers. It is generated on 12^th of every month on the basis of the information furnished by the suppliers in their respective GSTR 1, GSTR 5 and GSTR 6.

GSTR 2B mainly consists of a summary of ITC that can be availed, ITC that has to be reversed and ITC not available.

Main Features of GSTR 2B

Some of the main features of GSTR 2B are mentioned below-

• It is a static statement that cannot be changed once it has been generated.

• It contains information on import of goods from the ICEGATE system including that from SEZ.

Importance of GSTR 2B

Main purpose of introducing GSTR 2B is to allow taxpayers to easily reconcile ITC with their own books of accounts and records. It also ensures the following-

• Reversal of ITC wherever it is required to be reversed as per law.

• Check whether ITC is not availed twice.

• Correct payment of GST on a reverse charge basis.

Comparison od GSTR 2A and GSTR 2B