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GSTR -2 - Baiscs

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 .....

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y to be modified considering the features of auto-population and adjustments as mentioned hereunder. Late filing would be permitted on payment of late fees only. Components of the return This return form would contain the following information: 1. Basic details of the Taxpayer i.e. Name along with GSTIN 2. Period to which the Return pertains - month and the year. 3. Final invoice-level inward supply information pertaining to the tax period for goods and services separately 4. The information sub .....

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r 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 .....

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nputs are received in one lot, the ITC will be given in the return period in which the purchase is recorded in the books of accounts. In case inputs covered under one invoice are received in more than one instance/lot, the ITC will be given in the return period in which the last purchase is recorded in the books of accounts. (GST Law to contain appropriate provision in this regard). A note in this regard has been incorporated in the Return form for the guidance of the taxpayer. 10. There will be .....

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