Government of India has put on hold the New GST return Filing System and instead of this decided to continue with the existing return filing system with some additional upgrades.
In very time soon the authorities are going to launch the new Form GSTR-2B which will contain the information about the Input Tax Credit. The new form is going to serve as a link between GSTR-3B, GSTR-1 and GSTR-2A for matching of input tax credit and output tax liability for both the suppliers and vendors. Its main advantage is to the government which will help it stop tax evasion practices.
Features in the Form GSTR-2B –
- The new form will provide a summary of the Input Tax Credit (ITC) attached with Form GSTR-3B also the amount of ITC available to the taxpayers.
- This form will get generated monthly as like other GST Returns.
- Extra features like e-mail, PDF and Excel Sheet download is also getting added up in the return.
- An Advanced Search and Filter option are also provided to search and view the documents exceeding 1,000 records.
The new features will benefit the taxpayers in future and would help in solving their problems regarding the Input Tax Credit (ITC) related issues.
With Warm Regards,