What Is GSTR-2 And What Are The Details Required To Be Furnished In GSTR-2?

  • Blog|GST & Customs|
  • 2 Min Read
  • By Taxmann
  • |
  • Last Updated on 28 November, 2023

Recent Posts

Blog, News, FEMA & Banking

Govt. Allows 100% FDI Under Automatic Route for Manufacturing of Components, Systems or Sub-systems for Satellites

Blog, News, Insolvency and Bankruptcy Code

NCLT-approved RP Offering 2.16% Payment to OC, Rest via Preference Shares Was Violative of Sec. 30 | NCLAT

Latest from Taxmann

• GSTR-2 is for inward supplies of goods or services or both received during a tax period.
 
 
     o invoice wise details of all inter-State and intra-State supplies received from registered persons or unregistered persons;
 
     o  import of goods and services made; and 
 
     o debit and credit notes, if any, received from supplier.
 
• Registered person will be required to mention the inward supplies in respect of which he is not eligible for input tax credit. In FORM GSTR-2, eligibility will be determined at the invoice level.
 
• The registered person is also required to declare the quantum of ineligible input tax credit on inward supplies which is relatable to non-taxable supplies which cannot be determined at the invoice level in FORM GSTR-2. 

Who is Required to File GSTR-2?

  Every registered person is required to file GSTR-2 except: • Input Service Distributor • Non-residential taxable person • Person required to deduct the TDS or E-commerce operator person

How GSTR-2 is to be Filed?

GSTR-2 is to be filed in FORM GSTR-2 electronically through the Common Portal (www.gst.gov.in) either directly or through using services of GSPs or ASPs like Taxmann’s one solution.

Due Date for Filing of GSTR-2:

• GSTR-2 has to file on or before 15th of the following month. But GIC decides to extend the due date of filing of GSTR-2 for month of July and August, 2017 to Sept 25, 2017 and Oct 10, 2017 respectively.

Penalty for Non-Furnishing of Return:

A penalty of Rs.100 per day is applicable for late filing of GST return under both CGST and SGST Act. The penalty would be payable for the period in which the taxpayer has failed to furnish the return. The maximum penalty would be up to a maximum of Rs.5000.

Related Articles:

 

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Comments are closed.

«
»

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied