GSTR-2A data to be linked with GSTR-3B for better ITC management
As per the latest news updates, The new GST Return System has been scrapped. Also, the existing returns will be continued with the below-mentioned changes.
GSTN – Upcoming Changes/ initiatives
- SMS based Nil Return filing for GSTR-3B and GSTR-1
- Improvements in GSTR-2A to show the status of filing of GSTR-1 and GSTR-3B by the supplier.
- To show the status of the amendment of invoice with the month of the amendment.
- Providing detail of Invoices considered for computation in table 8A of GSTR-9
- The flow of ITC due to IGST paid on import from ICES to GST System
- Linking GSTR-1 with GSTR-3B (for the flow of liability). PDF mail of filled GSTR-3B
- Linking GSTR-2A/2B & ICEGATE data with GSTR-3B for better ITC management.
- Delinking of credit/debit notes with invoices in GSTR-1
Challenges in ITC declaration using GSTR-2A
- Dynamic statement
- Has both uploaded and filed documents
- No system aid to determine available ITC
- Document sit in Original tax period hence difficult in reconciliation
- Long time for downloading GSTR-2A
The taxpayer wanted a quick process where all invoices on which ITC is available are present in one place.
GSTR-2A will now provide
- The static statement generated monthly
- PDF and Emailer
- Document Level- ITC available or not
- ITC summarization allied with GSTR-3B
- Instant download of pdf, excel
- Filer and search options
- Advance search to view documents beyond 1000 records
You May Also Refer:
- New GST Returns Scrapped by Government: Modified version of Existing to Continue
- Discussion on New GST Return Changes
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