Even though both the Form GSTR-2A and GSTR-2B reflects similar details, both the forms are different in various ways. The difference between both the forms is summarized hereunder- Type of statement- Form GSTR-2A is a form of a dynamic statement. The details of inward supplies vis-à-vis input tax crRead more
Even though both the Form GSTR-2A and GSTR-2B reflects similar details, both the forms are different in various ways. The difference between both the forms is summarized hereunder-
Type of statement-
Form GSTR-2A is a form of a dynamic statement. The details of inward supplies vis-à-vis input tax credit will be updated on a continuous basis.
On the other hand, Form GSTR-2B is a form of a static statement. The details will be updated on a constant basis.
The basis for reflection of details-
In the case of Form GSTR-2A, the details of the inward supplies will be reflected in the statement on a real-time basis.
In order words, the details will be updated as and when the supplier furnishes the details of outward supplies either in Form GSTR-1 or via using Invoice Furnishing Facility (i.e. IFF).
For example, the registered person while filing Form GSTR-1 for the month of January 2021 has failed to declare some supplies. The missed supplies were reflected by the registered person while filing Form GSTR-1 for the month of February 2021. Correspondingly, the details of such missed supplies will be reflected in Form GSTR-2A in the month of February 2021.
However, in the case of Form GSTR-2B, the details of inward supplies will be reflected in a static manner. It will reflect the details of outward supplies reflected by the supplier between two due dates of either Form GSTR-1 or Invoice Furnishing Facility.
For example, suppose the registered person furnishes the details of outward supplies for the month of January 2021 after the due date. In such a case, the corresponding details of inward supplies and the input tax credit will not be reflected in Form GSTR-2B in the month of January 2021.
Bifurcation of eligible and ineligible Input Tax Credit-
Form GSTR-2A doesn’t provide bifurcation of eligible input tax credit and ineligible input tax credit. Whereas, Form GSTR-2B briefly bifurcates the eligible and ineligible input tax credit.
Data source-
Form GSTR-2A collects/ complies data on the basis of returns filed by the supplier in Form GSTR-1; Form GSTR-5; Form GSTR-6; Form GSTR-7 and Form GSTR-8.
Whereas, Form GSTR-2B complies data from Form GSTR-1; Form GSTR-5 and Form GSTR-6 filed by the supplier.
The rate of tax to be used for the reverse charge supply is the rate that is applicable on such goods/services. GST Compensation Cess is also applicable on reverse charge. If the goods/services purchased in exempted or nil rated then no tax is payable under RCM. Composition dealers are required to pRead more
The rate of tax to be used for the reverse charge supply is the rate that is applicable on such goods/services. GST Compensation Cess is also applicable on reverse charge. If the goods/services purchased in exempted or nil rated then no tax is payable under RCM.
Composition dealers are required to pay reverse charge at normal rates (5%,12%,18%,28%) and not at the composition rates (1% or 5%).
Can the premium be claimed u/s 80C by married daughter in her return if LIC premium paid by her father?
No, it cannot be claimed.
No, it cannot be claimed.
See lessWhat is the difference between 2A & 2B in GST Portal ?
Even though both the Form GSTR-2A and GSTR-2B reflects similar details, both the forms are different in various ways. The difference between both the forms is summarized hereunder- Type of statement- Form GSTR-2A is a form of a dynamic statement. The details of inward supplies vis-à-vis input tax crRead more
Even though both the Form GSTR-2A and GSTR-2B reflects similar details, both the forms are different in various ways. The difference between both the forms is summarized hereunder-
Form GSTR-2A is a form of a dynamic statement. The details of inward supplies vis-à-vis input tax credit will be updated on a continuous basis.
On the other hand, Form GSTR-2B is a form of a static statement. The details will be updated on a constant basis.
In the case of Form GSTR-2A, the details of the inward supplies will be reflected in the statement on a real-time basis.
In order words, the details will be updated as and when the supplier furnishes the details of outward supplies either in Form GSTR-1 or via using Invoice Furnishing Facility (i.e. IFF).
For example, the registered person while filing Form GSTR-1 for the month of January 2021 has failed to declare some supplies. The missed supplies were reflected by the registered person while filing Form GSTR-1 for the month of February 2021. Correspondingly, the details of such missed supplies will be reflected in Form GSTR-2A in the month of February 2021.
However, in the case of Form GSTR-2B, the details of inward supplies will be reflected in a static manner. It will reflect the details of outward supplies reflected by the supplier between two due dates of either Form GSTR-1 or Invoice Furnishing Facility.
For example, suppose the registered person furnishes the details of outward supplies for the month of January 2021 after the due date. In such a case, the corresponding details of inward supplies and the input tax credit will not be reflected in Form GSTR-2B in the month of January 2021.
Form GSTR-2A doesn’t provide bifurcation of eligible input tax credit and ineligible input tax credit. Whereas, Form GSTR-2B briefly bifurcates the eligible and ineligible input tax credit.
Form GSTR-2A collects/ complies data on the basis of returns filed by the supplier in Form GSTR-1; Form GSTR-5; Form GSTR-6; Form GSTR-7 and Form GSTR-8.
Whereas, Form GSTR-2B complies data from Form GSTR-1; Form GSTR-5 and Form GSTR-6 filed by the supplier.
See lessWhat is the Rate of GST in reverse charge supply?
The rate of tax to be used for the reverse charge supply is the rate that is applicable on such goods/services. GST Compensation Cess is also applicable on reverse charge. If the goods/services purchased in exempted or nil rated then no tax is payable under RCM. Composition dealers are required to pRead more
The rate of tax to be used for the reverse charge supply is the rate that is applicable on such goods/services. GST Compensation Cess is also applicable on reverse charge. If the goods/services purchased in exempted or nil rated then no tax is payable under RCM.
Composition dealers are required to pay reverse charge at normal rates (5%,12%,18%,28%) and not at the composition rates (1% or 5%).
See less