GSTR-2 Filing
Form GSTR 2 is a statement in which a regular dealer needs to capture all the inward supplies made during the month. After filing GSTR-1 for a particular month, GSTR-2 must be filed for the same month.
GSTR-2 must be filed, including all your purchase and expense transaction in that particular month.
Every business registered under GST will have to file GSTR-2, irrespective of whether there are any transactions during the month or not.
Exempted list from GSTR-1
- Input Service Distributors
- Composition Dealers
- Non-resident taxable person
- Persons liable to collect TCS
- Persons liable to deduct TDS
- Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act)
How to generate GSTR-2 in Output Books?
- You can find the list of details of Inward Supplies(Purchase) under Reports > GSTR-2.
- Entire details of all the Purchase Transaction is listed here.
Here, you can view GSTR-2 return for a month or quarter year by using the drop-down at the top.
You can take a GSTR-2 report for the desired/required month using the calendar option associated in the reports page of GSTR-2.
You can print the GSTR-2 report by using the Print option in the top right corner.
Due Dates
- For business with turnover less than 1.5 crores, quarterly returns are applicable, whose due dates will be announced later.
- Businesses with annual turnover up to 1.5 crores will have to submit quarterly returns. Taxes must be paid quarterly.
- Due dates of Aug & Sep will be declared later by the government.
- For correcting any errors and discrepancies, government has allotted 5 days gap between GSTR-1 and GSTR-2 filing.
GSTR-2 Rectification
Careful filing of GSTR-2 is necessary. Once it is filed, it cannot be revised. If we commit any mistake in the return, it can be revised in the next month’s return. It means that if a mistake is committed in September GSTR 2, rectification for the same can be made in October’s GSTR 2.
Late Fees and Penalty
If GSTR-2 is not filed on or before the due date,
- You cannot file GSTR_3
- You will be liable to pay Late fee and high penalty.
The fine for filing the return late is Rs. 200/day of delay after the due date (Rs.100 under CGST act & Rs.100 under SGST act).
There is no late fee on IGST.
