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GSTR2: FAQ's

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Ans.1

Q.1 What is buyer-seller reconciliation in GSTR 2?
Buyer-seller reconciliation or invoice matching or is a process of matching taxable sales by the seller with the taxable purchases of the buyer. 

It is vital because ITC on purchases will only be available if the details of purchases filed in GSTR-2 return of buyer matches with the details of sales filed in GSTR-1 of the seller.

For example, Ajay buys 100 pens worth Rs. 500 from Vijay Stationery. Vijay Stationery must show Rs. 500 sales in his GSTR-1. Ajay must show the same Rs. 500 purchase in GSTR-2 to claim ITC. Unless the amounts match, Ajay will not be able to claim ITC.
Note:Most of the headings under GSTR-2 are auto-populated from counter-party GST return so it will involve minimal time.

Q. 2 When is GSTR-2 due?
Ans. Latest Update:
As per 22nd GST Council meeting of 6th October 2017
Businesses with annual turnover up to 1.5 crores will submit quarterly returns. Taxes will be paid quarterly.
GSTR 1,2,3 July, August, September 2017 returns will be submitted as per old due dates. Due dates of Aug & Sep will be declared later.
Switch over to quarterly will happen from Oct-Dec 2017 cycle

Q. 3 What happens if GSTR-2 is not filed?
If GSTR-2 return is not filed then the next return GSTR-3 cannot be filed.  Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty.

 

Q. 4 What happens if GSTR-2 is filed late?
Ans. If you delay in filing, you will be liable to pay interest and a late fee.

Interest is 18% per annum. It has to be calculated by the tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing (16th of the month) to the date of payment.

Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000.There is no late fee on IGST. 

Q. 5 Who should file GSTR-2?
Ans. Every registered person is required to fil

 

Q.6 Customer Said that in GSTR2 the brk exp Receive is also getting include ? 

Ans.So suggest him to customer that after applicable GST All Sale Return (Brk/exp) will be considered as sale and purchase.

 

Q.7 Can We generate JSON OF GSTR 2?

Ans. No., JSON of GSTR 2 can't be generated.


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