GSTR-2, the monthly return for inward supplies, is currently disabled by the GST department and replaced by auto-drafted GSTR-2A/2B for ITC verification. Taxpayers now reconcile purchases using these auto-populated forms rather than filing GSTR-2 directly. To verify input tax credit, log into the GST portal, navigate to Returns Dashboard, and review auto-populated GSTR-2A/2B.
Procedure for Filing Nil GSTR 2 Return
GSTR-2 was designed to be filed by all registered businesses to report their inward supplies of goods and services. The rules stipulated that it should be filed monthly, by the 15th of the following month, allowing for automatic pre-filling of the form based on the GSTR-1 submissions of suppliers.
How to file GST returns online?
The taxpayer is required to log in to the GST portal with their user credentials, navigate to the 'Returns Dashboard', select the relevant tax period and return form, and then fill in all the relevant details before proceeding to file the return form.
How to file
Documents Required for GST Return Filing
ITR Filing Charges:
Salaried ITR Filing: ₹1,000/- Capital Gain / Share Gain-Loss ITR: ₹1,500/- Business ITR – 44AD Return: ₹2,000/- All other ITR Filing: ₹3,000/-
Late submission penalty. A late submission penalty of $200 is imposed immediately when the GST return is not filed by the due date. A further penalty of $200 is imposed for every completed month that the GST F5/F8 return remains outstanding. The maximum penalty amount for each outstanding F5/F8 return is $10,000.
The due date for filing Form GSTR-2 is the 15th of the month succeeding the tax period. Example: The goods and/or services received during the month of January, should be filed between 11th and 15th of February.
Types of GST in India
CGST (Central Goods and Services Tax) SGST (State Goods and Services. IGST (Integrated Goods and Services Tax) UTGST (Union Territory Goods and Services Tax)
If there is an amnesty announced by the government for the default, then the GST penalty could be conditionally waived off.
The non-resident taxable person must file an electronic application for GST registration using FORM GST REG-09. A self-attested copy of a valid passport must accompany this application. The application must be duly signed or verified through EVC (Electronic Verification Code).
GST Return Fees: Rs. 1,000 to Rs. 3,000 per month. Professional Filing Services: Rs.
GSTR-2 is a monthly return that allows the taxpayer to declare and summarise the details of inward purchases of taxable goods and/or services. In this article, we discuss the various aspects of the erstwhile form GSTR-2.
Maximum marginal rate is the highest rate of tax at any income level. This means for those with incomes between Rs 2 crore and Rs 5 crore, 39% will be the highest applicable tax rate, and for those with incomes above Rs 5 crore, it will be 42.74% — the highest tax rate since 1992.
Yes, you can file your ITR without a CA via our DIY plans. Click here to check out the plans. What is assisted filing? Get an expert to do your taxes for an individual with all kinds of income.
You can file the GST return online as follows.
Do you need a Chartered Accountant (CA) for GST filing? No, a Chartered Accountant (CA) is not required to submit a monthly Goods and Services Tax (GST) return in India. The GST return filing procedure is made to be simple to use and enables taxpayers to submit their returns on their own.
What is the Minimum Turnover Limit for GST Registration? Businesses are required to register for GST and pay tax on their annual turnover if their annual revenue exceeds Rs. 40 lakhs in the case of goods supplied and Rs. 20 lakhs for the supply of services.
On average, CAs may charge anywhere between Rs. 2,000 to Rs. 15,000 per year for filing GST returns.
You must register for the GST/HST. Your effective date of registration is no later than the day of the supply that made you exceed $30,000. You have to start charging GST/HST on the supply that made you exceed $30,000.
When you complete a GST return, you'll need to know: