• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer

Your Finance Book

Income Tax | Investing | Stock Market

  • Stocks
    • 10 reasons why share prices decline in the stock market
    • What to look for in growth investing strategy for better return
    • 10 things you must understand before buying stocks
    • Speculating Vs Investing Vs Saving
    • A beginner’s guide to understand stock’s value – Explained with examples
    • Mutual Fund Basics
  • GST
    • GST registration in India – all you need to know
    • Tax invoice in GST-A complete beginner’s guide for taxpayers
    • Input tax credit in GST – A beginners guide to claim ITC
    • What is inter-state supply of goods and/or services under GST
    • What is intra-state supply of goods and/or services under GST
  • Income tax
  • Tax Rates
  • ITR Due dates
  • About Us
  • Privacy Policy
  • Disclaimer
  • Terms of Use and Policies
  • Contact Us
Home / GST - Goods and Services Tax / When and how to furnish GST return for inward supplies

When and how to furnish GST return for inward supplies

Last updated on April 7, 2020 by CA Bigyan Kumar Mishra

Share
Share on Facebook
Pin
Pin this
Share
Share this
Share
Share on LinkedIn

As per section 38(1), every registered person other than the following shall verify, validate, modify or delete, if required the details relating to outward supplies and credit or debit notes communicated u/s 37(1) to prepare the details of inwards supplies and credit or debit notes.

  • Input service distributor or ISD
  • Nonresident taxable persons
  • A person paying tax under composition scheme
  • A person liable to deduct tax at source
  • A person liable to collect tax at source
  • A supplier of online information and database access or retrieval service.

These taxpayers other than those as specified above shall furnish under section 38(2) electronically the details of inwards supplies of taxable goods or services or both after the 10th day but on or before the 15th day of the month succeeding the tax period. These details also include followings;

  • Inward supplies of goods or services or both on which the tax is payable on reverse charge basis under this act; and
  • Inward supplies of goods or services or both taxable under the integrated goods and services tax act or on which IGST is payable u/s 3 of the customs tariff act,1975.

The Commissioner has power to extend the above specified time limit for furnishing details for inward supplies of goods and services.

If any modification or deletion or addition has been carried out by the recipient, it shall be communicated to the supplier concerned.

Rectification of errors or omissions in return of inward supplies

If any error or omission exists after furnishing details of inwards supplies or after modifications, deletions or additions, then it can be rectified before the time limit allowed. If such rectification resulted in any tax liability and interest, it shall be paid by the person responsible for filing return of inwards supplies. 

However, such correction is not permitted after the date of filing the annual return or before the due date for filing the returns for the month of September of the following financial year to which the details pertain, whichever is earlier.

Forms prescribed for filing GST return for inwards supplies

For filing inwards supplies of goods or services or both, two forms are prescribed, GSTR-2 and GSTR-2A.

When supplier files return for outward supplies of goods or services or both in form GSTR-1, the recipient can see it in GSTR-2A as its auto populated from the GSTR-1. 

GSTR-2A form has two most important parts, part A for input tax credit distributed by regular registered supplier and part B for input tax credit distributed by input service distributor, tax deducted at source (TDS) and tax collected at source (TCS).

Form GSTR-2 has been suspended for the time being.

After the 10th of each month, as a recipient you need to download and verify details in GSTR-2A. If any input tax credit considered by you is not reflecting in GSTR-2A, then you can add details of the invoice to it. This means, as a recipient of goods and services, you must ensure that all inwards supplies on which you have availed ITC has been uploaded to GSTR-2A.

Share
Share on Facebook
Pin
Pin this
Share
Share this
Share
Share on LinkedIn

Categories: GST - Goods and Services Tax

About the Author

CA Bigyan Kumar Mishra is a fellow member of the Institute of Chartered Accountants of India. He writes about personal finance, income tax, goods and services tax (GST), company law and other topics on finance. Follow him on facebook or instagram or twitter.

Primary Sidebar

Financial Ratios

  • The 5 Best Investing Books for Beginners
  • Accounting tools you can use to choose a winning stocks
  • What are the tools and techniques used in financial statements analysis
  • Can Price to earnings – P/E ratio be used for stock investing
  • Why Price earnings to growth – PEG is used by investors
  • How Earnings per Share or EPS can help you
  • How to use debt to equity – D/E ratio
  • What is Interest coverage ratio

Don’t see a topic? Search our entire website:

Footer

Trending Now

  • What to look for in the financial statements before investing in stocks
  • How to manage fund while investing in stocks
  • A beginner’s guide to mutual fund investing
  • Why share prices move up and down in stock market
  • Price Action trading – How candlestick helps to read mass psychology

Email Newsletter

Sign up to receive email updates daily and to hear what's going on with us!

Privacy Policy

Stay In Touch With Us

  • Twitter
  • Facebook

Legal Disclaimer

The information available through this Site is provided solely for informational purposes on an “as is” basis at user’s sole risk. The information is not meant to be, and should not be construed as advice or used for investment purposes. Yourfinancebook.com does not provide tax, investment or financial services and advice. We make no guarantees … Continue Reading... about Disclaimer

Copyright © 2024 yourfinancebook.com · All Rights Reserved.