How will GSTR 2A Additional Fields Affect Taxpayers for Credit Availability?

In the context of Value added tax, the countries who have implemented VAT with credit are facing input tax credit frauds. For recovering from these issues the Goods and Services Tax (GST) law has created several anti-abuse provisions, that have the GST credit taken by the taxpayer with the GST paid by its supplier in GST Network In today GST regime, the Centre and State Governments and taxpayers are utterly reliable on Goods and Services Tax Network (GSTN) for IT infrastructure. it is the first time when a country with large transactions has attempted to undergo this matching. It has become an example of the countries facing fraud. Three years had already gone but the provision did not launch yet.

The technology is working under the full-fledge transaction matching along with tax payment, on the other hand, the GSTN has initiated the release report GSTR 2A Here, we have explained the complete guide to view GSTR 2A Data on the income tax portal. CBIC and CBDT dept have signed MOU to share GST data because of tax evasion in early 2018 no one knows about these reports, some thinks on it whereas other people were prod by the tax officials to make them understand that on the GST portal the settlement which requires to be completed by taxpayers. The assessee had to call their suppliers if the credit was not matched so to rectify the GSTN portal in GSTR 1 returns. At last, the GST credit post will be available in their GSTR 1 returns on October 2019 post 18 months has made it important providing some marginal relief to redeem input tax credit without matching.

Proposed Changes in GSTR 2A

The GST officials have added additional fields in the older GSTR 2A reports in which the assessee can see the date of filing GSTR 1 The complete guide for online filing GSTR 1 form in a very easy and step by step manner. We have explained its part 1 to part 13 with the original form screenshots through the vendors and the status of filing GSTR 3B (return through which GST payment is made) as ‘Y’ (Yes) or ‘N’ (No) and whether the (vendor’s) registration is valid or not. It is accessible to check GSTIN filing status for GSTN 3B but it is impossible to track the GSTIN of different suppliers. But now it is possible in the GSTR 2A report from July 2017. But there is no change in the law for implementing the change.

For the safeguard of credit, the taxpayer verifies the GSTR 3B status with GSTR 1 agreement is an example to determine the suppliers for taking effective actions for any expected losses.

The GSTR 2A Change has the following Implications:

1. Tax officials may soon try to deny input credit wherever GSTR 3B filing status is ‘N’ even if the credit is matched with the GSTR 2A report otherwise
2. A majority of the taxpayer has consolidated payment blocks in the mismatch in GST credit settlement
3. From July 2017 the repeat of the agreement should be initiated for the previous period to date check GSTR 3B filing status Get to know details on GST return 3B form along with the online procedure for filing return of the current FY 2018-19. We break down the form for easy understanding in which the input tax credit will be taken and payments will have to be released previously through an agreement with GSTR 2A report
4. For taking input credit:
1. Credit is not made being claimed with the older supplier invoices
2. In the present month, the input tax credit can be claimed
3. The GSTR 3B status as N is to be displayed on the invoices of which the input tax credit is claimed in the previous month
4. If the status has been changed to Y from N in earlier months on the invoices on which the input tax credit is altered on GSTR 3B

Conclusion: From the steps of settlement, it can be seen that the above steps critically lead to another set of agreements, and maintaining the transactions requires efforts for the businesses. The load for work is increased for the Account payable AP for the one who sees the discharge of payments towards the invoices of vendors and will need to react according to it while the vendor makes default in the acceptance of his GSTR 3B.