How to File GSTR 2 Live Demo: File GSTR 2 in Easy Step by Step Procedure |Learn filing of Nil Return HD

GST Return Filing | How to File GSTR 2 (Purchase Details) Live Demo | Easy Step by Step Procedure Every registered taxable person is required to give details of Inward Supply, i.e., purchases for a tax period in GSTR-2. GSTR-2 contains details of all the purchases transactions of a registered dealer for a month. 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. 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. Certain transactions may not be auto-populated because- Seller did not file GSTR-1 Seller filed GSTR-1 but he missed the transaction In either case, the buyer can manually add these transactions. The seller will get a notification to accept this addition/modification in his GSTR-1A return. If the supply is received in more than one lots, the invoice must be reported in the return of the month in which the last lot is received and recorded in books of accounts. GSTR 2 | File GSTR 2 | GSTR 2 Live Demo | GST Return Filing |GST Return GST MAJOR CHANGES : https://www.youtube.com/watch?v=vLI-Yl1OsV8 Email : Charteredwisdom@gmail.com facebook : https://www.facebook.com/charteredwisdom