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GSTR-1 filing related activities have now completed and the filing process of GSTR-2 has begun.
The last date for filing GSTR-2 is 31st Oct. 2017. The pressure is mounting on both business owners and GSTPs as the deadline gets nearer. The magnitude of work involved is not as simple as it may seem. Everybody needs to get their numbers right!
If you are a business owner, then probably one of your biggest worry is whether you’ll be able to claim all your rightful Input Tax Credit? You want to ensure that your GSTR-2 return does not get rejected in the GSTN portal.
If you are a GSTP, you are obviously wondering how to file GSTR-2 returns for all your clients quickly and correctly?
When multiple invoices get modified in the invoice matching process, how does one update the books with the new details? This can be boggling when there are hundreds of invoices.
In this blog post, we will understand the challenges involved in filing GSTR-2 and how these could be met with Tally.ERP 9 Release 6.2.
More and more businesses are seeking out professional help to file their GST returns. We expect that the burden on GSTPs will increase.
We all know that the filing process of GSTR-1 took considerable time. GSTPs and their staff had to spend a lot of extra time to help their clients file GSTR-1 returns.
Filing GSTR-2 returns is going to be a challenge of a different magnitude. Unlike GSTR-1 it is not a linear process. There are many dependencies over which buying dealers have little control.
Thereby, it is now imperative for both the buyer and the supplier to reconcile invoices together. This process is a central prerequisite for filing GSTR-2 returns.
For a buyer, the GSTN portal auto-populates GSTR-2 with invoices reported by the supplier, against his GSTIN. The buyer is required to cross-check these details with his books and confirm their correctness, before submitting his GSTR-2.
Simple, isn’t? Let us understand why this simple-sounding process is beset with a certain degree of complexities.
2. Suppliers may forget to upload or report some invoices. The GSTP will need to alert his client who in turn will need time to understand the reason for such lapses and check whether the supplier can report such invoices? What if the supplier does not agree to these changes?
3. Some suppliers may have under or over-reported the invoices. Again, it will take time for both the buying dealer and the GSTP to arrive at a consensus with the supplier.
4. Some invoices uploaded by the supplier may not reflect in GSTR-2A since they might be in transit.
5. For each invoice that has been entered, the GSTP on behalf of his client, has to declare the type of inward supplies and the amount of CGST/SGST/IGST tax being claimed as Input Tax Credit.
a. Input Goods
b. Input Service
c. Capital Good
d. None (not eligible)
Low confidence on decisions made for each invoiceEvery invoice requires an action on behalf of the buying dealer. The buyer has to accept the right invoices, reject or modify invoices with discrepancy and decide which ones to be kept as pending. How does the dealer or his GSTP verify if they have taken all the necessary actions before submitting the GSTR-2?
Lack of clarity in handling certain invoices may lead to errors in GSTR-2The GSTN portal does not reflect purchases made from URDs (only for businesses with turnover less than 1.5 cores), reverse chargeable services and imports in the GSTR-2A. Details of such transactions have to be added in to the form and buyers have to pay respective taxes before they become eligible for claiming Input Tax Credit on such inward supplies.
Updating books with changed vouchers correctly
Now after the invoice matching process is completed and GSTR-2 is filed, new questions arise. Since new vouchers might have been added, a few deleted, a few modified –
a. Be compliant to GST
Tally.ERP 9 Release 6 generates GSTR-2 form in JSON directly which is the accepted format in the GSTN portal. This capability can be further extended to file GSTR-1 as well which is due next month.
GSTPs and business owners can eliminate the extra steps of having to use the offline utility tool provided in the GSTN portal for the same purpose which involves importing the updated files, generating them in JSON and then uploading them to file the returns.
b. Simplified invoice matching process
Open GSTR-2 downloaded from the GSTN portal in to Tally.ERP 9 Release 6.2. By selecting Yes to ‘Update reconciliation of invoice status’, the status of all the matching invoices gets Accepted in a matter of seconds. Remaining invoices need to be cross checked with the books. Their statuses can be updated as Modified or Rejected from a single screen.
The GSTR-2 form in Tally.ERP 9 Release 6.2 mimics the details exactly as they appear in the GSTN portal. GSTINs of suppliers can be sorted or filtered based on total invoice value, number of invoices, taxable values or a range of invoice value or specific amount. This helps get different overviews for expediting the matching process.
Drilling down further gives an overview of GSTR-2 filing for the month by showing the category of invoices in terms of Accepted, Rejected, Modified, Pending, New, Rejected by GST, To Be Exported, Available in Book. These are some of the comprehensive capabilities of Tally.ERP 9 Release 6.2.
c. Detect discrepant invoices and prompt quick action
Tally.ERP 9 Release 6.2 expedites the reconciliation process by making reports of invoices that are mismatching, missing, under or overrated by the suppliers. GSTPs can take prints or send these reports by email to their clients who can inform their suppliers immediately about the discrepancies and work together to reconcile such invoices. Response from suppliers is critical for reconciling differences.
Further, buyers can find out which invoices have been actioned upon or are pending by the suppliers. These reports help towards reconciling invoices quickly and correctly on time to help claim the Input Tax Credit.
d. Add invoices not part of GSTR-2
Every buying dealer’s concern is whether he will get his rightful Input Tax Credit? The GSTR-2 form downloaded from the GSTN portal does not reflect purchases made in the form of imports and reverse chargeable services. In Tally.ERP 9 Release 6.2, buyers can add these purchases in the form and account them in to claim their Input Tax Credit.
Here again, one can omit the extra step of logging in to the GSTN portal to key in these new entries for inclusion in GSTR-2.
e. Update books with only changed vouchers
Tally.ERP 9 Release 6.2 marks all vouchers in which changes are made. This can be initiated by a simple configuration at the beginning of the invoice matching process. Select Yes to Mark changed vouchers in F11 > Accounting Features . After the completion of invoice matching, GSTPs could export an XML file containing only those vouchers in which changes have been made.
Buying dealers who are using Release 6.2 can import the file from Gateway of Tally > Import Data > Vouchers and update their books with confidence! No worries about appended transactions getting erased.
Please watch this video to learn How to use Tally.ERP 9 Release 6.2 for filing GSTR-2 returns in detail.
Watch this video to learn how to quickly upgrade to Tally.ERP 9 Release 6.2
Discover the easiest way to file GSTR-2 returns! Tally.ERP 9 Release 6.2 is simple and flexible to use.
The last date for filing GSTR-2 is 31st Oct. 2017. The pressure is mounting on both business owners and GSTPs as the deadline gets nearer. The magnitude of work involved is not as simple as it may seem. Everybody needs to get their numbers right!
If you are a business owner, then probably one of your biggest worry is whether you’ll be able to claim all your rightful Input Tax Credit? You want to ensure that your GSTR-2 return does not get rejected in the GSTN portal.
If you are a GSTP, you are obviously wondering how to file GSTR-2 returns for all your clients quickly and correctly?
When multiple invoices get modified in the invoice matching process, how does one update the books with the new details? This can be boggling when there are hundreds of invoices.
In this blog post, we will understand the challenges involved in filing GSTR-2 and how these could be met with Tally.ERP 9 Release 6.2.
- How GSTR-2 Impacts Businesses and GSTPs?
- Invoice Reconciliation is Central to GSTR-2
- Challenges in Filing GSTR-2 Returns
- How Tally.ERP 9 Release 6.2 can help file GSTR-2 easily
How GSTR-2 Impacts Businesses and GSTPs?
Since the introduction of GST in July 2017, more businesses have been brought under the umbrella of tax. Many business owners will be filing returns for the first time. There is bound to be lot of confusion!More and more businesses are seeking out professional help to file their GST returns. We expect that the burden on GSTPs will increase.
We all know that the filing process of GSTR-1 took considerable time. GSTPs and their staff had to spend a lot of extra time to help their clients file GSTR-1 returns.
Filing GSTR-2 returns is going to be a challenge of a different magnitude. Unlike GSTR-1 it is not a linear process. There are many dependencies over which buying dealers have little control.
Invoice Reconciliation is Central to GSTR-2
In the earlier VAT regime, businesses used to file self-assessed returns to get their Input Tax Credit. However, in the current GST regime, businesses will get Input Tax Credit based on invoices uploaded by their suppliers.Thereby, it is now imperative for both the buyer and the supplier to reconcile invoices together. This process is a central prerequisite for filing GSTR-2 returns.
For a buyer, the GSTN portal auto-populates GSTR-2 with invoices reported by the supplier, against his GSTIN. The buyer is required to cross-check these details with his books and confirm their correctness, before submitting his GSTR-2.
Simple, isn’t? Let us understand why this simple-sounding process is beset with a certain degree of complexities.
Challenges in Filing GSTR-2 Returns
1. Time-consuming activityThe GSTN portal auto-populates a read-only GSTR-2A form with invoice entries made by suppliers. These invoices don’t necessarily come arranged in the same order as maintained in the buyer’s books. The buyer and his GSTP have to go through each line item to check for correctness before accepting the invoices. For invoices that don’t match, they have to manually reconcile the details with the suppliers.2. Suppliers may forget to upload or report some invoices. The GSTP will need to alert his client who in turn will need time to understand the reason for such lapses and check whether the supplier can report such invoices? What if the supplier does not agree to these changes?
3. Some suppliers may have under or over-reported the invoices. Again, it will take time for both the buying dealer and the GSTP to arrive at a consensus with the supplier.
4. Some invoices uploaded by the supplier may not reflect in GSTR-2A since they might be in transit.
5. For each invoice that has been entered, the GSTP on behalf of his client, has to declare the type of inward supplies and the amount of CGST/SGST/IGST tax being claimed as Input Tax Credit.
a. Input Goods
b. Input Service
c. Capital Good
d. None (not eligible)
Low confidence on decisions made for each invoiceEvery invoice requires an action on behalf of the buying dealer. The buyer has to accept the right invoices, reject or modify invoices with discrepancy and decide which ones to be kept as pending. How does the dealer or his GSTP verify if they have taken all the necessary actions before submitting the GSTR-2?
Lack of clarity in handling certain invoices may lead to errors in GSTR-2The GSTN portal does not reflect purchases made from URDs (only for businesses with turnover less than 1.5 cores), reverse chargeable services and imports in the GSTR-2A. Details of such transactions have to be added in to the form and buyers have to pay respective taxes before they become eligible for claiming Input Tax Credit on such inward supplies.
Updating books with changed vouchers correctly
Now after the invoice matching process is completed and GSTR-2 is filed, new questions arise. Since new vouchers might have been added, a few deleted, a few modified –
- How to ensure that books reflect the same vouchers as those filed in the GSTN portal?
- Can a business owner import the new set of data, and copy and paste it on his books? This is not possible since the order in which invoices are entered in the books and those in GSTR-2 are not necessarily the same
- How can the GSTP update his clients with the list of all those vouchers which have been changed with confidence?
- Does one have to manually update the books by comparing it with the updated GSTR-2?
Tally.ERP 9 Release 6.2 is a Complete Solution for GSTR-2 Filing
Both business owners and GSTPs need is a software that –- Simplifies the process of invoice matching
- Enables quick reconciliation of discrepancy in invoices
- Empowers GSTPs and business owners to make the right decisions
- Ensures GST compliance
- Saves time and reduces manual effort
- Helps update books
a. Be compliant to GST
Tally.ERP 9 Release 6 generates GSTR-2 form in JSON directly which is the accepted format in the GSTN portal. This capability can be further extended to file GSTR-1 as well which is due next month.
GSTPs and business owners can eliminate the extra steps of having to use the offline utility tool provided in the GSTN portal for the same purpose which involves importing the updated files, generating them in JSON and then uploading them to file the returns.
b. Simplified invoice matching process
Open GSTR-2 downloaded from the GSTN portal in to Tally.ERP 9 Release 6.2. By selecting Yes to ‘Update reconciliation of invoice status’, the status of all the matching invoices gets Accepted in a matter of seconds. Remaining invoices need to be cross checked with the books. Their statuses can be updated as Modified or Rejected from a single screen.
The GSTR-2 form in Tally.ERP 9 Release 6.2 mimics the details exactly as they appear in the GSTN portal. GSTINs of suppliers can be sorted or filtered based on total invoice value, number of invoices, taxable values or a range of invoice value or specific amount. This helps get different overviews for expediting the matching process.
Drilling down further gives an overview of GSTR-2 filing for the month by showing the category of invoices in terms of Accepted, Rejected, Modified, Pending, New, Rejected by GST, To Be Exported, Available in Book. These are some of the comprehensive capabilities of Tally.ERP 9 Release 6.2.
c. Detect discrepant invoices and prompt quick action
Tally.ERP 9 Release 6.2 expedites the reconciliation process by making reports of invoices that are mismatching, missing, under or overrated by the suppliers. GSTPs can take prints or send these reports by email to their clients who can inform their suppliers immediately about the discrepancies and work together to reconcile such invoices. Response from suppliers is critical for reconciling differences.
Further, buyers can find out which invoices have been actioned upon or are pending by the suppliers. These reports help towards reconciling invoices quickly and correctly on time to help claim the Input Tax Credit.
d. Add invoices not part of GSTR-2
Every buying dealer’s concern is whether he will get his rightful Input Tax Credit? The GSTR-2 form downloaded from the GSTN portal does not reflect purchases made in the form of imports and reverse chargeable services. In Tally.ERP 9 Release 6.2, buyers can add these purchases in the form and account them in to claim their Input Tax Credit.
Here again, one can omit the extra step of logging in to the GSTN portal to key in these new entries for inclusion in GSTR-2.
e. Update books with only changed vouchers
Tally.ERP 9 Release 6.2 marks all vouchers in which changes are made. This can be initiated by a simple configuration at the beginning of the invoice matching process. Select Yes to Mark changed vouchers in F11 > Accounting Features . After the completion of invoice matching, GSTPs could export an XML file containing only those vouchers in which changes have been made.
Buying dealers who are using Release 6.2 can import the file from Gateway of Tally > Import Data > Vouchers and update their books with confidence! No worries about appended transactions getting erased.
Please watch this video to learn How to use Tally.ERP 9 Release 6.2 for filing GSTR-2 returns in detail.
Watch this video to learn how to quickly upgrade to Tally.ERP 9 Release 6.2
Discover the easiest way to file GSTR-2 returns! Tally.ERP 9 Release 6.2 is simple and flexible to use.
CLICK HERE TO DOWNLOAD TALLY ERP GST 6.2
For example: Ram Electronics in Karnataka supplies 10 mobile phones @ Rs. 10,000 each to Shyam Electronics in Maharashtra. IGST @ 12% on total value of Rs. 1,00,000, which is Rs. 12,000, is charged. After the supply, it is realized that the price of each mobile phone is Rs. 11,000.
Here, Ram Electronics can issue debit note to Shyam Electronics, for the increase in price of each mobile phone by Rs. 1,000. IGST @ 12% on the debit note value of Rs. 10,000 (10 mobile phones*Rs. 1,000), which is Rs. 1,200, is charged.
For example: Ram Electronics in Karnataka supplies 10 laptops @ Rs. 10,000 each to Shyam Electronics in Maharashtra. IGST @ 18% on the total value of Rs. 1,00,000, which is Rs. 18,000, is applicable on the supply. However, due to a mistake in calculation, Mr. Ram charges IGST @ 12% in the invoice, of Rs. 12,000.
Here, Ram Electronics can issue debit note to Shyam Electronics for the increase in GST charged in the invoice by Rs. 6,000.
These details will be made available to the recipient in Form GSTR-2A as shown below:
The recipient has to accept the details and submit in Form GSTR-2.
Note that debit note can be raised by a recipient also, when the goods received are returned, damaged in transit, taxable value shown in the invoice is more than the actual or tax charged is more than the actual. However, under GST, debit note or credit note furnished by a supplier only will be considered for revision in the values of an invoice. The same has to be accepted by the recipient for corresponding impact on input tax credit on the supply.
In this blog, we have learnt about the scenarios in which a supplier should issue debit note under GST. In the next blog, we’ll learn about the scenarios in which a supplier should issue credit note under GST.
Download Tally.ERP 9 Release 6 (Gold) With GST Click Here
Link :- https://tallysolutions.com/download/
GST Knowledge in Gujarati Click Here Link :- http://blogs.tallysolutions.com/gu/
GST Knowledge in English Click Here Link :- http://blogs.tallysolutions.com/
GST Knowledge in Hindi Click Here Link :- http://blogs.tallysolutions.com/hi/
Source :-http://blogs.tallysolutions.com/file-gstr2-with-tallyerp9/
When Should a Supplier Issue Debit Note under GST?
We have learnt about Tax Invoice and Bill of Supply under GST, which
are to be issued at the time of supply. Once a supply is made and Tax
invoice or Bill of Supply has been issued, the supply can be cancelled
or modified due to various reasons. In these cases, a credit note or
debit note is issued to record the cancellation or modification of the
details of a supply. There are certain specified scenarios in which a
debit note or credit note should be issued. Note that debit note can
also be called as supplementary invoice. In this blog, let us understand
the scenarios in which a supplier should issue debit note under GST.
Scenarios when a supplier should issue debit note
A supplier should issue a debit note/supplementary invoice for a supply in the following cases:a. Increase in taxable value
When a supplier requires to increase the taxable value of a supply, he/she has to issue debit note to the recipient.For example: Ram Electronics in Karnataka supplies 10 mobile phones @ Rs. 10,000 each to Shyam Electronics in Maharashtra. IGST @ 12% on total value of Rs. 1,00,000, which is Rs. 12,000, is charged. After the supply, it is realized that the price of each mobile phone is Rs. 11,000.
Here, Ram Electronics can issue debit note to Shyam Electronics, for the increase in price of each mobile phone by Rs. 1,000. IGST @ 12% on the debit note value of Rs. 10,000 (10 mobile phones*Rs. 1,000), which is Rs. 1,200, is charged.
b. Increase in GST charged in invoice
When a supplier requires to increase the rate or value of GST charged in an invoice, he/she has to issue debit note to the recipient.For example: Ram Electronics in Karnataka supplies 10 laptops @ Rs. 10,000 each to Shyam Electronics in Maharashtra. IGST @ 18% on the total value of Rs. 1,00,000, which is Rs. 18,000, is applicable on the supply. However, due to a mistake in calculation, Mr. Ram charges IGST @ 12% in the invoice, of Rs. 12,000.
Here, Ram Electronics can issue debit note to Shyam Electronics for the increase in GST charged in the invoice by Rs. 6,000.
Debit note format
A debit note format sample is shown below.Furnishing details of debit note
Details of debit notes issued should be furnished in Form GSTR-1 for the month in which the debit note is issued:
Form GSTR-1
Form GSTR-2A
The recipient has to accept the details and submit in Form GSTR-2.
Note that debit note can be raised by a recipient also, when the goods received are returned, damaged in transit, taxable value shown in the invoice is more than the actual or tax charged is more than the actual. However, under GST, debit note or credit note furnished by a supplier only will be considered for revision in the values of an invoice. The same has to be accepted by the recipient for corresponding impact on input tax credit on the supply.
In this blog, we have learnt about the scenarios in which a supplier should issue debit note under GST. In the next blog, we’ll learn about the scenarios in which a supplier should issue credit note under GST.
Source :-http://blogs.tallysolutions.com/when-should-supplier-issue-debit-note/
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Link :- https://tallysolutions.com/download/
GST Knowledge in Gujarati Click Here Link :- http://blogs.tallysolutions.com/gu/
GST Knowledge in English Click Here Link :- http://blogs.tallysolutions.com/
GST Knowledge in Hindi Click Here Link :- http://blogs.tallysolutions.com/hi/
Source :-Gayatri Solution Group
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CLICK HERE TO SHOW DEMO/ HELP FILE
CLICK HERE TO GET GSG YOUR CITY PARTNER
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Gayatri Solution Group
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