GSTN Issues Steps to Recompute GSTR-2B for October 2024
Date: November 16, 2024
Category: GST Law | GST Portal Updates | Important News
The Goods and Services Tax Network (GSTN) has issued a notice advising taxpayers to recompute their GSTR-2B for October 2024. This step is crucial if discrepancies arise between GSTR-2B and GSTR-3B or if GSTR-2B data has not been generated. By taking this action, taxpayers can ensure accurate filing and avoid potential mismatches.
Steps for Recomputation
To begin with, taxpayers must follow these steps:
- Access the IMS Dashboard:
First, log in to the GST portal and navigate to the Input Tax Credit Matching System (IMS) dashboard. - Take Action on Records:
Then, select and take any necessary action—such as accepting, rejecting, or modifying records—to initiate the recomputation process. - Compute GSTR-2B:
Next, click the “Compute GSTR-2B (OCT 2024)” button to recompute the data for October 2024. - Verify Updated Values:
Finally, review the updated values, which will reflect in the GSTR-2B. These values will auto-populate into GSTR-3B for further review.
Official Communication from GSTN
In its advisory, GSTN emphasized the importance of promptly addressing discrepancies:
“Kindly recompute your GSTR-2B following the steps outlined to address any gaps between GSTR-2B and GSTR-3B data or in cases where GSTR-2B data was not generated.”
Significance of Recomputation
Recomputing GSTR-2B offers several advantages:
- Accuracy in ITC Claims:
It ensures that Input Tax Credit (ITC) data matches the taxpayer’s records, minimizing errors. - Compliance:
Furthermore, it helps prevent notices or penalties during assessments by ensuring proper data reconciliation. - Efficiency:
Additionally, it simplifies the filing process by auto-populating accurate data into GSTR-3B.
Taxpayers are strongly encouraged to act promptly to avoid delays in filing their returns. For further assistance, visit the GST portal or contact the GSTN helpdesk.
