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GST Network Launches Auto-Credit Statement To Simplify Compliance
On Saturday, the Goods and Service Tax Network (GSTN) launched GSTR-2B for the month of July 2020 as an auto-drafted input tax credit (ITC) statement. The auto-generated tax credit statements are based on the information supplied by the persons from whom raw materials and services are purchased by a business.
This move of auto-generation of credit statement is expected to improve compliance among companies with the self-policing feature in the GST system that will reduce the time taken to prepare returns, minimise errors and assist in reconciliation. It aims to make the value chain more transparent and accountable with respect to the use of tax credits, an area that has historically been prone to tax evasion.
"GSTR-2B for the month of July has been made available on the common portal on trial basis. Since, this is the first time that the statement is being introduced, taxpayers are advised to refer to GSTR-2B for the month of July only for feedback purposes," GSTN said the statement.
