05-February-2025
Taxation
 
2 days delay in input tax credit: Buyers will have to wait longer for GSTR-2B statement; use recompute option in this case
15-Jan-2025

The Goods and Services Tax Network (GSTN) has informed that GSTR-2B for December 2024 tax period will be generated after 2 days from the originally scheduled day of January 14, since the deadline for filing GSTR-1 was extended by 2 days. GSTN informed that GSTR-2B will now be generated on January 16, 2025 for the December 2024 tax period. GSTR-2B, an auto-populated statement, is generated based on the outward supply details uploaded by suppliers in their GSTR-1. Experts say GSTR-2B is a critical document that allows buyers to claim Input Tax Credit (ITC). Unless the suppliers updates it accurately the buyer can not claim input tax credit.

News Source:- https://economictimes.indiatimes.com/wealth/tax/2-days-delay-in-input-tax-credit-buyers-will-have-to-wait-longer-for-gstr-2b-statement-use-recompute-option-in-this-case/articleshow/117237371.cms
 
 
 

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