Home » News » Business » GST Network Starts Providing Auto-drafted ITC Statement to Taxpayers
1-MIN READ

GST Network Starts Providing Auto-drafted ITC Statement to Taxpayers

PTI

Last Updated: August 29, 2020, 20:01 IST

Image for representation. (Network18 Creatives)

Image for representation. (Network18 Creatives)

GSTR-2B will be generated on GST portal for every registered person on the basis of the information furnished by his suppliers and will be made available for each month.

The GST Network on Saturday started providing auto-drafted input tax credit (ITC) statement GSTR-2B which would assist the taxpayers in determining their ITC liability. GSTN handles the IT backbone of Goods and Services Tax (GST).

GSTR-2B will be generated on GST portal for every registered person on the basis of the information furnished by his suppliers and will be made available for each month, on the 12th day of the succeeding month, GSTN said in a statement.

“It is expected that GSTR-2B will help in reduction in time taken for preparing return, minimising errors, assisting reconciliation and simplify compliance relating to filing of returns,” it said.

first published:August 29, 2020, 20:01 IST
last updated:August 29, 2020, 20:01 IST