{"id":54420,"date":"2023-04-04T17:29:25","date_gmt":"2023-04-04T11:59:25","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=54420"},"modified":"2023-04-04T17:29:27","modified_gmt":"2023-04-04T11:59:27","slug":"how-can-you-modify-gstr-2-return-under-the-gst-tax-regime","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/how-can-you-modify-gstr-2-return-under-the-gst-tax-regime\/","title":{"rendered":"How Can You Modify GSTR-2 Return Under The GST Tax Regime?"},"content":{"rendered":"\n<p>GSTR-2 is a monthly return that businesses registered under the <strong><a href=\"https:\/\/corpbiz.io\/gst-registration\">Goods and Services Tax<\/a><\/strong> (GST) in India must file. It contains details of all inward supplies or purchases made during the month. In other words, it is a record of all the goods or services received by a business from its suppliers during a particular month. In this column, we will learn about the concept of GSTR-2 and how to modify GSTR-2 Return under the GST Tax regime.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/how-can-you-modify-gstr-2-return-under-the-gst-tax-regime\/#What_Is_GSTR-2_Return_And_What_Are_The_Important_Elements_To_Be_Mentioned_In_The_GSTR-2_Form\" >What Is GSTR-2\nReturn And What Are The Important Elements To Be Mentioned In The GSTR-2 Form?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/how-can-you-modify-gstr-2-return-under-the-gst-tax-regime\/#When_Is_The_GSTR-2_Return_Used\" >When\nIs The GSTR-2 Return Used?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/how-can-you-modify-gstr-2-return-under-the-gst-tax-regime\/#What_Is_The_Importance_Of_Filing_GSTR-2_Return\" >What\nIs The Importance Of Filing GSTR-2 Return?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/how-can-you-modify-gstr-2-return-under-the-gst-tax-regime\/#When_Is_The_Due_Date_For_Filing_GSTR-2_Return\" >When Is The\nDue Date For Filing GSTR-2 Return?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/how-can-you-modify-gstr-2-return-under-the-gst-tax-regime\/#What_Is_The_Consequences_Of_Not_Filing_GSTR-2_Return\" >What Is The\nConsequences Of Not Filing GSTR-2 Return?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/how-can-you-modify-gstr-2-return-under-the-gst-tax-regime\/#Process_for_the_Modification_of_GSTR-2_Return_in_the_GST_Portal\" >Process for the\nModification of GSTR-2 Return in the GST Portal<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/how-can-you-modify-gstr-2-return-under-the-gst-tax-regime\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_GSTR-2_Return_And_What_Are_The_Important_Elements_To_Be_Mentioned_In_The_GSTR-2_Form\"><\/span>What Is GSTR-2\nReturn And What Are The Important Elements To Be Mentioned In The GSTR-2 Form?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>GSTR-2 is a return that needs to\nbe filed by registered taxpayers to provide details of their inward supplies or\npurchases during a particular tax period.<\/p>\n\n\n\n<p>Some of the key details that need\nto be furnished in GSTR-2 includes:<\/p>\n\n\n\n<ul><li><em>Supplier&#8217;s name and\nGST Identification Number (GSTIN),<\/em><\/li><li><em>Invoice number, invoice\ndate,<\/em><\/li><li><em>Tax paid on purchases,\nand<\/em><\/li><li><em>Input tax credit (ITC)\nclaimed on purchases<\/em>.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_Is_The_GSTR-2_Return_Used\"><\/span>When\nIs The GSTR-2 Return Used?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This return is used by the tax\nauthorities to verify the accuracy of the information provided by the supplier\nin their GSTR-1 return, which is a record of all outward supplies made by the\nsupplier during the same month.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_The_Importance_Of_Filing_GSTR-2_Return\"><\/span>What\nIs The Importance Of Filing GSTR-2 Return? <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is important for businesses to file their GSTR 2 return on time to avoid penalties and interest charges. The due date for filing GSTR-2 is typically the 15th of the month following the month for which the return is being filed. However, it is important to note that GSTR-2 has been suspended under GST and has been replaced by a new form called FORM GST ANX-2.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_Is_The_Due_Date_For_Filing_GSTR-2_Return\"><\/span>When Is The\nDue Date For Filing GSTR-2 Return?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The due date for filing GSTR-2 is\nthe 15th of the month following the tax period for which the return is to be\nfiled. For example, the due date for filing GSTR-2 for the month of March 2023\nwould be April 15, 2023.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_The_Consequences_Of_Not_Filing_GSTR-2_Return\"><\/span>What Is The\nConsequences Of Not Filing GSTR-2 Return?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The consequences of not filing\nGSTR-2 return on time may include:<\/p>\n\n\n\n<ol><li><strong>Late Fees<\/strong>: A taxpayer who fails to file GSTR 2 return on time is liable to pay a late fee of Rs. 200 per day of delay, subject to a maximum of Rs. 5,000. The late fees are applicable for each return that is not filed on time.<\/li><li><strong>Input Tax Credit (ITC) Blockage<\/strong>: Non-filing of GSTR-2 may lead to ITC blockage as the recipient cannot claim ITC on the inward supplies that are not reflected in their GSTR-2 return.<\/li><li><strong>Notice and Penalty<\/strong>: Non-filing or late filing of GSTR-2 may lead to a notice from the tax authorities and a penalty of up to Rs. 10,000 or 10% of the tax amount due, whichever is higher.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_for_the_Modification_of_GSTR-2_Return_in_the_GST_Portal\"><\/span>Process for the\nModification of GSTR-2 Return in the GST Portal<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To modify GSTR-2 return, you can\nfollow the below steps:<\/p>\n\n\n\n<ul><li>Login to the <strong>GST portal<\/strong><sup><a class=\"text-primary\" href=\"https:\/\/www.gst.gov.in\/\"><strong>[1]<\/strong><\/a><\/sup> using your credentials.<\/li><li>Navigate to the &#8216;Return Dashboard&#8217; section.<\/li><li>Click on the &#8216;Prepare Online&#8217; button under the &#8216;Monthly Return (GSTR-2)&#8217; tab.<\/li><li>In the &#8216;GSTR-2 &#8211; Details of Inward Supplies Received&#8217; page, you can modify the details of your purchases from registered suppliers.<\/li><li>The following points that can be modified in the GSTR 2 return form:<ul><li><strong>GSTIN of the supplier<\/strong><\/li><li><strong>Invoice number and date<\/strong><\/li><li><strong>Taxable value and tax amount (CGST, SGST\/UTGST, IGST)<\/strong><\/li><li><strong>Place of supply<\/strong><\/li><li><strong>Tax rate and tax amount for reverse charge supplies<\/strong><\/li><\/ul><\/li><li>Once you have made the necessary modifications, click on the &#8216;Save&#8217; button to save the changes.<\/li><li>After making all the necessary modifications, you can preview the GSTR-2 return by clicking on the &#8216;Preview&#8217; button.<\/li><li>If the preview is correct, you can submit the return by clicking on the &#8216;Submit&#8217; button.<\/li><li>After submitting the return, you need to sign the return using your Digital Signature Certificate (DSC) or Electronic Verification Code (EVC).<\/li><li>Once the return is signed, the system will generate an acknowledgement receipt, which you should download and keep for future reference.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is important to ensure that the details entered in GSTR-2 are accurate, as any errors or omissions can result in penalties or interest.<\/p>\n\n\n\n<p><strong>Also Read<\/strong>:<br><a href=\"https:\/\/corpbiz.io\/learning\/online-gst-return-filing-procedure-types-due-date-and-penalty\/\">GST Return Filing Procedure \u2013 Types Of GST Returns, Due Date And Penalty<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>GSTR-2 is a monthly return that businesses registered under the Goods and Services Tax (GST) in India must file. It contains details of all inward supplies or purchases made during the month. In other words, it is a record of all the goods or services received by a business from its suppliers during a particular [&hellip;]<\/p>\n","protected":false},"author":55,"featured_media":54421,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[16],"tags":[3384],"acf":{"service_id":"96"},"authorName":"Soumyadipa Banik","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-66.jpg","authorDescription":"Soumyadipa is a legal professional and has completed her Masters (L.L.M.) in Business Law from Amity University. She is an aspiring content writer and legal researcher with more than a year experience. She have earlier worked for Startup companies and written business and legal articles, blogs and website content. She is good at presenting complex issues in organized, easy-to-understand terms and committed to provide highly persuasive content.","postViews":2490,"readingTime":3,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/54420"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=54420"}],"version-history":[{"count":2,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/54420\/revisions"}],"predecessor-version":[{"id":54423,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/54420\/revisions\/54423"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/54421"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=54420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=54420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=54420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}