GSTN Launches Auto-Drafted Input Tax Credit Statements
A cardboard cut-out of Indian Prime Minister Narendra Modi, accompanied by a message that reads “GST, The Youth Welcomes Change Of An Era, The New Power Of Economy,” stands in New Delhi, India. (Photographer: Anindito Mukherjee/Bloomberg)

GSTN Launches Auto-Drafted Input Tax Credit Statements

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The Goods and Services Tax Network has started providing auto-drafted input tax credit statements from Saturday onward, which will assist taxpayers in determining their input tax credit liability.

The GSTN handles the information technology backbone of the goods and services tax.

The input tax credit statements, termed as ‘GSTR-2B’, will be generated on the 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, the GSTN said in a statement.

It is expected that GSTR-2B will help in reducing the time taken for preparing returns,minimising errors, assisting reconciliation and simplifying compliance relating to filing of returns, it said.

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