What is GSTR-2?

GSTR 2 is a monthly or quarterly return filed by every registered dealer in order to show the details of their inward supplies. There are total 13 sections in GSTR-2.

Who should file GSTR-2?

It is mandatory for every registered dealer to file GSTR-2 whether any purchase transaction has taken place in a month or not. The registered persons who are exempted to file the returns are as follows –

  1. Composition dealers
  2. Input service distributors
  3. Non-resident taxable person
  4. Taxpayer liable to deduct TDS
  5. Taxpayer liable to collect TCS
  6. Persons who are supplier of online information & database access or retrieval services (OIDAR) and paying taxes under section 14 of the IGST act.

GSTR-2 Filing Due Date

Due dates for filing GSTR- 2 depends upon the turnover of the registered deal. The due date for filing GSTR-2 is 15th of every next month. There is a gap of 5 days between the due dates of GSTR-1 & GSTR-2 so that you can easily correct the errors as well as discrepancies during that period.

Why is GSTR-2 important?

GSTR-2 contains details of all purchase transactions made by a registered dealer in a month. It also include purchases on which reverse charge applies. GSTR-2 is used by the government in order to match it with GSTR-1 for buyer seller reconciliation.

Penalty for Late GSTR-2 Filing

Late filing of GSTR-2 will lead to heavy fines & penalties. Interest will be charged at 18% per annum and it is calculated by the tax payer on the outstanding tax amount. The late fee is Rs.200 i.e.Rs.100 under CGST and Rs.100 under SGST. The maximum fee to be paid is Rs.5000.

How to revise GSTR-2?

Once a return is filed, it cannot be revised but if you have done any mistake in the current period, you are having the option to rectify that mistake in the next periods (monthly/quarterly) of return. For ex – If you made a mistake in August GSTR-2, you can rectify that mistake in September GSTR-2.

GSTR-2 Return Form Format

Download Form GSTR-2 by clicking below link –

Frequently Asked Questions on GSTR-2

In case if GSTR-2 is not filed by the tax payer, he or she is not eligible to file the next return i.e. GSTR-3. Late filing of GST return will lead to heavy fines & penalties.
If you will file GSTR-2 after the due date, you need to pay interest as well as penalty. Interest will be charged at 18% per annum and it is calculated by the tax payer on the outstanding tax amount. The late fee is Rs.200 i.e.Rs.100 under CGST and Rs.100 under SGST. The maximum fee to be paid is Rs.5000.
It is the process of matching taxable sales with taxable purchase.