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Reconciling GSTR-2B
GSTR-2B is an auto-drafted ITC (Input Tax Credit) statement that is generated on the 14th of every month. The source of information for GSTR-2B is GSTR-1, GSTR-5, GSTR-6 and ICEGATE system (Indian Customs Electronic Gateway), hence, it will not contain the TDS and TCS details.
Prerequisite
You’ll need to enable API access for Zoho Books in the GST Portal. If you’ve not enabled it, you can follow these steps:
- Login to the GSTN portal.
- Click My Profile from the top right corner.
- Click Manage API Access from the Quick Links tab.
- Check the Yes option under enable API Request.
- Select the Duration and click Confirm.
Notes: If you’ve already configured it, you can skip the above step.
Fetch GSTR-2B Transactions from GSTN
Reconciling GSTR-2B is similar to that of GSTR-2A. Firstly, you’ll have to pull the transactions from GSTR-2B available in the GST portal. Here’s how you can do it:
- Go to the GST Filing module on the left sidebar in Zoho Books.
- Select the Month of Filing from the option GST Summary For.
- Click View Summary and go to the GSTR-2B section from the bottom of the page.
- Click Fetch Summary.
- If your session has expired, a pop-up will appear. Click Generate OTP and enter the OTP sent by the GST portal to your registered phone/email address. You will now be able to view the transactions uploaded by your vendor in the GST portal.
View Reconciled Transactions
Once the GSTR-2B has been fetched from the GST portal, Zoho Books will automatically categorize the transactions as; all transactions, matched, and partially matched.
There will be two sections, View Return and Reconciliations when you click the transactions.
- In the View Return section, you can view the list of all the transactions and
- In the Reconciliation section you can create and match the transactions from the Action dropdown.
| Section | Description | Action |
|---|---|---|
| Missing in GSTN | Transactions that are present in Zoho Books but are not available in the GSTN are displayed under this tab | - |
| Missing in Zoho Books | Transactions that are not present in Zoho Books but are available when the GSTR-2B transactions are pulled from GSTN. | Create and Match to create a new transaction in Zoho Books and move it to the Matched section. |
| Partially Matched | Transactions in Zoho Books that partially match with those populated from the GSTN. | 1. Accept to move transactions to the Reconciled tab. 2. Modify and Match to modify the data in your Zoho Books account. |
| Matched | Transactions pulled from the GSTN that match with the transactions in Zoho Books and the transactions that you’ve matched. | - |
| Reconciled | Transactions pulled from the GSTN that match with the transactions in Zoho Books. | - |
Regenerate GTSR-2B
When there are changes to the records in the Invoice Management System (IMS) after the 14th of the following month, it is necessary to regenerate GSTR-2B to ensure it reflects the updated information. You now have the option to regenerate GSTR-2B multiple times for any actions performed in IMS.
Note: If the GSTR-3B for the previous month is not filed by the GSTR-2B cut-off date, taxpayers should use the regenerate option to generate the GSTR-2B for that month. Once the GSTR-3B is filed, the GSTR-2B should be regenerated.
Here’s how:
- Go to GST Filing on the left sidebar.
- Click View Returns and navigate to the GSTR-2B section.
- Click View Summary.
- Click Regenerate in the top-right corner of the page.
