GSTR-2B
With the introduction of IMS (Invoice Management System), technical structure of GSTR-2B has also been changed by Govt Portal. This release makes Octa GST compatible with latest GSTR-2B technical specifications.
Impact of Change
From Oct-24 period onwards, GSTR-2B will be generated based on the invoices in IMS and actions taken by the taxpayer. In IMS, purchase invoices does not include GST rate-wise breakup of line items. As a result, GST rate-wise breakup has been removed from GSTR-2B also.
- Before Oct-2024: GST rate-wise breakup is available
- Oct-2024 onwards: GST rate-wise breakup will not be available
While importing the GSTR-2B, if GST rate-wise breakup is not available in GSTR-2B data, Octa GST will create a single rate-item by doing a reverse computation of GST rate using the total taxable value and total tax. This calculation may or may not result in correct GST rate. If all line items of that invoice had a single GST rate, you will get the correct GST rate. If invoice had multiple GST rates, this computation will result in incorrect GST rate. With the missing GST rate in GSTR-2B, it is impossible to correctly compute the GST rate in all cases. You are requested to take the appropriate care while processing or reconciling GSTR-2B.