GSTR-2B RECONCILIATION TOOL VERY IMPORTANT UPDATE - GSTR-2B OCTOBER MONTH

Summary

This video provides important updates regarding the GSTR 2B reconciliation and import from Excel/JSON tools for GST filings. Key changes include the removal of rate-wise tax breakup details for inverted supplies in the GST portal, effective from November 14, 2024. For October 2024 filings, users are advised to use GSTR 2A instead of GSTR 2B, as the latter will no longer support reconciliation for that period. The video guides viewers on using the GSTR 2A feature, detailing the process of importing transactions and ensuring party details are correctly mapped in Tally for smooth filing. Stay informed about the latest GST updates and avoid any disruption in your filing process.

Takeaways

• 😀 The GST department has introduced new rules for GSTR 2B reconciliation, affecting the format of downloadable files.
• 😀 From November 14, 2024, GSTR 2B reconciliation for October 2024 will no longer be possible with the existing format.
• 😀 Only the total tax amount will be shown for inward supplies, and detailed rate-wise tax breakdowns will be removed in future GSTR 2B downloads.
• 😀 Tally Solutions has announced an update for GSTR 2B API and tools that will affect users importing JSON or Excel files for reconciliation.
• 😀 Users can continue to use the current GSTR 2B format until November 30, 2024, for downloading files and reconciliation.
• 😀 For October 2024 returns, it is recommended to use GSTR 2A instead of GSTR 2B for reconciliation purposes.
• 😀 Entries in Tally can no longer be imported for GSTR 2B reconciliation from November 14, 2024.
• 😀 Ensure that the necessary ledger parties (with GST numbers) are already created in Tally before importing transactions for reconciliation.
• 😀 To use the GSTR 2A feature, ensure correct configuration and selection of settings in the Tally tool, including ledger and voucher mapping.
• 😀 Future updates to the reconciliation tools will be provided free of additional cost, so users should stay informed about any changes.

Q & A

What are the recent changes introduced by the GST department for GSTR 2B reconciliation?

The GST department has introduced major changes to the GSTR 2B format. Specifically, for inverted supplies, the detailed tax break-up (rate-wise) will no longer be provided. Only the total tax amount will be displayed in the GSTR 2B file.

What is the new recommendation for users of Tally and GST reconciliation tools for the October 2024 return period?

For the October 2024 return period, it is recommended that users shift to using GSTR 2A for reconciliation, as GSTR 2B reconciliation will no longer be possible after 14th November 2024.

When will GSTR 2B reconciliation no longer be available for the October 2024 returns?

GSTR 2B reconciliation will no longer be available from 14th November 2024 onwards for the October 2024 return period.

What tool should users rely on for their October 2024 returns after 14th November 2024?

After 14th November 2024, users should rely on GSTR 2A for reconciliation, as GSTR 2B will not be available for the October returns.

What steps should users follow to reconcile GSTR 2A using Tally tools?

Users should first manually create the party ledgers in Tally. Afterward, they can import the GSTR 2A JSON file into Tally, select the relevant period, and follow the necessary steps to complete the reconciliation.

What happens if the party ledger is not created in Tally before importing GSTR 2A data?

If the party ledger is not created in Tally before importing the GSTR 2A data, the reconciliation will not proceed, as Tally will not be able to match the data with the existing party details.

What is the last date to download the old GSTR 2B format?

The last date to download the old GSTR 2B format is 30th November 2024.

Can users expect any additional costs for future updates to the GST reconciliation tools?

No, future updates to the GST reconciliation tools will be provided without any additional cost to the users.

Why is it important to switch to GSTR 2A for the October 2024 return period?

It is important to switch to GSTR 2A because, from 14th November 2024, GSTR 2B reconciliation will no longer be available for the October 2024 returns, and GSTR 2A will be the only option for reconciliation.

How should users handle the new tax break-up format for inverted supplies in GSTR 2B?

The new GSTR 2B format will not provide a detailed tax break-up for inverted supplies. Users should adjust their expectations and focus on the total tax amount, as the individual tax rate breakdown will no longer be available.