GSTR-2B Reconciliation
GSTR-2B is an auto-drafted Input Tax Credit (ITC) statement generated on the 14th of every month. It is prepared based on details furnished by suppliers in GSTR-1, GSTR-5, and GSTR-6, as well as data received from the ICEGATE system (Indian Customs Electronic Gateway). Since GSTR-2B is generated from these sources, it does not include TDS and TCS details.
Fetch GSTR-2B Transactions from GSTN
Prerequisite: To fetch and reconcile GSTR-2B, you must enable API access for Zoho ERP in the GST portal.
To fetch the GSTR-2B transactions form the GST portal:
- Go to Accounting on the left sidebar.
- Click the Filing & Compliances dropdown in the module bar and select Taxes & Filing.
- Select the return period for which you want to generate the return under GST Summary for.
- Click Fetch Summary next to the GSTR 2B return.
If your GST session has expired, a pop-up will appear. In the pop-up:
- Click Generate OTP.
- Enter the OTP sent to your registered mobile number or 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 is fetched from the GST portal, you can view all the fetched transactions in the Overall Summary tab. In the Reconciliations tab, Zoho ERP automatically categorises the transactions, and you can take action on them using the Action dropdown.
| Tab | Description | Action |
|---|---|---|
| Missing in GSTN | Transactions present in Zoho ERP but are not available in the GSTN. | Click Add to GSTN to move the transactions to the Matched section |
| Missing in Zoho ERP | Transactions not present in Zoho ERP but available when GSTR-2B transactions are fetched from the GSTN. | Click Create and Match to create a new transaction in Zoho ERP and move it to the Matched section. |
| Partially Matched | Transactions in Zoho ERP that partially match those fetched from the GSTN. | * Click Accept to move transactions to the Reconciled tab. * Click Modify and Match to modify the data in your Zoho ERP account. |
| Matched | Transactions fetched from the GSTN that match transactions in Zoho ERP, including those you’ve manually matched. | - |
| Reconciled | Transactions pulled from the GSTN that match with transactions in Zoho ERP. | - |
Note: The Accept option appears only for transactions under Matched and Partially Matched. It is not available for transactions under Missing in Zoho ERP.
Regenerate GSTR-2B
Note: If GSTR-3B for the previous return period is not filed, you must file it before regenerating GSTR-2B for the current period.
Scenario: ABC Traders has not filed GSTR-3B for November 2024. When they try to generate GSTR-2B for December 2024, the system shows an error. Once ABC Traders files the GSTR-3B for November, they can regenerate the GSTR-2B for December and continue with reconciliation.
If there are changes to records in the Invoice Management System (IMS) after the 14th of the month, regenerate GSTR-2B to reflect the updated information.
Zoho ERP allows you to regenerate GSTR-2B multiple times for a return period. There is no limit on regeneration before filing GSTR-3B. Regenerate GSTR-2B only when there are changes to the actions taken on transactions.
To regenerate GSTR-2B:
- Go to Accounting on the left sidebar.
- Click the Filing & Compliances dropdown in the module bar and select Taxes & Filing.
- Select the return period for which you want to generate the return under GST Summary for.
- Click View Summary next to the GSTR 2B return.
- Click Regenerate in the top right corner.
If you are a QRMP taxpayer, you can generate GSTR-2B only in the last month of the quarter.