Return Summary (GSTR-2) in TallyPrime: Explained in 5 Easy Steps

Feb 28, 2024

—

by

While GSTR-2 filing is currently suspended, understanding the “Return Summary” within TallyPrime can be beneficial for future compliance or preparing for potential future changes.

Here’s what you’d encounter:

Table of Contents

1. Accessing the Summary:

Go to Gateway of Tally > Display > Statutory Reports > GST Reports > GSTR-2.
Select the relevant Return Period (year & month/quarter).

2. Summary Overview:

The Return Summary offers a concise overview of your purchase transactions and related ITC claim for the selected period. It’s similar to the GSTR-1 Returns Summary, but focuses on purchase data instead of sales.

Here’s a breakdown of what you might see:

3. Return Period:

Displays the month/quarter selected for the GSTR-2 report.

4. Purchase Information:

1. Total Purchase Value:

This represents the total value of all your purchases during the period, categorized as:

Taxable Purchases: Purchases attracting GST (excluding exempt, nil-rated, and non-GST supplies).
Bill-wise Breakup: Provides further details on individual invoices (might not be visible in older TallyPrime versions).

2. Input Tax Credit (ITC):

This section depicts the total ITC claimed on your taxable purchases, categorized as:

CGST: Claimed credit for central tax portion.
SGST/UTGST: Claimed credit for state/UT tax portion, depending on the supplier’s location.
IGST: Claimed credit for IGST on inter-state purchases.

5. Reconciliation Status (if applicable):

This section might be available in newer TallyPrime versions and displays the reconciliation status with your GSTR-2A statement. It would show:
- Matched: Transactions matching supplier-reported details in GSTR-2A.
- Unmatched: Transactions with discrepancies requiring investigation.

Benefits of Reviewing the Summary:

Provides a quick overview of your total purchases and claimed ITC.
Helps identify any inconsistencies that might require further analysis.
Can be used for preliminary preparation before filing GSTR-2 (once reintroduced).

Important Note:

As GSTR-2 filing is currently suspended, this information serves as a general understanding and might not be accessible in older TallyPrime versions.
Always consult a qualified accountant for official guidance and updates on GSTR-2 filing procedures and requirements.

Remember, maintaining accurate purchase records and claiming ITC correctly are crucial aspects of GST compliance. Utilizing TallyPrime’s features effectively can contribute to smoother GSTR-2 filing when it resumes.