GST or Goods and Services Tax have been on the news and the minds of the citizens for quite a while now. If you are a business owner, then GST most likely affects you and is more important to you than anybody else. However, there may be instances when you might need to cancel your GST registration, and that can seem like a very complicated and long drawn out process. If you are planning on closing down your business, or if GST does not apply to you, you might need to cancel your GST registration, and even though it seems like a difficult process, it is fairly simple.

The form GSTR-2 is for businesses and registered taxable individuals who are required to provide their details for their inward supplies. Inward supplies mean all the purchase transactions made by the business or the individual in the stipulated period (mostly one month) and include purchases on which reverse charges (buyers have to pay GST) apply.

The form comprises of multiple tables, in each table the individual or the business has to provide various details. The due date of filing for July and August are yet to be declared, and from the quarter Oct-Dec 2017, businesses with output turnover up to Rs 1.5 crores can pay taxes quarterly.

There are just a few weeks remaining for you to get prepared for the rollout of GST, and out of the many questions you will be asking yourself, ‘what changes should I look for in my system, from my Tax Consultant, or in business processes, in order to better prepare for GST?’, is likely to be at the top of the list.

This article attempts to highlight key expectations and new pain points that are going to emerge in your business due to the upcoming law. These findings surfaced once we refocused our efforts after the constitutional amendment leading up to the GST law. All our work went into identifying new business behavior changes in order to deliver the simplest-to-use GST solution in the market.