GST, an abbreviation of Goods and Services Tax is a comprehensive tax levied on goods and services available across India. Unlike taxes like service tax and VAT which are indirect taxes, GST is a unified and direct tax. The GST rates for different products and services are different and are revised time after time.

Under GST, businesses have to register to get a unique PAN-based ID will have to comply with the requirements thrice a month, by filling up the forms GSTR-1, GSTR-2, and GSTR-3. GST can be filed online easily.

Are You GST Ready?

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.

The form GSTR-1 is one in which businesses are required to be provided with the necessary details for their outward supplies. Outward Supplies cater in meaning to all the all supplies comprising of sales to various businesses, customers, exportation, receipts from consumers, so on and so forth.

The form comprises of multiple tables, in each table the particular business has to provide various details in diverse styles.

We must first understand what GSTR-2 is. Form GSTR-2 is a statement in which a regular dealer needs to capture all the inward supplies made during the month. Broadly, all the inward supplies from registered businesses, including the supplies on which tax needs to be paid on reverse charge are required to be captured at the invoice level to file GSTR-2.

GSTR-2 filing does not require one to declare all the details of inward supplies. Most of the details in GSTR-2 is auto-populated, based on the outward supplies declared by one’s suppliers in their returns.

What Is GSTR-2?
GSTR-2 is quintessentially a form which is required to be submitted to gain “Return for Inward supplies for a tax period” by every Indian who are registered and taxable for a particular month.

Who Needs To File It?

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.