How we Revolutionized Reconciliation for a Leading Indian Online Home Services Marketplace: A GSTR-2B Success Story
Background:
The Client, a marketplace, operates on a unique business model that revolves around providing a range of services including housekeeping, appliance repair, beauty treatments, cleaning, plumbing, carpentry, and painting, among others. The client offers a convenient platform for customers to browse and book services seamlessly. One of the major players in the online home services marketplace in India was facing major problems in preparing GSTR-2B reconciliations. Their team lacked expertise in handling large amounts of data and so they availed Acupro’s help in dealing with their reconciliation problem.
Issues involved:
With an objective to solve reconciliation problems the client partnered with Acupro for a strategic initiative for handling reconciliation with big data. Acupro identified following issues that needed solving:
· Reconciliation of GSTR-2B
· Setting up a standardized way of maintaining the purchase register
· Reconciliation of Input claimed in GSTR-3B and input in books of accounts.
· Inter location booking of input.
· Input booked in wrong head i.e. CGST/SGST instead of IGST and vice versa
· Unavailability of personnels with experience in preparing GSTR-2B reconciliation in the company.
· The company was facing problems in preparing GSTR-2B reconciliation correctly before the due date of GSTR-3B.
How we helped:
Acupro put together a team of experts who worked together with the management of the
client and solved all of the listed issues. The team achieved the following :
· Obtained detailed understanding of the business of the client.
· Took control of the balance sheet of the client on the date of their onboarding
· Designed a more effective format of GSTR-2B reconciliation.
· Prepared checks for identifying claimable, ineligible input tax credit and input reversal.
· Prepared checks to identify inward supplies required for implication of reverse charge mechanism (Import of services and other than import of services).
· Developed checks to identify wrong booking of input (Inter-heads and Inter-locations) and got the same corrected in books of accounts.
Conclusion:
We were able to help the Client in getting its GSTR-2B prepared more effectively and efficiently. The client was able to get its GSTR-3B filed correctly and timely without any due date hustle. With our expertise, the client was also able to follow compliances in a more effective manner.