How Technology is Helping in Managing GST Compliance?

Goods and Services Tax (GST), a major reform in the field of indirect taxation, was implemented almost 3 years ago and the technology vertical appears to be still in the growing stage. The GST laws are getting structured and reformed with each GST Council Meeting in order to make them more feasible. And, this is evident that managing GST compliance is very much dependent on technology.

All the key aspects starting from generating e-invoices, GST registration till filing of the return, raising of e-waybill, filing of the refund claim, etc. and the inter-relating all these aspects on the PAN India basis is dependent on the technology.

Digitalization has outlined the need for technology in managing GST compliance. However, even after all the efforts made by the government, enterprises are still facing issues with GST, e-way bills, and e-invoicing. So, here is why technology becomes important to covers all the pain points related to GST compliance –

Challenges Related to GST 

1. Handling a large number of transactional data.
2. Reconciliation of GSTR-2A and Purchases.
3. Credit reversal if payment is not made within 180 days from the date of issue of the invoice.
4. Availing accurate Input Tax Credit.
5. Amendments in GSTR-3b in case of errors due to human intervention.

Challenges Related to E-way Bill

1. Request for change in delivery location by the recipient.
2. Expiration of e-way bill or time of e-way bill extension exceeded.
3. Tracking of the consignment by the parties involved.

Challenges Related to E-invoicing

1. Canceling, changing, or partially accepting the goods for which e-invoice was raised.
2. Errors in e-invoice data due to human intervention.
3. Handling a large number of transactional data.
4. Request for splitting an e-invoice into two or three parts by customer.

With the GST complexities likely to persist, it is important to bring technology to ensure effective and timely GST compliance for better GST, Governance, and Growth (GGG). The role of technology is therefore inevitable in overcoming these above-listed challenges and bringing standardization, harmonization, and compliance to businesses.

How GSTrobo® can Help in Managing GST Compliance?

GSTrobo®, a division of Binary Semantics is one of the leading ASP- GSP realized the changing landscape of compliance and introduced GST compliance solutions such as GST, e-way bill, and e-invoicing software and applications. These solutions are created under the strict supervision of financial and technological experts that enables enterprises with better growth and governance under GST.

Key Benefits of GSTrobo® Software

1. Easy Integration and Deployment
   Seamless Integration with all the leading ERPs such as SAP, Oracle, Microsoft Navision, etc. And does not requires any additional hardware or software for integration.
2. Customizable
   Flexibility to customize as per the requirement of enterprises to ensure maximum governance and growth under GST.
3. Cash Flow Management
   Reduces cash flow mismanagement by paying taxes on time and proper reporting. Thereby ensuring efficiency in compliance cost.
4. Reduced Errors
   More than 200 data validation checks to eliminate duplicity and ensure factual precision.
5. Robust Reconciliation
   Robust reconciliation module for finding discrepancies in ITC claimed and reporting done by the supplier. Thereby, ensuring 100% accurate ITC claim.
6. Risk Management
   An intelligent dashboard that provides a compliance overview to detect tax risk and ensure tax efficiency.
7. Secure and Reliable
   ISO, VAPT certificate, and 2-factor authentication on HTTPS secured gateway ensuring safety and security.
8. Compliance Alert and Notifications
   Automated reminders to ensure compliance is done on time. Thus, achieving efficiency in compliance cost.

Our GST compliance solutions have enabled enterprises to comply with the provisions of GST effectively and efficiently.