Technology-assisted compliance is not a new concept in India. Not only does it help save time and cost, accuracy has gone up another notch. But, why will technology play a pivotal role in GST implementation and administration from both a government and business perspective?
Software is your buddy: Basic things like invoice filing, input credit calculation, state level calculations, ledger and party reconciliation – all will depend on your software.
Your customer becomes the sales tax officer: Now on, your customer will receive credit only after you pay GST, which means any delay from your end and he comes breathing down your neck if you default.
Time is money: Prior to GST, returns needed to be filled either on a monthly, quarterly or bi-annual basis. Now on, get ready to file them three times a month! Businesses with high transactions will have to be on their toes to ensure that these timelines are adhered to.
Transactions are returns: There is practically no manual work needed in terms of filing. All you basically need are transactions in order to upload sales and invoices.
GST compliance does not end at an organisational level: July onwards, businesses will no longer be able to claim input credit on purchases. Additionally, supply chains could get disrupted if dealers aren’t compliant from their end.
To know more visit www.exactgst.com