With a country as large and diverse as India undergoing a major tax reform, it is not unexpected to see massive confusion at all the levels of a supply chain. Be it a manufacturer, retailer or a supplier, every level has questions about the computation of the taxes. With the Goods and Services Tax comes a plethora of compliance liabilities for business entities. A lot of electronic data formatting and calculations need to be done, records need to be maintained, and minute details need to be taken care of. All of this also must be completed on time and to shifting due dates.
Now with a lack of clarity in the market regarding GST, complying with all these necessities mandates that tax payers take the help of a professional to avoid the possibilities of any error or rejected returns. Agreed, that this aids the growth of professionals like chartered accountants, company secretaries, cost accountants, tax consultants, etc., but it also increases the chances of human errors, especially with frequent filing deadlines. Thus, hiring such professionals is not a sure-shot way of filing the GSTR accurately. To overcome manual errors, a very convenient way to comply with the GST norms is using cloud-based automation solutions through certified GSPs (GST Suvidha Providers) or ASPs (Application Service Providers).
Apart from overcoming manual errors, there are numerous other ways in which GST automation simplifies this new tax reform, thereby effectively overcoming the complexities associated with GST:
Reduces audit risk
First and foremost, the automation of GST filing ensures that all the transaction are recorded correctly. A good automation solution will provide defense in depth against error as well as ample opportunity to review and crosscheck results. Thus, the possibilities of a wrong filing of tax become negligible, and hence any errors which could have arisen in the future due to false auditing are entirely avoided.
Manage Input Tax Credits
This story is from the December 2017 edition of PCQuest.
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This story is from the December 2017 edition of PCQuest.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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