India’s tax laws, including GST, Income Tax, and other regulatory requirements, are intricate and dynamic. With India adopting digital taxation measures, tax function has become complex and challenging and Technology adoption is becoming an imperative for the tax function.
There are 2 key drivers for tax function to be nimble, and efficient at all times:
Regulatory compliance & accuracy
Stay compliant with India’s complex and frequently changing tax laws (GST, Income Tax, TDS) while minimizing errors, reducing penalties, and streamlining audits is a key requirement.
Efficiency & real time Insights
Tax functions must execute repetitive complex activities for return filing, reconciliation, and reporting on time, while reducing fraud risks, providing for real-time tax calculations, better cash flow management, and data-driven tax planning.
Tax function in Indian businesses face several challenges, including:
Tailored specifically for Indian businesses, our Technology enabled Tax Solutions help businesses to streamline their Tax functions to ensure better compliance with tax regulations, ensuring accuracy, speed, and efficiency, while minimizing manual effort and eliminating errors.
Proactive, IMS Management
Businesses often struggle with matching supplier-issued invoices with their GSTR-1 records, leading to issues with availing Input Tax Credit (ITC). The Invoice Management System (IMS) within the GST portal allows recipient taxpayers to accept, reject, or keep invoices pending when filed by their supplier taxpayers. Our configurable IMS management solution automates and streamlines IMS management, reducing manual effort and compliance burdens with the following features:
Automated Vendor communication for follow-up actions
Automated Form26 AS Reconciler
Reconciling TCS or TDS between books of accounts and government records (Form 26AS) is often a tedious, time intensive activity requiring tax teams to put in large manual efforts to reconcile voluminous data to identify mismatches and take effective action for resolution. Our Intelligent Form26AS reconciliation solution automates extracting data from Form26AS and organizations books, with the following features
Automated GSTR1 Filing Preparation
Businesses are required to file their sales returns via GSTR1 filing every month/ quarter. This can be a time consuming and labour-intensive process. Delays and errors in the process can lead to late fines, penalties, delays in ITC claims, and non-compliance notices from the regulatory body.
Our configurable Intelligent GSTR1 Filing solution automates the process seamlessly, with the following features:
Automated GSTR2-B Reconciliation
GSTR-2B reconciliation is an essential activity performed by tax functions to ensure that Input Tax Credit (ITC) claims are accurate and in compliance with the Goods and Services Tax (GST) law. Delays and/or errors in reconciling the GST ITC statement with books of accounts can lead to GST credit mismatch, loss of ITC claims, impact on future filings and interest/ penalties payments.
Our configurable Intelligent GSTR-2B Reconciliation solution automates the process of reconciling:
Automated Notification Monitoring and Management
Businesses in India must continually monitor tax portals like Income Tax, GST, AIS, and Traces for important notifications to stay compliant, avoid penalties, and respond promptly to tax authorities. While monitoring the portals and getting notification details seems like an easy task, this is a time consuming and boring activity for experienced tax consultants. Our Intelligent Notification Monitoring and Management solution automates the process of monitoring the different tax portals for notifications with the following features:
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