The taxation system can be complicated due to inherent variables such as the network of supply, consumption that varies across the nation, commodities & services. These can get even more intricate when we add Business to Business and Business to Consumer trade. Businesses will find it harder to grasp and comply with the new indirect taxation system due to the complexity and scrutiny that the system brings along. Some of the common compliance concerns by the businesses include submission of at least two monthly returns, registration regulations, ITC ailment restrictions, complicated refund procedures to list a few.
TaxGenie, a Mumbai-based application service provider, has made considerable progress in assisting firms trying to comply with tax regulations. Rakesh Dube, Founder, and Managing Director of TaxGenie wanted the company’s core expertise to allow its clients to create a filing system that makes GST compliance simple, stress-free, and straightforward, thus allowing businesses to concentrate on their core value creation.
GST compliance: Tax Genie’s Remarkable Services
TaxGenie is a company that provides products, solutions, and associated services to its customers who in turn raise invoices on their customers, which also includes the tax component that they collect on behalf of the Government.
GST compliance services are amongst the many services offered by TaxGenie that assist corporations and small businesses to file returns on time and to claim the entire permitted input tax credit. The company works with firms to assist them to unearth any input tax credits that may be missing from their ledger, allowing them to improve their working capital.
The firm has been continuously innovating in this space to provide value-added services to its customers such as a special engine for Banking customers that assisted in determining GST due, recognizing input tax credit, and managing invoices. This solution combines all raw income and spending data from CBS (Core Banking System) and other peripheral systems which are analyzed and create invoice numbers according to prescribed logic. Additionally, it also reconciles the raw inputs with invoice numbers and is processed in Tax Genie’s GST compliance platform for the filing of GSTR1 and GSTR3b returns. The complete cycle takes a few minutes and additional benefit tax invoices created outside of CBS (Core Banking System) are further emailed to consumers.
The firm also developed a technological solution that extracts all data from record systems such as ERP (Enterprise Resource Planning), accounting, and so on. Recon++, a unique feature of TaxGenie products, identifies all causes of mismatches, corrects them, and conducts an in-depth study to avoid costly mistakes made when gathering vendor information.
From a CFO perspective, Clean transactional data, and clean master data in Accounts Payable/Accounts Receivable, each vendor’s compliance history, and up-to-date accounts payable/accounts receivable in the ERP of any business, are a few absolute pre-requisites. Furthermore, GST Compliance issues can cost an enterprise both from a regulation and reputation perspective. TaxGenie strives to be a one-stop-shop for all compliance-related issues for CFOs.
The Tax Intelligence Platform (TIP)—is a comprehensive suite of indirect tax software that includes analytical tools, frameworks, approaches, and insights. This solution by TaxGenie enables firms to acquire quantitative insights and visibility into compliance status, operational efficiencies, and possibilities, resulting in actual financial benefit for the tax department and the entire company. MIS solutions are created with the problems and opportunities with GST in mind. The solution is built on the AWS Cloud platform, which is certified, and it makes use of other critical technologies like machine learning and predictive capabilities to enable scalable, real-time data analysis.
Services offered by TaxGenie have transactional and analytical benefits, for example, TaxGenie ensures E-filings are accurate and any open items are reconciled on time. The root cause analysis together with data analytics to find abnormalities, eliminate mistakes, and improve return quality outside of ERP.
Simply put, Taxgenie can add value at each step in the GST lifecycle and beyond as below
- Overview and assurance of GST compliance at the entity and group level
- Timely assessment of risk (underpayment of GST, claiming excess ITC),
- Opportunity areas (excess payment of GST, input GST recovery)
- Effective use of working capital (accelerate ITC, reduce refunds).
This gives analysis about the business ecosystem from key and critical areas namely, purchase, receivable, and compliance which helps the key business stakeholders, (CEO, CFO, Head of Departments, Business departments) to take sensible data-driven decisions. TIP analyses the Spend for Purchase cycle, GL, budget, supplier 360 degrees, KYS (Know your Supplier), GST compliance, etc., Receivable Analysis (E-invoice, receivables, Payments, etc), Compliance analysis (Supplier compliance, Supplier Rating, filing patterns, etc.) and the Eway Bill Analysis (Route analysis, Eway Bill summary, eway bill generation issues, etc.).
The solutions help key business stakeholders to get answers to the following:
- Gain visibility and control of spend
- Improve accounts payable efficiency
- Manage to spend across multiple locations
- Minimize supplier risk
- Manage and automize tail spend
It also helps suppliers:
- Minimize supplier risk
- Accelerate payments
PayInvoice: A Feather in Cap of Solutions
Several suppliers and purchasing agents are wanting faster and simpler access to information in today’s ever-changing industry and are very much keen to conduct business in real-time. These firms still spend a considerable amount of time bringing on new suppliers, responding to basic supplier inquiries and executing other manual processes related to invoice data entry and invoice discrepancies after deploying invoice processing automation systems.
Therefore, the company launched PayInvoice to provide self-service capabilities through a web-based supplier portal or vendor portal software may cut supplier onboarding time. It would thereby eliminate the supplier questions and invoice discrepancies, and free up staff time to focus on higher-value tasks.
Rakesh’s Take on the GST Business Precautions
Rakesh Dube has over 20 years of experience working with Fortune 500/FTSE 100 customers through blue-chip consulting firms in developed nations. Rakesh has put together a top leadership team with combined expertise of over one hundred years. While concurrently strengthening its digital solutions, TaxGenie continues to learn from professional clients and CA firms.
According to Afzal Modak: Ex-GE Senior executive (Mentor, Investor), TaxGenie is a likable company for three reasons:
- It is a data-rich company that provides insights to clients by touching every business transaction.
- It is a noble cause that improves compliance and digitization of Indian commerce.
- It makes taxation simple for a wide range of businesses, from large enterprises to small and medium businesses.
Ravi Venkatraman who was Mahindra finance Group CFO and ED and recently joined TaxGenie as part of management explained in an amazingly uncomplicated way, Taxgenie is a Compliance Plus Solution.
It not only ensures adherence to all the requirements of GST across Industries but also facilitates compliance by players in the supply chain, especially the MSMEs
Mr. Rakesh Dube also addressed the problems and opportunities that arose because of the Goods and Services Tax (GST), which was implemented in July of 2017. After the implementation of GST, the landscape of indirect taxes in India completely transformed. When asked to compare the positive and negative side of GST, Rakesh said, “The positive impact is the digitalization of entire business ecosystem leading to transparency which is also helping in reducing fraud businesses whereas on the contrary government systems are not completely mature to manage 100% transparency.”
Empowering the Workforce
TaxGenie stands by the motto: “Together. We Are!” The company and its employees stand by each other as they believe at the end of the day, everything is about the people. It considers them to be a part of an important ecosystem that helps to thrive for the betterment of the industry.