Cracking the GST Puzzle:
Four Challenges - One Solution !
It’s a fact, entrepreneurs have spent the last several months trying to figure out the Indian government’s GST return filing processes, but many of them may be somewhat confused and hassled.
The technically complex design of the GST returns process assumes every businessman in the country is an experienced accountant and businessmen have nothing better to do (such as running their businesses) than fill out multiple GST forms in the form of puzzles every month.
CHALLENGE 1: —————–
Incorporating Multiple GST Slabs, Multiple Service Codes, and Multiple Origin/ Destination states make the GST compliance cumbersome. The more the SLABS, the more complex the forms and processes get, and the more discretion the authorities get to tinker around. So changes are made to slabs more often.
LOGO’s GST Solutions intelligently populate the right slabs, right item/service codes from its database as per requisite products or services, so that companies avoid human errors in referring to slabs manually.
CHALLENGE 2: —————–
GST returns are too complex. The government has an ambitious plan of tracking every invoice for every transaction for every business in the country and matching the GST collected and paid, every month. While this may be a dream for the tax department, it makes life super complicated for companies, many of whom have never done such an exercise their entire lives.
LOGO’s GST Solutions have predefined forms and process to file GST returns in 100% Compliance with the GST laws of India, making it SIMPLE for your company, from billing to filing.
CHALLENGE 3: —————–
Right now companies have to file three returns a month, every month, with multiple complicated entries that have to be matched with every buyer and seller you did business with. This pushes up the cost & effort of compliance in the company.
LOGO’s GST Solutions reduce cost and effort of compliance- When you enter your invoices within the LOGO ERP or DNMS, the computation of taxes and returns is fully automated. That means less dependence on people, lower manual effort, & lower costs of compliance for the company. Automation also helps in eliminating the indirect costs due to ‘human data entry or computation errors.
CHALLENGE 4: —————–
GST will make supply chains more efficient, but the drawback in the current implementation is that it makes supply chains vulnerable to upstream compliance-related disruption. Your companies’ suppliers and partners also need to be GST Ready.
LOGO’s GST Solutions automate your Extended Enterprise. DNMS manages the daily operations of field sales teams and distributors with 100% GST compliance capability across the multiple tiers of distribution network.
The GST reform, when fully in place, can make India more competitive in the world. There is also a solution in form of GST compliant ERP and Distribution Management Software, especially cloud based software platforms like ‘LOGO Jugnu ERP’ and ‘LOGO Vira DNMS’ which lower the cost of implementation, at the same time make it easy for use for the company and extended enterprise.
As per the latest IDC reports LOGO is the second-largest software company in Turkey with 24% market share by the far the biggest player in the fastest-growing SME software segment. As one of the fastest growing companies in the industry with more than 800 dealers and an extensive network of distribution channel, more than 85,000 companies are actively using Logo products. Logo’s products are customized in several languages, business practices and legislations of numerous countries in Europe, Middle East, Africa and Asia to meet the user needs, through authorized business partners or fully authorized distributors.