“GST is a Technology Tax”, said Shri Arvind Agarwalla, Founder & Global CEO, FACT Software Group, Singapore
Merchants’ Chamber of Commerce & Industry organised a Session on “Ensuring Full Compliance of GST via TECHNOLOGY” on April 25 at the Conference Hall of the Chamber.
The Session was addressed by Shri Arvind Agarwalla, Founder & Global CEO, FACT Software Group, Singapore.
Shri Arvind Agarwalla, Founder & Global CEO, FACT Software Group, Singapore in his address said that Goods & Services Tax is the first tax introduced by the Govt. of India which is designed to support and enhance the technology of a country. However, the problem in GST has come with manual intervention. He suggested to go for a Software in which all the aspects of GST are embedded.
Shri Agarwalla pointed the issues related with GST such as
- Accuracy in entering Sale Invoice
- E-Invoice has many validations
- Billing & Shipping Addresses
- GSTIN Validation
- GSTR-1 Generation (after reconciliation)
- Download GSTR-2B on 11th of month
- Locate Mismatches with Purchase Register
- Chase Vendors to correct their GSTR-1 by 19th
- Vendorsfile GSTR-1 Quarterly / You file Monthly
While speaking on current problems in GST, he mentioned that in the GST Bill customer specification should be incorporated. GST Bill should have Multiple shipping address category to avoid the problem of disprove.
For product validation, mentioning HFC for the product is important. For the business online validation for GST registration certificate is very important.
Shri Agarwalla deliberated that GSTR-1 is simple to generate and process while GSTR-2 is critical to generate and it is time consuming to process.
Shri Yashovardhan Gupta, Chairman, Council on IT & Communication, MCCI in his Welcome Address said that Businesses must make significant changes in their IT infrastructure to enable a smooth transition. The revolutionary Goods & Services Tax Network (GSTN), the GST IT Portal has been at the heart of the GST ecosystem.
He further mentioned that it is serving as a single interface for around 1.5 crore taxpayers’ GST compliance tasks. GSTN provides a shared IT platform to all GST stakeholders and integrates the tax administration systems of the Union and the States.
Shri Sanjib Sanghi, Co-Chairman, Council on IT & Communication, MCCI in his Theme Address said that today with Technology as the enabler, India is making rapid strides in Digital Tax Administration. The Government is continuously investing in enhancing systems and processes and is building a framework where data triangulation is enabled. The Income Tax and GST databases are now integrated, which allows comparison of transactions reported on either platform.
He informed that data recorded in Form 26AS is being compared with GSTR1 filings. E–Waybill filings are triangulated with FASTag data.
Session was concluded with the engaging Interaction.
(This story has not been edited by News Mania staff and is published from a Media Release)
