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December 15, 2020As the GST journey progressed since its introduction on 1 July 2017, it resulted in a year of wrangling and debate whether GST proved to be a game changer or game spoiler. It paved the way for a single national market by merging plethora of central and state taxes into a common, fungible tax making it transparent and easy to administer.
The progressive GST model relies on technology to help make the process secure, smarter and faster. For businesses, this translates into the electronic filing of multiple monthly state-wise returns, transaction-level data upload, numerous reconciliations (revenue reconciliation, reconciliation with vendor details uploaded on GSTN invoice matching) and, at times, complex tax computation.
Technology is inevitable for managing compliances under GST...
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