GST and Income Tax automation
After a decade of debates, varied opinions and amendments, India finally implemented GST, which is a historic move by the government of India. The “One Nation, One Tax” was the core reason for the GST rollout. With GST in place, every enterprise that deals with a large number of inward and outward invoices must think to automate their GST compliances. GST automation plays a vital role in case if there is an error due to human intervention, as the enterprises have to face the consequences under GST that consist heavy penalties as well as scrutiny of returns.
Automation helps to enhance your business by welcoming new processes and new approaches. It increases the efficiency of the CFOs and their team, allowing them to complete the work faster than expected. GST automation allows the companies to file a return with ease and reconcile data with ease. Gone are the days when handwritten ledgers worked, today with thousands of companies and each having multiple business units, doing everything manually will never allow them to finish the work.
Today CFOs are noticing the speed and quality offered by automation; in the Oxford Economics study, “How Finance Leadership Pays Off”, 73% CFOs said that automation is improving their function’s efficiency.
So, this is a call to all the CFOs to automate GST the indirect taxes on the goods & services and enable your teams to work more efficiently and smartly. It is time to digitalize your process and make your teams and companies efficient.