Udyog & GST

Udyog & GST

enComply is a new tax returns offering tailored to the GST and it is offered by Udyog which is a leader in Indirect Tax in India since 1993. While enComply will take care of the needs for compliance, Udyog is updating and refining both iTAX and Visual Udyog for the new GST era. These products when used with enComply provide a cost-effective solution to make a business GST ready, which will allow your business greater control over its business and tax specific data. Making this transition will be the first step in gaining more insights from your sales and purchase data.

Visual Udyog is a powerful ERP for any size business which also provides business process and taxation, which is an amazing combination for our 13,500 happy customers. This ERP has a modular approach and modules can be added for different offering such as order amendment, multi-company reporting, VAT/CST, Services Tax, TDS, which means the offering can grow as your business grows.

iTAX is a powerful tax bolt on which gives a business the ability to automate transactional taxes, track input tax credits and provide insightful analytics to its users. This solution offers users the ability to maintain information about invoices and reports for taxes for each state, credit and set off management, business rules and a powerful calculation editor which can be used for special situations for your business.

 GST filing, TAX, ERP software, Asset mangement

With our powerful enComply offering for returns you will want to consider our other products because these will allow you to manage your businesses tax needs in the new GST. While compliance is a key piece of the GST puzzle so is the ability for you to enforce tax treatments and make sure you can create the accurate tax data for the GSTN. This is where our existing solutions come into play. These solutions have been happily keeping businesses up to date, on time and headache free for years.

Visual Udyog is a great ERP for your business which combines business automation, process automation and tax automation all together into a single package. As Visual Udyog is a modular software, you can customize it to your needs and it can grow with your business. Many of the processes which were engineered to work under the old regime with its separate tax systems such as VAT, CST, Excise and Service Tax are presently being re-engineered to work under the GST.

For example, many of the masters which you are used to will be updated to reflect new information for the GST. Similarly, there will be transactions and reports which will be updated and added for the GST. For example, going forward Visual Udyog will have reports specific to the GST returns as well.

These updates change changes will ensure the product will continue to help run your business by providing efficient and cost effective:

  • Business intelligence
  • Financial Accounting
  • Sales and Marketing Support
  • Inventory and Order Management
  • Production Management

Visual Udyog can help a manufacturer raise and order, check stock and inventory and then make sure there are updates to registers and ledgers as needed. Also, it will make sure the tax consequences under the GST are taken care of.

Where your business will gain is when you link these products with enComply. Going forward with the GST, the challenge for the businesses will be creating correct, timely and complete data for invoices and the GSTN. Consider that when you submit information to the GSTN for GSTR-1 for outward transactions your business will need to have first segmented invoices along these categories:

  • B2B
  • B2C Small Supplies
  • B2C Large Supplies
  • Nil Rated Supplies
  • Exports
  • HSN/SAC Summaries
  • Credit and Debit Notes
  • Advanced Tax Paid
  • eCommerce Invoices

Each of these categories will requires different pieces of information. When you utilize solutions like ours which keep these regulatory changes in mind then you can have places for the data to be stored and reported against as the transition occurs.

This ability to map data from between our solutions allows the tax relevant data to be moved based on the schedule you want. Also, tax relevant data for the purchase side for input tax credits will need to make the return journey into Visual Udyog so it can be used to update ledgers and manage the Input Tax Credit liability going forward.

Some of our customers have chosen the route of iTAX which provides the ability to use their existing ERP but offload the thinking to our solution. Again like with Visual Udyog, our iTax solution compliments your business and takes the guess work out of the tax and gives you repeatable processes and procedures you can create for the taxation. iTax can be configured to add missing data to the tax data to help calculate and process taxes accurately, we call this feature Delta Capture, and this can be crucial to inserting data which might not yet be in the ERP or source system but is necessary for the GST.

When dealing with a complex area such as taxation, it is important that you create a set of rules to apply to ensure the proper tax treatments are applied. The maintenance effort required to update and maintain these rules across multiple systems can be costly and time consuming especially in a fast moving area like taxation. Therefore, centralizing the rules in a system like iTax provides your IT and tax professionals comfort because now the work is located to one place. Combine this with the ability to have the data updated easily and missing data completed this saves time, money and effort for your IT and tax teams.

When the tax data is ready, enComply is ready to upload, transform, create returns and submit data to the GSTN.

Again we have provided a way to create the data which is critical for efficient GST processing through our solutions.

If you are looking to invest in an ERP or migrate to a new one, the Visual Udyog could be a good choice for your business. If you have an ERP or multiple systems then iTAX could provide an answer to your tax challenges. Finish with enComply which is a SaaS GST compliance offering which can allow you to collaborate with your tax partner on a single secure data platform. This can give you a complete tax processing lifecycle from the start of the tax liability when the sale is made to the completion when you file your annual return for the year.

When these products come together your business is ready for a data driven tax like the GST.

by Anil Kuruvilla.

He is an international Taxation Expert and Chief Content Officer at Adaequare (Parent company of Udyog Software).