Vayana Network launches VICAS to make GST transition smoother
The GST environment once implemented requires a monthly filing procedure to meet compliance and organizations have a timeline of a week to 10 days at the most to submit their invoices and manage reconciliation. And that is where the biggest challenge in operations is set to arise. Every organization based on the activities that it executes is required to file a set of GSTR out of the 12 GSTRs listed by the GSTN. The number of GSTRs to be filed can range anywhere from a minimum of 3 to all 12. The challenge in this is not just the number of GSTRs that need to be filed but also the fact that these needs to be completed within a stringent time frame of 7 days. With this time line comes the jump in the workload along with an increased possibility in errors during filing.
Beyond the challenge that the number of GSTRs to be filed presents, there is another challenge that comes with reconciliation that directly impacts the Input Tax Credits that an organization receives. The GSTN dictates that the invoices uploaded by the buyer and seller need to match for the buyer to be able to claim Input Tax Credits; which have a direct impact on the working capital available with the organization. The filing process also has a period dedicated when organizations are alerted of any inconsistencies and they need to be corrected before filing again. All this within the time of 7 days. And as the number of places of work of an organization increase, the number of location for which this process needs to be managed also increases.
The sheer volume of invoices that an organization needs to manage in 7 days makes this task seem like a mountain that cannot be scaled. To help organizations meet this scale, Vayana Network has built a solution that enable continuous matching of invoices; Vayana Invoice Confirmation and Acceptance Service (VICAS). VICAS comes with a continuous dashboard that buyers and suppliers can update collaboratively and detect any discrepancies at an invoice and line item level. This solution allows organizations to manage invoice matching with their suppliers in real time throughout the month enabling the management of reconciliation even before the invoices are submit for return filing on the GSTN. Given that around 20% of invoices do not reconcile for a variety of reasons in normal trade, the resulting impact is reduced errors in submissions and higher confirmation in the Input Tax Credit that the organization is likely to receive in that particular month. Organizations are then in a better position to map their working capital.
Briefing about the VICAS dashboard to Express Computer, Sanjay Phadke, Head – GST, Vayana GSP said, “It is our offering in the direction of making Vayana Network an end to end partner on GST compliance. The dashboard would be particularly useful to all those companies with large number of invoices to be raised every month. VICAS is a result of years of our experience in the field of invoicing thus ensuring that we address practical challenges likely to be faced by our clients immediately. The uniqueness of this dashboard lay in its simplicity. With so much uncertainty prevalent among businesses currently, VICAS will hand-hold the user in resolving issues. Services offered by Vayana Network provide the ability to proactively comply with GST regulations as well as ensure that their working capital is not impaired”. –
Read more about VICAS at: http://computer.expressbpd.com/news/vayana-network-launches-vicas-to-make-gst-transition-smoother/21710/#sthash.DswxSXEQ.dpuf