ClearTax, CII Conduct GST Awareness Workshop For Businesses In Hyderabad - GADGETS & INNOVATIONS


Post Top Ad

Post Top Ad

Friday, August 30, 2019

ClearTax, CII Conduct GST Awareness Workshop For Businesses In Hyderabad

ClearTax’s knowledge-sharing initiatives to make businesses and tax professionals GST-ready

Bangalore based Financial-Technology platform ClearTax, providing solutions for Income Tax filing, GST and Mutual Fund Investments, along with Confederation of Indian Industry (CII) successfully concluded a one day GST awareness workshop for businesses on 22nd August, 2019 at Radisson Blu Plaza Hotel in Hyderabad, to educate businesses on the latest changes that have taken place in the world of taxation around New GST Returns, Annual GST Returns and E-way bill.

Sh.J.Laxminaryana, Additional Commissioner State Tax, Commercial Taxes Department, Government of Telangana was the chief guest at the inaugural function.

The in-depth GST workshop was attended by over 60 companies from across Telangana. The participants were the CFOs and Finance/Tax Heads where ClearTax detailed out its enterprise product suite to address the customer’s issues related to indirect taxation such as:

Annual GST Returns
• Issues related to reporting liability in GSTR-9
• Liability and turnover matches with GSTR 1 but not with GSTR-3B
• Liability and turnover matches with GSTR-3B but not with GSTR-1
• The difference in liability reported in books vis-a-vis GSTR-3B & GSTR-1
• Differences in ITC claimed in GSTR-3B in comparison with books and GSTR-2A

E-way bill under GST
• E-way bill generation through incorrect user IDs
• Inability to track and record the e-way bills generated
• Concerned stakeholders who are not able to utilize e-way bill’s validity period
• Increased risk of penalty being levied due to incorrect documents
New GST Returns
• Continuous reconciliation has become critical
• Need for a tool in place that can help in easy vendor communication
• Amendment of a wrongly locked invoice
• Compulsion to take the necessary actions concerning invoices within the stipulated time in order to optimally utilize ITC and manage his funds

The workshop garnered good response from the participants who had doubts on various aspects of E-way bill, Annual and new GST Returns.

ClearTax has a range of end-to-end solutions for businesses and individuals to make their GST compliance easier. ClearTax has specialized software which understands the GST law and is updated with all the recent developments in terms of compliance regulations. The software uses intelligent algorithms that employ machine learning to match invoices to relevant entries.

Bangalore – August 30, 2019

No comments:

Post a Comment

Subscribe To Comment

Post Top Ad