In 2017, India moved to the Goods and Services Tax (GST) with an aim to convert the entire nation into a single market. The indirect tax imposed in India on the supply of goods and services, replaced existing multiple taxes levied by the central and state governments. With GST, came E- way bill, a unique document/bill, which is electronically generated on movement of goods from one place to another, either inter-state or intra-state and having value more than Rs.50,000.
While the move benefitted many, it came with its share of problems. One of them being the compliance work. Companies with large transactions were practically unable to manage the data for monthly return filing and e-way bills and sought an easy and affordable solution to the problem.
This is where Masters India – a licensed GST Suvidha Provider came to their rescue. The company ensures that compliance effort is reduced while compliance reaches highest accuracy with its GST and E-Way bill solutions.
Speaking on the same, at the recently held ‘Elets National Manufacturing innovation Summit’ in Delhi, Nishank Goyal, CEO, Masters India, said that E-way bills became an operational nightmare for many companies, as a tiny mistake in data meant penalties worth lakhs for the taxpayer.
“We have various solutions for enterprises. Starting from simple GST verification APIs which one can use to ensure vendor and buyer data master is correct. This is the first step to ensure that the taxpayer details are correct and in compliance with GST requirement,” shared Goyal.
“We have built our solutions around GST and E-way bill which works as standalone solution and also integrates with any ERP, be it SAP, Oracle or Microsoft. Most of our customers are using SAP and they have decided to choose us over other solution providers because our APIs are SAP certified and being a qualified GSP, we bring proven GST expertise with us,” Goyal said.
He elaborated how Masters India helped companies which were using excel for GST to create Tax documents, despite having companywide ERP implementation. He highlighted the fact that lot of tax departments were clueless and confused as to who was doing what and if these tax documents were being added in monthly filing or not.
The CEO added, “Therefore, we also went on to develop an invoicing and inventory solution which enables different departments to create their own custom tax document, while offering tax department access control.”
Masters India works with three mindsets:
- Work should be reduced
- Work should become easier
- High accuracy should be achieved as it is the paramount in case of compliance
“We have implemented our solution in various companies. Starting with Global Specialty Chemical Company having plants globally. They have very large volume of E- way bills to be generated, however they did not wanted to increase the manpower. That was not only because of the cost but they realized a simple mistake at 2 am (at night) could mean lakhs in penalty. Plus the shipments could be delayed if the e-way bills were not created on time. So they were looking for complete automation and that we delivered,” Goyal shared.
Goyal further shared case studies where Masters India solved GST and E-way bill compliance for other companies. One of them is a very large e-commerce company. It had millions of invoices coming in from thousands of suppliers. They did not know if they were filing returns. Masters India gave them GST return filing solution which enabled them to identify which supplier was filing return on time and if yes, then how many invoices had been filed in that return.