Tally Solutions participated in the national conference on GST- Unresolved Issues and Agenda for the New Government organized by ASSOCHAM. The conference discussed on the unresolved issues under GST and took inputs from the trade and industry leaders on various aspect of GST which will be submitted to the new Govt. Adding value to the ongoing discussion, Tally Solutions spoke on the key elements of GST simplification and active usage of technology in GST.
Tally Solutions has been closely associated with ASSOCHAM, one of the apex trade associations of India, for many years. With a focus to make SMEs technologically superior and provide innovation for their businesses to prosper, Tally is continuously innovating its product to make it simpler, faster, reliable and flexible.
Speaking at the conference on the GST simplification and role of technology Mr. Kapil Chopra, DGM, Certified Partner Business said, “The simplified GST return framework aiming to further reduce GST complexities is a very welcoming move by the council. Allowing continuous upload of invoices for the supplier and real-time viewing of those invoices to the buyers will make validating the data and filing returns extremely simple. The thing to be noted here is that technology will play a crucial role in this simplified framework. SMEs will have to adapt the right technological solution to derive the maximum benefit and increase the business efficiency. One of the most crucial aspect for any business is to be fully compliant by adhering to multiple GST regulations and it becomes extremely difficult without technology. With GST progressing on the path of technology, the software industry also needs to work towards creating the technology that supports SMEs in their growth.”
He further shared his insights on input tax credit in the latest simplified return. Elaborating on the same, he added, “The implementation of GST has increased the indirect taxpayer base, removed the cascading effect on tax and helped businesses grow. However, the new condition provided in the simplified return format on the Input Tax Credit will hamper the working capital and profitability of the business especially the SME sector. Penalizing the buyer for non-compliance of the supplier is unfair. This will discourage the businesses from being transparent and may lead to keeping the transaction outside the purview of GST by using other tax evasion routes.”
Tally reached out to over 100 businesses at the conference. The company highlighted how technologically advanced business solutions can enhance the daily operations of businesses thereby increasing the efficiency and productivity of the overall business. The zone saw active participation in understanding the product and benefits it brings in terms of simplicity in business management.
Some of the other key discussions at the conference focussed on international best practices on GST, GST agenda for the new Government, important industry issues under GST and upcoming compliance & challenges under annual returns & audit.