Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

AVALARA SUCCESSFULLY AUTOMATES GSTR 1 FILING FOR INDIAN BUSINESSES

AVALARA SUCCESSFULLY AUTOMATES GSTR 1 FILING FOR INDIAN BUSINESSES

Pune,About 40 lakh businesses have filed their first GSTR1 for the month of July till 10th October 2017. This amounts to 62% of the total taxpayers liable to file their returns. Making the lives simpler for several businesses and stakeholders, Avalara an experienced Application Service Provider (ASP) provided the compliance automation solution known as Avalara TrustFile GST to its customers for faster and seamless GSTR 1 filing for several companies such as Trimex industries, Elcom, Walter Pack automotive, Mantri metallic, Paranjape autocast and many more.

“All our States Successfully filed (with DSC) the GSTR 1 through TrustFile GST” expressed J Ganesh Pandian in finance department of Lotte India Corporation Ltd. “We thank Avalara for the wonderful support in successful completion of our GSTR1 filing.”

Though there are still hiccups with GSTR 1 APIs from GSTN, Avalara ensured successful data upload and filing for its clients through efficient support and managed service assistance. There are several compliance solutions available in the market but it needs to be the best out of the rest and stand out amidst the complete crowd. Avalara TrustFile GST Solution has emerged as a front runner in the list with its unique propositions, aiming to simplify the GST processes for the Indian enterprises

The next solution will be provided in the form of Reconciliation and GSTR-2 Preparation and Transmission. The Government portal provides a download of transactions in GSTR-2A, and expects users to perform reconciliation manually. Trustfile GST provides a usable extract of GSTR-2A transactions in CSV format that can be used for one-to-one matching of Invoices reported by suppliers, against the Purchases in users’ Books of Accounts.  Additionally, the solution also provides an automated mechanism to save transactions outside of the reconciliation process, in Bulk to GSTN.

William Rau, Sr Director Engineering, Avalara, stated, “The Government Council is fine tuning GST rules and regulations with each meeting as the GSTN continues to make the API updates necessary for GST automation to be possible.  Avalara is meticulously tracking all of the domain and technical changes being made by the Govt to ensure complete and up to date compliance automation for our clients.”

Avalara TrustFile GST is a cloud-based GST compliance solution providing end-to-end solutions and helps businesses of all sizes achieve GST compliance. Since the manual preparation of the GST records not only increases the costs in terms of devoting additional human resources but also makes the data susceptible to errors. Coupled with an additional advantage of prior GST experience (in Brazil and Canada) and Avalara’s experience in serving 20,000+ clients globally, Avalara TrustFile GST helps with complete automation of GST compliances, be it accounting, reconciliation or return preparation. Trustfile GST provides a huge array of benefits, including timely compliance, report generation, comparison of reports, decision making, cost-effectiveness with reduced staff, technical and online support, and more.

Avalara’s unique Pay per Use Model makes it more flexible and easy to use for the compliance professionals. With the new tax regime, there are bound to be new challenges. However, the challenges can be a stepping stone for growth while other businesses still figure out the right way.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post