Mr. Finman is a dedicated professional who abides by tax laws in a timely and accurate manner. On the 21st of every month, he is supposed to generate enough cash to adhere to the Govt. compliances and pay taxes for his company whose monthly turnover is Rs. 500 crore.
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Incorrect claiming of ITC due to mismatched transactions
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Impact on working capital crunch every month
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Impact on working capital crunch every month
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Hunting for more cash to improve cashflows
Take a look at Mr. Finman’s challenges
He met other Finman and came across that these hitches are not just his but industry challenges too
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ITC reconciliation and Master validations is a major challenge. Around 27% of the taxpayers face 30% blockage of ITC
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12-15% of the vendors still file their returns late. 40% of the taxpayers claim that their cash flows are impacted by more than 10% due to non-compliance by their vendors
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Accounts payable is still a challenge as major working capital is blocked due to vendor non-compliance
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85000 crore per annum impacts corporate due to incorrect posting of Invoices. HSN validations and disallowance (e.g.:- Capital goods )
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Taxpayers are apprehensive about facing scrutiny from the tax officials relating to their ITC claims
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GSTR 9C – Book v/s returns is still a manual process
Explore ways to help businesses get the most of their input tax credit by automating various processes and achieve digital transformation.
