As businesses across India navigate the complexities of Goods and Services Tax (GST), having the right tools to ensure accurate compliance and optimise tax liabilities has become crucial. With the introduction of GST, managing tax filings, reconciliation, and returns has shifted from a tedious manual process to a more streamlined, automated workflow. Several platforms now offer specialised solutions to help businesses manage their GST data, reduce errors, and stay compliant with changing regulations. In this blog, we will explore the top five GST analysing platforms in India, focusing on the unique services each offers.
1. AuthBridge’s GST Analyser
AuthBridge’s GST Analyser provides a powerful tool for businesses looking to streamline their GST compliance process, reduce the risk of errors, and optimise their tax-related operations. This platform is designed to simplify the often complex process of GST data analysis, helping businesses ensure compliance with the Goods and Services Tax regulations while revealing potential areas for improvement in their tax strategies.
Key Features Of AuthBridge GST Analyser:
- Input Tax Credit (ITC) Validation:
One of the key aspects of GST compliance is ensuring the accurate calculation and claim of Input Tax Credit (ITC). The GST Analyser helps businesses verify their ITC claims, ensuring that only eligible credits are claimed. Performing this validation against the purchase data ensures businesses avoid over-claiming ITC and potentially facing penalties. - Customised Reports and Dashboards:
The platform offers businesses access to detailed reports that break down GST liabilities, ITC claims, and other critical tax data. These reports can be customised to meet the specific needs of a business, offering decision-makers a clear, actionable understanding of their tax obligations. With real-time data visualisation, the platform ensures that businesses have immediate access to relevant GST insights at their fingertips. - Data Integration with Existing Systems:
The GST Analyser integrates seamlessly with a business’s existing ERP or accounting system, enabling automatic importation of sales and purchase data. This integration eliminates the need for manual data entry, reducing errors and saving time. - Audit Support:
For businesses undergoing GST audits, the GST Analyser serves as an essential tool. It provides a comprehensive history of the business’s GST filings, enabling quick access to transaction-level details for audit purposes. This feature ensures that businesses are always prepared for potential audits and can respond promptly to queries from tax authorities.
Why Choose AuthBridge GST Analyser?
AuthBridge’s GST Analyser is built to simplify the process of GST compliance for businesses of all sizes. Its ability to automate reconciliation, validate ITC claims, and generate detailed reports ensures businesses remain compliant while also optimising their GST filings. With seamless system integrations and audit support, businesses can confidently navigate the complexities of GST without the risk of errors or delays.
2. Corpository GST Analyser
Corpository’s GST Analyser is designed to streamline the GST reconciliation and filing process for businesses. It automates the comparison of purchase and sales data with GST returns, ensuring that businesses stay compliant and minimise the risk of errors.
Key Features:
- Automated Reconciliation: Compares sales and purchase data against GST returns to identify discrepancies.
- Accurate Data Validation: Ensures all entries are GST-compliant.
- Custom Reports: Allows businesses to generate detailed, customised reports for better insight into their GST obligations.
- Filing Support: Simplifies the filing process, ensuring timely and accurate submissions.
3. BDO GST Analytics
BDO GST Analytics offers businesses a sophisticated approach to managing their GST data with a focus on providing in-depth analysis and optimisation opportunities. The platform provides businesses with essential tools for GST reconciliation, tax analysis, and compliance monitoring, helping them optimise their tax liabilities and ensure compliance with the latest regulations.
Key Features:
- GST Reconciliation: Helps businesses reconcile their data against GST returns to detect discrepancies.
- Tax Optimisation Insights: Provides actionable insights for improving tax efficiency and optimising Input Tax Credit (ITC) claims.
- Comprehensive Reporting: Offers detailed reports to help businesses understand their tax positions and make informed decisions.
4. ScoreMe GST Analysis
ScoreMe GST Analysis is designed to help businesses manage their GST compliance by providing an easy-to-use platform for GST return filing, reconciliation, and ITC optimisation. The platform ensures that businesses stay compliant with GST regulations while helping them streamline their tax processes.
Key Features:
- GST Return Filing: Assists with timely and accurate filing of GST returns.
- Reconciliation: Automates reconciliation between purchase and sales data with GST returns.
- ITC Optimisation: Helps businesses verify and optimise their Input Tax Credit claims for greater tax efficiency.
5. Perfios GST Analysis
Perfios GST Analysis focuses on providing GST analysis tools specifically tailored for small and medium-sized enterprises (SMEs), with a particular emphasis on lending assessments. This platform helps financial institutions assess a business’s GST compliance and financial health, making it an essential tool for those in the lending space.
Key Features:
- GST Compliance Assessment: Evaluates a business’s GST filings and compliance status.
- SME Lending Support: Provides valuable insights for financial institutions in assessing SMEs’ creditworthiness.
- GST Data Validation: Ensures that GST returns and financial data are accurate and aligned.
Choosing the right platform depends on your business needs, scale, and the depth of analysis you require. Regardless of the solution, implementing an effective GST analysis tool can significantly streamline your tax management process and reduce the risk of errors or penalties.
