The tax transparency and ease of doing business resulting from the implementation of tax are expected to increase tax compliance and attract more foreign direct investments. The simpler tax regime will levy fewer rates of tax and allow fewer cases of tax exemptions. GST is an indirect tax in India on the supply of goods and services. This is an indirect tax that has replaced many indirect taxes in India such as excise duty, VAT, service tax, etc. The Goods and Service Tax Act came into action on 1st July 2017.
The gst data analysis will facilitate companies to generate savings in logistics and distribution costs as there would be free movement and supply of goods in every part of the country and do not need to depend on multiple sales depots in the country. GST is increasing competitiveness and performance in Indian sectors. For the sake of GST, exports are also declining and high infrastructure spending is the main concern of different sectors.
Earlier there were so many indirect taxes that used to increase the administrative costs for manufacturers and distributors but after GST they are getting relaxation on compliance and thus almost all sectors have huge opportunities to grow. The Government of India made the taxation system in the country in simple steps. The main aim of GST is to create a single taxation system.
What is the need for GST analysis?
The GST data analysis and other financial solutions offered by Perfios have helped to generate more authentic data for lenders to evaluate their customers. This company offers a unique solution where its clients can fetch raw data of the applicant from the GST portal or from GSTR forms. Perfios provides a real-time analysis of the company based on the GSTR filings. Using the GST data, their clients can assess the recent financial health of the applicant’s business and get insights into the sales and purchase invoices.
It provides a real-time analysis of the company based on the GSTR filings done every month. GST has evolved into a rich data source for financial institutions for assessing your customers’ income and providing instant approvals. The cash flow analysis checks income and expenses from GST filings with the credits and debits in their bank enabling you to find out frauds and make informed credit decisions. There is also a Credit Assessment Memorandum that is the final step in making your journey digital.
How can Perfios help businesses with their GST data analysis?
Perfios gives GST reports and gives direct insights into the monthly revenues of the company and shows the trend movements in the business. They give you a clear idea and picture of the top customers, cyclicity of the business, major suppliers, and working capital gap, and can fetch annual performance figures. Using the GST reports, your clients can easily build verification services to check the active stats of the companies, address, TAN (Tax Deduction and Collection Account Number), geographical presence, and latest tax filing status.
In today’s age of data inundation, it is also a capital mistake to delay the automation of data-driven processes. They are a thirteen-year-old product technology platform that deals with thousands of data types to help our customers to automate data-driven tasks and price-reducing decisions.
Perfios data platform uses machine learning techniques to offer in-depth GST data analysis and other data analysis as per customer requirements and generate reports customized for each customer.
They are experts in –
- Domain Expertise
- Depth and diversity of data
- Real-time analytics
- Relevant and timely insights
- Greater adoption and usage
- More usage and predictive modelling
Financial service providers are dealing with impatient customers, disruptive challengers, large amounts of disparate data, and stringent privacy compliance environments. Through all this, this company focuses on its core competence using insights to price and manage risk. They help financial institutions to deal with a practically unlimited range of relevant structured and unstructured data to automate customer onboarding, decision making, risk pricing, and fulfillment. They extract, categorize, and analyze this data from financial institutions to help lenders automate data-driven risk and pricing decisions.
Working of the GST data analysis model
The working of a GST data analysis model is based on the extraction of transactional data obtained from GST returns and the model provides insights that help businesses to improve the underlying processes, detect errors (if any) that might have crept into the data, and find areas where there can be savings. Data obtained from such insights can be transformed to enable more informed decision-making to help in the overall conduction of business processes.
Details of the Multi GST-IN support
Along with the conduction of GST data analysis, Perfios has also added some new features to its solutions, one of which is the multi-GSTIN support. This Multi-GSTIN support analysis can be done to get the customer’s financial health by assessing their business together. They also have Sync-Selected Transactions to keep a record of the customer of the company’s actions. GST returns should have all the details of income, sales, expenses, or purchases which every taxpayer needs to file with the tax administration authorities. This is used by mainly tax authorities.
The Multi-GSTIN analysis involves processing, consolidation, and curation of GST data. Multi-GSTIN involves Working capital movement, funds sources utilization, and borrowings, identifying related parties and supplies, auto consolidation of multiple GSTINs, zero data modification, and single triggering to fetch data. GSTIN data gives insights into business transactions. It provides details of cash flow, turnover of the entity, related parties, and other key insights.
The GST has helped to analyze authentic data for lenders to evaluate their customers (borrowers). This company offers a unique solution with the raw data of the applicant (company) on the GST portal or from GSTR forms. This Company gives an analysis of the company based on their GST-R filings on every month. Using this GST data, the companies can assess the recent financial condition of their business and get insights into the sales and purchase invoices.
