India moved to a new tax system, the Goods and Services Tax (GST) aiming at converting the entire nation into a single market. The indirect tax imposed in India on the supply of goods and services, replaced existing multiple flowing taxes levied by the central and state governments. With GST, came E- way bill, a unique document/bill, which is electronically generated for the specific consignment/movement of goods from one place to another, either inter-state or intra-state and of value more than Rs 50,000.
While the move benefitted many, it came with its share of problems. One of them being technical management of the issue. Companies with large transactions were practically unable to manually record the data of return filings and e-way bills and sought an easy and affordable solution to the problem.
This is where Masters India came to their rescue. The company ensures that compliance effort is reduced with no new manpower, with its GST and E-way bill solutions.
Speaking on the same, Nishank Goyal, CEO, Masters India, said that E-way bills became an operational nightmare for many companies, as a tiny mistake in data meant penalties worth lakhs for them. Hence it not just called for changed compliance but business process also needed to be aligned.
“We have various solutions for enterprises. Starting from simple GST verification APS which you can use to ensure vendor and buyer data master is correct. This is the first step to ensure that the compliance actually happens correctly to building you own solutions,” shared Goyal, while speaking at the recently held ‘Elets National Manufacturing innovation Summit’, in Delhi.
He elaborated how Masters India helped companies which were using excel for GST as documents, despite biggest of ERP solutions. This led to chaos and confusion with clarity of who was doing what.
“We have built our standalone solutions around GST and e-way bill which works as standalone and also integrates with your ERP, be it SAP, Oracle or Microsoft. Most of our customers are using SAP and they have decided to choose us over other solution providers,” Goyal said.
The CEO added, “We also went on to develop an invoicing inventory solution which enables different departments to create their own custom tax department document and use them as necessary, putting everything in place. So there’s a huge access control available, at the same time there is flexibility in terms of doing tax documents within departments.”
Masters India works with three mindsets:
- Work should be reduced
- Work should become easier
- High accuracy as it was the paramount in case of compliance
“We have implemented services in various companies. Starting with Global Colour Specialty Chemical Company with revenue of 1.5 million dollars having plants globally. They had a very large volume of E- way bills to be generated. They did not want to increase the manpower. That was not only because of cost but they thought a simple mistake at 12 am or 2 am (at night) could mean lakhs in penalty. So they were concerned. Plus the shipments could be delayed if the e-way bill was not created on time. So they were looking for complete automation and that we delivered,” Goyal shared.
Goyal further shared case studies where Masters India solved GST and E-way bills for other companies. One of them was one of India’s largest e-commerce companies, based in Bengaluru. It had millions of invoices coming in due to thousands of suppliers. They did not know if they were filing returns. Masters India gave them GST return filing solution which enabled them identify which supplier was filing return on time and if yes, then how many invoices had been filed in that return.
