CFODiaries EP9: GST Compliance in the Digital Age - Tackling Notice Management with Technology
By CA Surbhi Punshi, Tax Expert | May 24, 2024
A Chartered accountant with a stronghold in the field of Direct and the Indirect taxes handling entire gamut of professional services including consultancy, compliance advisory and training. Currently working on managing GST and the E-way bill Advisory and software development. In past, have experience of statutory and internal auditing along with the finalisation of the books of accounts for various businesses.
About the Webinar
Recent developments have seen major brands, possibly including yours, receiving unprecedented GST notices due to discrepancies from past fiscal years. This trend accelerated in 2023 as the government intensified its use of sophisticated data analytics to pinpoint non-compliance in GST filings. Regulatory authorities are now more adept at scrutinising enterprises' financial activities by leveraging advanced AI and big data technologies. Since last year, there has been an exponential increase in the frequency of these notices. On average, each company is now grappling with over 200 notices annually. Notably, companies with an annual turnover exceeding Rs. 500 Crore are receiving 12 or more notices. Each notice demands an average of four days to address, requiring teams to meticulously trace and gather historical data—some dating back more than four years. With 70-80 critical checkpoints to audit, manual verification processes are no longer sustainable in managing these notices' heightened volume and complexity. This underscores the pressing need for automated solutions to track notices, prepare accurate responses, and manage pertinent historical data effectively. Join us on our new installment of CFODiaries as industry leaders will delve into the evolving landscape of GST compliance. Get actionable insights and proven strategies to harness compliance technologies for mitigating risks and enhancing operational efficiencies from Industry Leaders.
Things we will discuss
Overview of the recent increase in GST notices: With governments using sophisticated data analytics, there's been a significant rise in GST notices for discrepancies in past fiscal years, impacting many major brands.
Identifying the underlying causes of GST discrepancies: Enhanced detection through AI and big data has spotlighted past fiscal errors, previously missed in manual audits, as the primary sources of GST discrepancies.
Strategies to automate and streamline notice management: The surge in complex GST notices necessitates automation to efficiently track, manage data, and prepare responses, moving away from unsustainable manual processes.
Ensuring robust compliance risk assurance for your enterprise: Embracing advanced compliance technologies ensures robust risk management and operational efficiency, crucial for maintaining compliance in a stringent regulatory environment.
Live Q & A
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