INSUBCONTINENT EXCLUSIVE:
from April 2020 that mandate providing more details may require companies to amend their enterprise resource planning (ERP) systems
Tax experts and chartered accountants (CAs) said that the new return systems would require a lot of details such as purchases from
unregistered dealers."Besides, bill of entry-wise import details and bill of entry-wise purchases from SEZs (special economic zones) would
As of now, there is one-way traffic
Presently, suppliers upload these data, but from April 2020, recipients will also have to upload all these data," said Vivek Jalan, Partner,
Tax Connect Advisory Services LLP.Instead of the GST returns being the current supplier-driven traffic, starting April next year, it would
become a workflow driven mechanism, he added.Moreover, electronic or E-invoicing for business to business (B2B) transactions would also kick
This would also require changes in the ERP systems to ensure thgat every invoice is tracked by the tax authorities
The move is aimed at curbing tax evasion.In addition to the current invoices which are generated on the companies' ERP, the new system would
require automatic uploading of the data on government systems.Amit Bhagat, Partner, Dhruva Advisors said that depending on the details
required in the new return system, the ERP would need to be changed."It will not be something which will require complete overhaul of the
system, but certainly some changes would be required after e-invoicing is implemented and more details in GST returns are required from
early next year," Mr Bhagat said.Follow TheIndianSubcontinent for latest election news and live coverage of assembly elections 2019 in
