News Part 1 :

Another Packaging Manufacturing Company in Nepal Chooses Finsys ERP

News Part 2 :

The company is already successful in completing all activities of Masters, installation, Trainings, absorbtion, parallel work, and actual work in last 20 days

Dear   I am SME of India   Members

and Friends,

There is a Problem.

Hence this Post.

This is regarding the recently rising Problem of “Vanishing” Vendors, leading to big losses in GST. And this problem is rising .

The information below is True and is with personal experience by us.

And this message is to help other member units avoid this problem.

Vanishing Companies Includes (a) Those whose GST Registration is Struck off by the GST Dept (b) Those who are registered but are not filing GST Returns / filing them improperly

Every month, we are coming across cases of GST Audit by Department, and their insistence of GST-2A matching with your GST-3B.

If the difference is substantial, they ask for Detailed GSTR2A matching…. Even if this is not legally compulsory, Even if some High Courts have come in support of the Manufacturer/Trader, that he is not responsible for the mistake of non filing by the Vendor… but yet matter is being hotly debated.

The Above “addition” leads to Reversal of GST ITC with Intt @24% and about 15% Penalty

This means, that….. if the vendor charged you GST of 5 lakhs in January 2018, this “unpaid amount” will become about Rs 11.50 lakh including Interest @ 24% p.a. x 4 years, and Penalty of 15% by January 2022.

Points to Remember

Do a Regular Check of which Vendor is “OK” VALID and who is “Struck off” / “Cancelled” .. Every month / Every 3 months

Purchase Dept to listen to Taxation Department / Accounting Department / BPO .. and followup with Vendors for GSTR2A in-congruencies ….Every month / Every week

Tip of the day

In case, you are facing problems in doing this, Finsys can help you do this,

Advise is Complimentary for IamSMEofIndia members.

And, in case you want us to do this on regular basis, then, Professional Support is also available with our 70+ staff including 12 Qualified CA’s and 2 Qualified CS and 20+ Software Engineers , who can help make your life safer from this GST Risk.

Contact us at : www.finsys.co.in | corporate@finsys.in

Finsys is Proud to be Member of I-am-SME-of-India since 2010

Dear LMAI Members and Friends,

There is a Problem. Hence this Post.

This is regarding the recently rising Problem of “Vanishing” Vendors, leading to big losses in GST. And this problem is rising .

The information below is True and is with personal experience by us.

And this message is to help other LMAI members avoid this problem.

Vanishing Companies Includes (a) Those whose GST Registration is Struck off by the GST Dept (b) Those who are registered but are not filing GST Returns / filing them improperly

Every month, we are coming across cases of GST Audit by Department, and their insistence of GST-2A matching with your GST-3B.

If the difference is substantial, they ask for Detailed GSTR2A matching…. Even if this is not legally compulsory, Even if some High Courts have come in support of the Manufacturer/Trader, that he is not responsible for the mistake of non filing by the Vendor… but yet matter is being hotly debated.

The Above “addition” leads to Reversal of GST ITC with Intt @24% and about 15% Penalty

This means… that if the vendor charged you GST of 5 lakhs in 2018-19, it will become about 10 lakh including Interest and Penalty by 21-22.

Points to Remember

Do a Regular Check of which Vendor is “OK” VALID and who is “Struck off” / “Cancelled” .. Every month / Every 3 months

Purchase Dept to listen to Taxation Department / Accounting Department / BPO .. and followup with Vendors for GSTR2A in-congruencies ….Every month / Every week

Tip of the day

In case you are facing problems in doing this, Finsys can help you do this, Advise is Free for LMAI members and in case you want us to do this on regular basis, then, Professional Support is also available with our 70+ staff including 12 Qualified CA’s and 2 Qualified CS and 20+ Software Engineers ,who can make your life safer from this GST Risk.

Contact us at : www.finsys.co.in | corporate@finsys.in

Finsys is Proud to be Member of LMAI since 2017

Finsys ERP has 4 variants of Corrugation Entry
a) Main Exe : This input-output screen option as in this video
b) Main Exe – Traditional method without input-output traceability
c) Web Exe
d) Android Phone Exe

The Method (a) is explained in this video
It is very good
a) see it as a boss of people who have to do this
b) See this as a doer yourself
c) see this as a academic. for knowledge of how this industry works

We at Finsys are proud to share our knowledge with you
Come let us make the Corrugation industry one of the most efficient, and digitally awake industry in India, and worldwide

Some of the key points we covered in this video are

jobcard to be created and approval etc is required before this step .. it can be done in just 60 seconds
machine loading , it will reduce your work from 1 hour to 5 minutes too

Corrugation button,
Operator traceability,
Downtime reasons,
rejection reasons,
Material reconciliations,
Reel traceability,
importance of bit reels hisaab etc

fala, core, trim, outer kg, core pipe related weight is also seen

Can you implement this feature ?

Benefit : Make your Corrugation Packaging / Flexible Packaging company more Efficient

Cost : Nil

Excellent Idea for implementing barcoding ~
Plus
Encouraging your vendor to do the data entry on your behalf.

Excel Template for Uploading Kraft Paper Reels in Finsys ERP