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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.
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
Wishing Good Health for your Server during the “Long Holidays” for Diwali
( Those with server on the Cloud, may ignore this message. Since Cloud is always “on”)
Friends, This year 2023, we all have a rather long and happy Diwali festivities and also Diwali Holidays. They may extend to between 4 days to 6 days in some companies
Sometimes the Factory “Electricity Generator” is also “switched off”. And this leads to Electricity being switched off for over 2 to 24 hours to the server.
Effective Result : Server improper shutdown. And this may lead to Hard Disk Crash. Effectively your Server may CRASH.
Every year, we get news of server ‘crash’ from around 3 to 6 customers.
Server Crashes during Diwali are encountered usually due to long breakdown of power supply.
Team Finsys Wish you a bright and joyous Diwali.
May your festival of light celebrations be fun, safe, and spiritual.
We also need your kind attention on Backup Policy. Please take action before going to leave.
Question 1 = Backup taken properly ? , Before going on leave ?
Ans. Must be YES. We strongly recommend this.
Ques 2 = Is your Manual or Auto backup saved offsite ( on google drive) ?
Ans. Must be YES. Note mere external hard disk is not sufficient.
Ques 3 = Are you Saving “Backup” on a Google Drive / One-Drive, separately other than server ? Is it Working Fine ?
Ans. Must be YES
Ques 4 = Your U.P.S should have capacity of 24 hours ? Is it working fine ?
Ans. Must be YES
Ques 5 = Size of Backup is increasing gradually regularly ? There is no erratic reduction ?
Ans. Must be YES.
Take Precautions and have a Happy Diwali
We wish you the Seasons Greetings and Happiness, and Prosperity, always. We in India love our Diwali festival. Let us enjoy and make our Country and our World Stronger, Happier always.
Automation, in Creation of E-way Bills….( EWB, in GST ).
We Recommend, you can adopt it,…. if your number of Delivery challans and Invoices is more than 10 per day.
Webtel Finsys Combo Integrated Eway Bill
Direct from the ERP
Show invoices or challans to update the Eway bill
Generate JSON File ( free option )
Automatically generate Eway bill, and save details in the ERP, and print on the invoices, all automatic
Software for Automatic E-Way Bill Generation
through integration of Webtel API with Finsys ERP
F.I.L. has implemented the selected Modules of the Finsys ERP for the customer.
Eway bill are currently made at the customer factories, via the JSON file upload option. This is 90% automatic. And most of the work is using just a few clicks. Now Finsys has evolved further, and created even higher level of automation.
Finsys has offered this automation, and Customer has shown interest in this software hence this agreement.
Title
Integrated E Way Bill Solution : Integrated into Finsys ERP
Concept paper / Description
E-way bills are currently compulsory in some transactions
Tax Invoice – to third party
Tax Invoice – for export
Tax Invoice to own plant in second state
Tax Invoice to own plant in same state with separate GST number
Customer side Job Work being returned / rework
Vendor side sending out for Job Work ( example : for Heat Treatment, Powder Coating )
Delivery Challan for Customer supply on approval basis
Delivery Challan for Exhibitions
Delivery Challan for own Factory 1 to factory 2
Delivery Challan for own Factory to Depot
Import of Material from abroad ( port to factory ) with bill of entry
Sales Return
Bill of Supply, without GST
Such other situations
Earlier these were done manually with state level forms like ST-38, ST-31 and so on.
The major benefits of e-Way Bill system are as follows: ( Theoratical as envisaged)
The traders need not visit tax offices to collect and submit the Way Bill forms as used to be done in VAT regimes in some states.
Average waiting time at mobile squad reduces drastically – As the verification of the e-Way Bill is done with the common portal, it will speed up the process of verification and allowing the vehicle to pass faster.
Self-policing by traders- A trader while uploading gives the identification of the buying trader who will also account the transaction automatically.
Environment friendly – The need of the paper form of the multiple copies of way bill is eliminated. Hence, the tons of paper are saved per day.
Generation of GSTR-1 returns – GSTR-1 return of the supplier is auto prepared; hence he need not have to upload the same.
India’s leading ‘e’ Compliance Solutions Company engaged in providing Compliance Solutions.
India’s first company to launch ‘e’ TDS product in 2004 when Income Tax Department made it mandatory for Corporates to file their TDS Returns in electronic format.
Pioneer in ‘e’ compliance solutions for GST, Income Tax, MCA, HRMS etc.
Registered with NSDL, Income Tax Department, MCA, HMRC (U.K.) and GSTN (as ASP/GSP).
Product bouquet consists of Direct Tax, Indirect Tax, Other Compliances (MCA etc.), Practice Management, Payroll and others.
Webtel is India’s Leading GSP registered with GSTN.
Webtel is once again a pioneer in Integrated GST Solutions. Its footprints are all over India and it has provided solutions to India’s major Corporates and Professional Firms.
About Finsys ERP
Finsys ERP is one of the Popular ERP Software for Manufacturing Sector all over India. Finsys Infotech Limited’s Finsys ERP Software is working at over 650 Medium scale companies / plants across 23 states of India and some other countries including Dubai ( UAE ) , Angola, Congo (Africa), Mauritius, USA, Europe, Saudi Arabia and so on.
Their customers are Mid-size Manufacturing companies in areas of Electronics Industry, Corrugation Packaging, Printing-Publishing Industry, Steel Automotive Components, Rubber and Plastic Automotive Parts, Pharma, Food and manufacturers of Machines etc.
The Webtel Technical Team and Finsys Research & Development Department, have worked together to create a back to back solution, where Finsys connects to the GSTN Portal via the Webtel Gateway seamlessly. So, this proposal is for you, to get a Readymade turnkey solution.
And Webtel is the Only Authorised E-WAY BILL Integration Provider , that is integrated back to back with Finsys ERP. Thus, you get the integration benefits without having to pay for integration separately.
Flow Chart / Screenshots
Step 1 : Select invoices/challans for which Eway bill are to be generated
Step 2 : Click on “Automatically generate E-way bill no.”
Step 3 : If all info is correct, E-way bill no. shall be generated, and then click on Save
Step 4 : Once generated E-way Bill no. is SAVED, it shall be printed on invoice automatically
Mr Sangeet Kr Gupta /Mr Puneet Gupta
www.Finsys.co.in
Details about Finsys on
www.Finsys.co.in
ERP Software for Corrugation Packaging, Plastic Moulding, Auto Components, Software for Industry, Made in India.,
Tip of the day
Ques 2 = Is your Manual or Auto backup saved offsite ( on google drive) ?
Ques 3 = Are you Saving “Backup” on a Google Drive / One-Drive, separately other than server ? Is it Working Fine ?
