GST Prism
Why use GST Prism?
The Goods & Services Tax (GST) has been a transformational structural reform that has strengthened the economy with the creation of a national market, enhanced ease of doing business, greater productivity & efficiency and improved tax compliance. GST returns will change the lending paradigm for MSMEs with faster and hassle-free access to working capital finance from financial institutions. This also allows a major shift from asset-based lending to flow-based lending.
This innovative solution leverages consent-based authentication through a one-time password (OTP) sent to the registered mobile number of the customer, ensuring data privacy and security while delivering valuable insights into GST-related transactions.
Benefits:
- Enhanced Decision Making:GST Analytics empowers financial institutions with data-driven insights, enabling them to make more informed decisions regarding lending and insurance services.
- Risk Mitigation:By analyzing comprehensive financial data, GST Analytics helps mitigate risks associated with loan defaults and insurance claims, leading to more effective risk management strategies.
- Operational Efficiency:The automation of data retrieval and analysis processes streamlines workflows for loan and insurance underwriters, enhancing operational efficiency and reducing manual effort.
- Customer Satisfaction:Through the use of advanced analytics, GST Analytics facilitates faster loan approvals and insurance coverage assessments, improving overall customer satisfaction.
- Monthly Sales and Purchase Patterns:
- This feature analyzes the sales and purchase data on a monthly and yearly basis to identify patterns, trends, and fluctuations in sales volumes.
- Understanding monthly sales patterns helps businesses forecast cash flow, enabling better management of working capital. Lenders may use this data to assess the stability and predictability of cash flows.
- Credit and Debit Notes Analysis:
- This feature identifies and analyzes credit and debit notes issued or received by the business, providing insights into adjustments made to invoices.
- Analysis of credit and debit notes helps in managing accounts receivable and accounts payable, thus optimizing working capital. Lenders may consider this data to evaluate the creditworthiness and risk associated with invoices when offering invoice discounting loans.
- Top Customers and Suppliers Identification:
- This feature identifies the top customers and suppliers based on transaction volumes, providing insights into key business relationships.
- Knowing top customers helps in focusing sales efforts and managing credit terms effectively, impacting working capital positively. Lenders may use data on top customers to assess the quality of invoices for offering invoice discounting loans.
- Input Tax Credit Availability Analysis:
- This feature analyzes input tax credit availability by examining eligible input taxes paid on purchases, facilitating better tax planning and compliance.
- Optimizing input tax credit availability reduces tax liabilities, thus preserving working capital. Lenders may consider businesses with strong input tax credit availability as less risky when offering loans.
- Segregation of Different Kinds of Sales and Purchases:
- This feature categorizes sales and purchases into different types (e.g., exempt, taxable, zero-rated, B2B, B2C etc), providing insights into revenue streams and procurement patterns.
- Understanding the composition of sales and purchases helps in strategic decision-making and managing cash flows efficiently. Lenders may use this data to assess the diversity and stability of revenue streams.
- HSN Wise Summary:
- This feature provides a summary of sales and purchases categorized by Harmonized System of Nomenclature (HSN) codes, helping in understanding product-wise performance and compliance.
- Analyzing HSN-wise summary assists in identifying profitable product categories and managing inventory effectively, impacting working capital. Lenders may use this data to evaluate the risk associated with specific product categories.
- GSTR Filing Pattern:
- This feature tracks the time taken by the business to file Goods and Services Tax Return (GSTR), providing insights into compliance efficiency.
- Timely GSTR filing ensures compliance and avoids penalties and late fees, which is crucial for preserving working capital and also adds to the business's reputation.
- Export Details:
- This feature provides details of export transactions, including volumes, destinations, and values, facilitating analysis of international sales performance.
- Understanding export details helps in assessing currency exposure and managing international trade risks, impacting working capital. Lenders may use this data to evaluate the stability and growth potential of international sales.
These are the top-level features of our GST Prism product, along with the data points also come Infographics for easy readability and pattern tracking. The data points offered can also be customized as per the user's request and use case.