Techwave Consulting has announced that the launching of “TAX-IN Solution” as an extension of its SAP Solutions and Services for the Indian market. Starting October 01, 2020, electronic invoicing will be mandatory for B2B taxpayers with a turnover of over 500 crores.
Techwave released its India Specific Tax solution which will ease the customer integration with the e-invoice (IRP), eWay bill and GSTIN Portal for all validations and updates in real time. The integrated cockpit approach allows customer to manage their taxation needs using a single SAP transaction.
Introduction of new e-Invoice process from GOI has following impact on the processes:
Real-time reporting of transactions for the purpose of authentication even to run day to day business
Same transaction data to be readily available for the purposes of Compliance and E-way Bill
Integration with IT systems along with write-back becomes critical
Record availability of the transactions and changes made to them
Changes to invoices can be done only within 24 hours; After that CN/DN is required
Need for validations before generating invoices
Need for robust processes and controls
Integration of input tax credit with e-Invoicing
Techwave India Tax solution will ensure that business is ready for all the changes with limited impact on the existing process. The solution framework is highly configurable to allow customers to pick and choose the components they would like to implement, namely,
eInvoice Solution
eWay Bill
GST Reconciliation and Validations
Customer/Data Sanity Validation based on the GST Records
