Vayana Network launches VICAS to make GST transition smoother

GST

In normal trade around 20% of invoices do not reconcile for a variety of reasons, and can block significant working capital in the GST scenario. This can be solved with technology. Vayana Network provides a simple way for buyers and sellers to get their trade transactions reconciled, filed and financed

Vayana Network has launched Vayana Invoice Confirmation & Acceptance Services (VICAS), a simple collaborative and shared trade transaction dashboard maintained by buyers and sellers with minimal training. VICAS is built to reduce workload and errors in the GSTR filing time window by identifying issues throughout the month. The dashboard would enable the smallest of trade counterparties to be able to maintain and confirm invoice records enterprises to confirm Input Tax Credit (ITC) and reduce Provisional Tax Credit (PTC). VICAS would help provide Vayana Network ASP with additional information on invoices during the discrepancy resolution time window. Vayana Network is among the 34 GSPs (GST Suvidha Providers) and has been helping businesses and their trade partners to capture their entire receivable and payable trades electronically and finance through banks and financial institutions. A leading B2B enabler, Vayana Network has connected enterprises across over 15 industries from over 27 states.

Briefing about the VICAS dashboard, Sanjay Phadke, Head – GST, Vayana GSP said, “It is our offering in the direction of making Vayana Network an end to end partner on GST compliance. The dashboard would be particularly useful to all those companies with large number of invoices to be raised every month. VICAS is a result of years of our experience in the field of invoicing thus ensuring that we address practical challenges likely to be faced by our clients immediately. The uniqueness of this dashboard lay in its simplicity. With so much uncertainty prevalent among businesses currently, VICAS will hand-hold the user in resolving issues. Services offered by Vayana Network provide the ability to proactively comply with GST regulations as well as ensure that their working capital is not impaired”.

Added R. N. Iyer, Founder and CEO, Vayana Network, “GST requires invoices raised by Suppliers to match invoices recorded by buyers to avail Input Tax Credit. GST directly impacts the working capital due to tax credit being available to buyers only on reconciliation of the invoices and payment of the taxes by the Supplier. In normal trade around 20% of invoices do not reconcile for a variety of reasons, and can block significant working capital in the GST scenario. This can be solved with technology. Vayana Network provides a simple way for buyers and sellers to get their trade transactions reconciled, filed and financed. Vayana Network is PCI-DSS Compliant and the GSP shall also be compliant to information security audit standards such as ISO 27001:2013. The GSP pricing is objective, linked to usage volume and highly competitive”.