There has been a steep rise in the number of GST notices being issued by the GSTN lately. And businesses are going through a tremendous pressure of facing GST Audits and litigations in the past few months.
Simplify GST Audit and Tax Litigation with IRIS LMS
Need of the hour
1 Evolving GST Law:
The GST law has been evolving since its introduction. There have been due date changes, discontinuation and introduction of new forms and returns, introduction of new compliances like e-way bill and e-invoicing, inter-linking of various compliances, provisional ITC introduction and gradual removal and a lot more.
2Businesses are not prepared:
For all these years, businesses were busy saving ITC and are clearly not prepared for this. Businesses need to prepare for every GST notice keeping in mind the changes over the years and also understand every minute detail pertaining to departmental Audits and Litigation under the GST umbrella.
3Huge repercussions of slippages:
Companies need to ensure they are well-prepared to defend their case. It is imperative to collate, maintain and validate data required for departmental audits on a proactive basis because any slippage here can cause heavy penalties and loss of critical working hours.
4 What needs to be done now?
Businesses need to keep track of all the actionable – notices, due-dates, cases, hearings etc., monitor the preparedness and progress of the litigations on a regular basis and maintain all the information/documents at one source to face litigations
Manage Tax Litigation with IRIS LMS
Seamlessly organize your tax data and get ready to face GST audit and track the GST litigation, as it goes through its life with IRIS LMS. IRIS LMS helps you store documents such as Notices, Orders, relevant case laws, scanned documents, workings or returns, compliance, reconciliations etc for easy and quick retrievals.
Leading the way in innovating technology to simplify your tax litigation processes and departmental audits flawlessly
What can LMS do for you?
Face departmental Audits Seamlessly
Transaction Matrix
Map all types of supplies with the tax implications thereby creating a matrix of transactions which would serve as the GST profile of the company.
Tax Position Repository
Maintain a repository of all the tax positions taken along with the facility to archive the judicial precedence or Legal opinion based on which such tax position has been taken. Revalidate your tax positions at regular intervals with the help of automatic updates on such tax positions provided by LMS.
Checklist driven Data Archival system
Proactively collate and archive data/documents required for facing a departmental audit with the help of an exhaustive checklist driven archival system with a one-touch retrieval mechanism.
Track and handle your audits with the power of LMS
Track the progress of audits across GSTINs, Divisions, and Legal Entities (in a group) by capturing all relevant details right up to it becomes litigation.
Streamline and Manage Litigation Effectively
Single Repository
LMS serves as a single repository of all Pre-GST Regime litigation and GST litigations for monitoring them across various forums from Adjudication till Supreme Court, across multiple GSTINs, Divisions and Legal Entities.
Analytics Dashboard
Intelligent Analytics Dashboard to provide decision makers with various crucial analytics data like Issue wise analysis, Aging analysis, Division wise analysis etc.
Proactive Alert Mechanism
Alert mechanism by which the user will get the mailer notification about Audit Intimation letter due date, Audit finding letter due date, legal or hearing due date which is expected within the time limit set up by the user. The same alerts will be available on the LMS dashboard.
Dataflow design
Data flows that capture internal processes for litigation management as well as any possible scenario throughout the life of litigation including department appeal, cross objections, Writ petitions, Remand back proceedings.
MIS Reports
Master Report comprising extensive details which are useful for decision making in litigations such as demand of tax, interest and penalty; Pre-deposit, Amount admitted and paid, Risk portfolio, Case status, remarks etc.
Contingent Liability Reporting
LMS provides Contingency Report consistent with the format adopted by listed companies providing for quarterly movement in the provision made in books of accounts, Contingent liability disclosure, CARO Disclosure, Last hearing date etc.
User Access Controls
Manage unlimited users at PAN and GSTIN levels with detailed access controls to manage permissions and access levels across the organization.
Data & document archiving
Tag and store data, documents and details relating to all litigations and audits without any restriction on the size of data to be uploaded. This allows you to archive sensitive information about litigations in a secure yet easily retrievable manner.
Why LMS?
Ready to get started?
Request a demo or get in touch to learn more about how IRIS LMS can help you in
Simplifying your GST Assessment and Litigation Requirements.
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