Make way for IRIS LMS – India’s finest Tax Litigation Management Software!

In our last Newsletter, we introduced you to our new product IRIS LMS (Litigation Management Software). This time we are taking the opportunity to explain you further about how it can help and simply GST audits and litigation for you. It is designed to take away the strenuous activity of managing the tedious litigation and audit procedure seamlessly while taking care of the documentation simultaneously.

How can IRIS LMS help you?

• Face departmental Audits Seamlessly by providing:
  • 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 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.
  • Audit Tracking System – 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 by providing:
  • Single Repository of all Pre-GST Regime and GST litigations – LMS serves as a single repository of all Pre-GST Regime and GST litigations for monitoring them across various adjudication / appellate forums 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, Divisional analysis etc.
  • 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, and Remand back proceedings.
  • MIS Reports – Master Report comprising of 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.
  • User Access Controls – Manage unlimited users at PAN and GSTIN levels with detailed access controls to manage permissions and access levels across the organization.
  • Contingency Liability Reporting and so much more – LMS provides Contingency Liability Report consistent with the format adopted by listed companies providing for quarterly movement in provisions made in books of accounts, Contingency liability disclosure, CARO Disclosure, Last hearing date etc.