Businesses have been filing GST returns for over four years now. While compliance is the main purpose, the granularity and spread of details captured in your GST return filing make it a rich data mine. From invoice-level details to aggregate information and from a single GSTIN to the business PAN as a whole, the GST data if analyzed, can be a valuable asset to the C-Suite for decision-making and efficient tracking of business.

GST Return Filing, Data Analysis and Much more, with IRIS Sapphire

IRIS Sapphire, a GST compliance tool of IRIS GST, a leading GST Suvidha Provider, offers this required intelligence to your compliance processes. It offers a palette of reports and insights covering performance at business and GSTIN level, different perspectives of data, and cross-validation of data filed in different returns i.e. GSTR 1 and 3B and GSTR 2A, GSTR 2B and 3B.

Designed to match the requirements of personnel at various levels in the business hierarchy, IRIS Sapphire offers many data insights useful in decision-making. We enlist a few here:

Dashboard View:

You can get a bird-eye view of your complete GST Compliance in the Dashboard. The Dashboard view provides you with the ability to filter the data over a given period (up to 6 months) and download the generated report in .csv format. The dashboard automatically generates data from the data available on the selected GSTIN (or Pan if no GSTIN is selected). The reports available on your dashboard are as follows:

1. Outward Taxable Supplies:

Monthly Outward Supply summary generated from your GSTR 3B form.

2. Gross Tax Liability:

Gross Tax liable on the selected GSTIN (or the entire PAN if no GSTIN is selected).

3. Settlement of Tax Liabilities:

Quick and segregated view of the settlement of your tax liabilities. If in case IGST/CGST/SGST or cess is not applicable on the given GSTIN (or PAN) you can deselect the respective tax bar and hide the respective column.

Quick View: Your Dashboard also provides you with a quick overview of the No. of GSTINs, Outward Supplies, RCM Inward Supplies and RCM Payments.

Compliance Tracker (MIS):

The compliance tracker provides you with a quick summary as well as a detailed report based on your compliance history.

To check your compliance history

• Click on the Compliance Tracker tab on the top right corner
• Select the desired report from the follows:

1. GST Session Status:

Check the status of your current GST session.

2. GST Return Filing History:

Check the GST Return Filing history for your inward and outward supplies.

3. GST Return Filing status Summary and Detailed report:

For a quick overview of your GST Return filing status, you can select the summary tab. The detailed report tab provides you with the options to select the ‘Return Type’ and ‘Document Type’ and get the detailed filing status of your returns. You can even choose multiple document type, as per your needs and download the generated report.

This feature highlights the filing status of all your GSTINs, sections, and returns of information that is filed through IRIS. This will help you to identify any gaps and ensure the completion of the return filing process.

Business Intelligence and Analytics Module:

We also have a  report module (Insights) for providing detailed insights into all your crucial GST data. With over 35 report modules that slice your GST data into easy-to-consume reports suited for the C-suites. These reports sum up your entire compliance process based on your returns to help you analyze your data like never before. These widgets are being designed to provide you with a detailed analysis of data such as,

Summary of Outward Supplies – Shows the trend of outward supplies

Comparative Analysis of GSTR 1 and GSTR 3B – Help you to understand mismatches between GSTR 1 reported liability and liability declared in GSTR 3B

Comparative Analysis of GSTR 2A and GSTR 3B – It will give you the total ITC details as per GSTR 3B and the total ITC other than reverse charge as per GSTR 2A.

Top 10  Category – This kind of report gives you the top 10 vendors with whom you are dealing, Top 10 customers with whom you are supplying your goods and services, Top 10 HSN in which you trade, and top 10 states in which you made your sales. This kind of report will help you to understand your business concentration point.

Analysis of ITC on basis of GSTR 2A    It will give you the month-wise total tax amounts getting bifurcated between ITC eligible and ITC ineligible.

Furthermore, in the near future, the application will bring in a suite of analytics driven by self-learning algorithms that can mine the sales invoice and purchase data to answer key business questions. Designed to work in a big data environment mode and the application can combine additional data such as accounts receivables from accounting systems to derive business insights that optimize working capital management and help in the procurement decision process.

What do you do if Compliance reporting is not through IRIS Sapphire?
In case the compliance reporting of GST return filings is handled through other means such as direct filing on the GSTN portal, IRIS Sapphire’s BI and Analytics module still enables preparation of certain reports by fetching the filed data from GSTN.

What can you do with IRIS reports?
With global boundaries shrinking, disruptive technologies becoming part of business processes, and regulations becoming tighter and tighter by the day, the compliance function is taking the front seat in business decisions. And for that analyzing and planning each and every step of financial decisions is a must. With IRIS Sapphire’s extensive reports and insights, all the power is to you.

• Aided Decision making.
• 360° Business View.
• Inward and Outward Supply Analysis.
• GSTIN level management and much more.

So power your business with IRIS Sapphire’s Reports and Analysis, because as they say, “Data is the new Oil.”

IRIS Sapphire backed with a simple GST Return Filing and GST Compliance solution, Business Intelligence, and Seamless integration is here to help you with all your GST-related concerns. To know more about GST compliance with IRIS Sapphire, write to us support@irisgst.com.