In today's data-driven economy, all industries are expected to pursue advanced analytics and cognitive computing to stay competitive and drive revenues. Most people fail to realise that cognitive computing is basically intelligent computing that relies majorly on automation and integrated process. It saves a lot of time and human effort required in data collection and processing. Some of the features of cognitive computing have been discussed here:
Enterprise Resource Planning (ERP) systems have emerged as viable solutions for managing business resources with an integrated approach. The ERP software allow the automation of the activities of a department by making the information available to users whenever required, supporting their decision-making needs accurately. However, the implementation of these generic ERP systems has brought considerable benefits to the businesses, they do not cover all the processes from each industry. Many organ...
With increasing competition and demand in the market, tyre trading companies, retailers, and service providers are looking out for ways and tools to streamline their operations and consequently, speed up the sales and distribution process. Tyre ERP is a complete solution for such niche management needs of the industry. The inventory and accounting software such as Tyre ERP have been designed after a comprehensive research of the industry with the help of experts from all across the world to f...
The introduction of the Goods and Services Tax (GST) has brought a plethora of changes in India’s tax regime. GST is supposed to simplify the trade and commerce in India, allowing supply chains to be integrated. It also offers greater transparency in various processes. The Goods and Services Tax Network (GSTN) is a common database that has brought together the whole system in which businesses function. It is also closely connected with the customs, banking channels, income tax, etc. Post GS...
With the introduction of the Goods and Services Tax (GST), various industries have witnessed a huge change and tyre industry is not an exception. Talking about ERP systems, many changes were made in the basic structure to calculate taxes and make the implementation of GST easy for the tyre industry. The reform brought in by GST in the industry is anticipated to be good. GST has also brought transparency and clarity to the tyre industry that was lacking in the past. It has brought major and minor...
Transitional ITC (Input Tax Credit) refers to the tax that is carried over after the closing of your financial books for a specific year. The tax needs to be submitted in the July-August period. This tax is a part of the Goods and Services Tax (GST) and failure to pay Transitional ITC leads to a heavy penalty. To claim this tax, a company has to submit Form GSTR-3B to be eligible for a tax break within 90 days from 1st July.
Input tax credit refers to the tax levied on the operational side of a business. These taxes are levied on the items that are meant to further the business. The respective companies can claim input tax credit by submitting the necessary forms and fulfilling all other obligations, it gives them a chance to save money. Given below are the steps you can follow to pay your input tax credit on your business expenses:
The Goods and Services Tax (GST) is a landmark legislation tax that has been implemented with the intent of simplifying the tax system in India. It came into effect on 1st July, 2017. GST was introduced with the intent of making the taxation system more transparent and eliminating the confusion caused by the cascading tax system used in India. Earlier, the state and central governments used to levy taxes on products and there were a lot of discrepancies leading to chaos. Many goods that made ...
Two of the countries in GCC, the Cooperation Council for the Arab States of the Gulf, decided to introduce VAT from January 1st, 2018. Out of the 6 countries in the GCC namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE), Saudi Arabia and UAE will be the first ones to get started with VAT. The rate for VAT is set at 5%. The businesses with an annual income more than or equal to Dh 375,000 are required to register for VAT system. Value Added Tax (VAT) is a kin...
Each business has its own merits and challenges. However, with the right staff and software, any business owner can streamline the process he uses in his business and takes it to the next level. IT companies provide a range of solutions that can be helpful to carry out various tasks seamlessly. ERP software is one of the most popular IT solutions that are being used today by many businesses all over the world. It allows the business to centralise the data and manage it in one place even if th...
