Software Robotics Driven Goods and Services Tax Reconciliation and Matching
Akshay Raghavan, Kathiravan Srinivasan, Ganapathy Pattukandan Ganapathy, Aswani Kumar Cherukuri · 2022
Goods and services tax (GST) is one direct tax for the country. It has proven to be a revolutionary step in simplifying the process of tax in India. Every vendor is made to undergo the process of maintaining their balance sheets of the goods and services bought and sold. Tax payment in such a case becomes redundant. Every entity registered under GST has the flexibility to claim input tax credit (ITC). ITC, by definition, is the payment of the balance amount from the difference of taxes on output and input transactions to the government. Handling extensive records of invoices by the organization becomes a tedious process to ensure the matching of transactions between records. The manual workforce is susceptible to error in this cumbersome and time-consuming process. The establishment of a digital workforce using robotic process automation or software robotics creates a stable work process, able to achieve highly accurate results, and mitigates risks. Of the many vendors at the forefront of robotic process automations, Automation Anywhere has been the leader. Leveraging their robotic process automation tool, the development of a digital workforce to perform matching and reconciliation between documents of interest to yield accurate results helps to accelerate the process of tax claims.