GSTR Analysis software: A complete solution for NBFCs, FinTech, and Banks

September 13, 2022 Admin
GSTR Analysis softwareGSTR Analyzer Software GSTR Analysis ToolGSTR

The Indian economy is on a revival path after the unprecedented and challenging situation faced during the covid period. Among the several financial indicators, the data relating to Goods and Services Tax (GST) collections reveals a buoyant economy. GST collections have continuously exceeded Rs 1.40 lac crore over the last six months which is a positive sign of revival at the macro level. The GSTR analysis software is designed to help businesses fetch data from online government portals and simplify the registration and filing of complex data.

 

Benefits of GSTR Analysis Software

The GSTR analysis software can act as an indicator to depict the financial position of an enterprise, be it an MSME or a large corporate. The GST Analyser tool can therefore come in handy for the lenders like Banks /NBFCs and Fintechs in using it as a tool for assessment of credit proposals and for arriving at effective credit decisions. The GSTR Analysis tool analyses raw data from the GSTN server to provide you with detailed insights on various sale and purchase transactions to the lender over a specified time period. This tool also  defective or returned items, routine transactions as well as overall transaction trends. It simplifies invoicing by automatically computing all taxes. One significant advantage of the software is that it stores all paperwork at one place, making it convenient to access from anywhere, at any time. It offers real-time data checking and validation, cash flow management, and payment analysis.

 

A robust GSTR analyzer software with sales and purchase details provides a segment-based contribution percentage that offers insights into the business's major areas of concentration. The analysis reveals the taxable amount and customer compliance level, as well as geographical spread, details of major customers/suppliers, particulars of unrelated transactions, if any, and the seasonal/cyclical nature of the business. The software saves time for private lenders, banks, and other financial institutions by delivering ready-to-use reports with relevant insights.

 

Broad Features of GST Analysis tool: Usage for Fintechs, NBFCs, and Banks

The GSTR analyzer tool broadly relates to Auto fetching of GST data under GSTR 1 (sales) GSTR 2A (purchases), and GSTR 3B (summary of sales and purchase) along with analysis. This includes both gross sale-purchase and customer/supplier summary. In addition, this involves monthly sales/purchases and GST compliance assessment/score. The essential particulars of business activity are revealed by the analyzer for usage by the lender to assess the credit proposal with respect to risk evaluation and permissible bank finance.

 

The GST Analyser thus takes care of all aspects of the credit proposal assessment with respect to the needs of borrowers and the quantum of the need-based requirement of loans.

The GSTR analyzer tool broadly relates to Auto fetching of GST data under GSTR 1 (sales) GSTR 2A (purchases), and GSTR 3B (summary of sales and purchase) along with analysis. This includes both gross sale-purchase and customer/supplier summary. In addition, this involves monthly sales/purchases and GST compliance assessment/score. The essential particulars of business activity are revealed by the analyzer for usage by the lender to assess the credit proposal with respect to risk evaluation and permissible bank finance.

 

The GST Analyser thus takes care of all aspects of the credit proposal assessment with respect to the needs of borrowers and the quantum of the need-based requirement of loans.

 

GSTR Analysis: A comprehensive solution

One of the mechanisms prescribed for the assessment of credit facilities is called the ‘Turnover method,' wherein the amount of loan to be sanctioned is determined on the basis of the annual turnover of the borrower. The GST analyser works with the database of gross sales and purchases to ensure adherence with the turnover method. Similarly, the traditional/conventional methods of maximum permissible bank finance also rely upon both the sales and purchase data to assess the level of stocks and receivables held by a business. Here also the GST analysis software comes in handy to help the lenders.

 

The turnover method is more common among MSME customers, and even in the absence of detailed financial statements, the GST software provides sufficient information for proper appraisal.

 

GST Analyser from ScoreMe Solutions Pvt Ltd:

ScoreMe solutions Pvt Ltd provides a GSTR analysis tool to assist you in arriving at well-considered credit decisions by taking care of various aspects relating to lending.

 

The tool captures and analyses raw data available on the government GST Portal and gives detailed, intuitive insights into the various sales and purchase transactions of the proposed borrower, thereby assisting the lenders in effective credit decision-making. The product uses both password-based and OTP-based approaches. In the case of the password-based approach, the system fetches data directly from the government portal which requires GSTIN, username, and password from the user. ScoreMe’s GSTR tool is easy to implement because of its ‘Plug and Play’ nature, which you can get with a simple API Integration.  The GSTR Tool allows you to specify the time period for which you want to collect and analyse data. You can obtain intuitive, detailed reports of Debtors' and Creditors' transactions with the borrower on a monthly basis or for any other period you my wish.

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