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Showing posts with the label Make in India

Coming soon: Automated Return Scrutiny Module for GST returns.

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The Central Board of Indirect Taxes & Customs (CBIC) has rolled out Automated Return Scrutiny Module for GST returns in ACES-GST backend application for Central Tax Officers. During the recent review of the performance of the CBIC, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman had given directions to roll out an Automated Return Scrutiny Module for GST returns at the earliest. "In order to implement this non-intrusive means of compliance verification, CBIC has rolled out the Automated Return Scrutiny Module for GST returns in the ACES-GST backend application for Central Tax Officers this week.  This module will enable the officers to carry out scrutiny of GST returns of Centre Administered Taxpayers selected on the basis of data analytics and risks identified by the System," said an official release. In the module, discrepancies on account of risks associated with a return are displayed to the tax officers.  Tax officers are provided with a workflo

How to maximise the potential of big data for MSMEs businesses?

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Let's start with Walmart as an illustration of a business that has successfully employed big data to enhance its supply chain. Walmart can forecast consumer demand and improve its inventory management procedures by employing data analytics to track weather patterns, traffic, and social media trends. As a result, the company has been able to improve on-shelf availability and decrease stockouts, which has increased sales and customer satisfaction. Data can be used by small businesses to obtain comparable outcomes. These companies also have access to a variety of sources that may be used to collect data for analysis, such as email marketing reports, sales receipts, social media analytics, website analytics, streaming data from connected devices, publicly accessible data, and data lakes.  Small firms may use data analytics to make better decisions, understand consumer behavior's, and ultimately increase performance and profitability by utilizing various data sources. Big data can