From 1 st July’17, with introduction of GST – the new indirect tax regime in India, it is
imperative for every buyer & seller to ensure compliance to GST. Any breach in
meeting the required standards can lead to serious financial implications on both
buyers and suppliers.
Adopt VENDX Lite & forget about all your concerns for GST compliance in purchasing
Send Inquiry to suppliers (mail/phone)
Receive quote from suppliers (mail / phone)
Generate Landed cost comparison(excel)
Create final Landed cost comparison
Take Print of all quotes and excel file
CONCERNS PERTAINING TO GST…
1Whether my supplier will provide correct Tax structure & appropriate bifurcation of tax under IGST/CGST/SGST/UTGST?
2Whether the buyer will be able to calculate appropriate landed cost for each line item provided by supplier considering GST tax & set off structure?
3Whether negotiations account for correct landed cost?
4Whether the orders will be released as per the correct GST structure?
THE ABOVE ARE RIGHTFUL CONCERNS AS IT INVOLVES HUGE RISK TO THE ORGANIZATION IN TERMS OF….
Negotiation based on wrong GST compliant cost leading to payout of higher price
Huge investment of time of buyers to ensure suppliers are providing the most appropriate GST structure and cost
Possibility of release of wrong PO leading to huge correction exercise of invoices
Welcome to VENDX Lite - Your full proof GST COMPLIANT solution of above concerns
KEY FUNCTIONALITIES PERTAINING TO GST:
GST compliant well structured template of RFP / Quote
GST compliant automatic calculations of landed cost directly from suppliers’ quote
GST compliant automatic division of tax based on supplier – plant location
GST compliant item tax structure to ensure appropriate tax slab of an item
GST registered & non-registered supplier tag & facility to instantly seek supplier GST registration details
OTHER IMPORTANT FUNCTIONS:
Reminders over SMS & emails for getting suppliers’ quote in time
Facility to send RFP to multiple suppliers (domestic & international) for multiple items simultaneously
Facility to view comparison on landed cost simultaneously for domestic & international suppliers
Facility to have well structured PDF for approval
One click view of historical rates of any item of any suppliers
Complete trail of Negotiations
EXPECTED BENEFITS TO ORGANIZATIONS:
Assured GST compliance of all transactions between buyers and suppliers
Huge savings of transactional and administrative time of buyers and suppliers