digital

CFOs Speaks : How IMS is game-changer in GST Compliance Automation

About

The virtual event will focus on the impact of the Invoice Management System (IMS) on GST compliance, reconciliation, and the broader role of automation in transforming financial processes. With the introduction of IMS, CFOs are tasked with navigating complex compliance landscapes while seeking greater accuracy, efficiency, and control over Input Tax Credit (ITC) claims. This session will explore strategic insights from experienced CFOs on leveraging IMS, addressing challenges during its implementation, and the future of real-time GST compliance. The event will offer valuable perspectives on vendor management, the role of automation, and the decision-making process behind in-house vs. outsourced reconciliation services.

Key Points :

IMS and GST Compliance Transition

  • How has IMS changed your approach to GST compliance and reconciliation?
  • Shifts from traditional methods to IMS-driven processes.
  • IMS as part of a larger governmental agenda to streamline compliance.
  • Technology plays a deeper role, unlocking opportunities that didn’t exist before.
  • Risks of not using IMS, particularly around over-claimed ITC and compliance notices.

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Follow-up : Challenges during transition—team training, process adjustments, and mitigating risks of non-compliance.
Improving Accuracy and Efficiency in ITC Management

In what ways can IMS improve ITC claims?
Focus on time savings, error reduction, and better ITC tracking.
Comparing in-house vs. outsourcing and how in-house teams maximize claims due to their business context.
Follow-up : Metrics that highlight IMS's impact on ITC, improved control over ITC, and blocking payments for non-compliant vendors. In-house vs. Outsourced Reconciliation

Is in-house reconciliation more strategic than outsourcing?
Insights into complexities of IMS, control over processes, and managing vendor compliance.
Follow-up : Factors influencing the decision—cost, efficiency, control over data, and scalability. Vendor Compliance and IMS

How has IMS influenced vendor compliance management?
Using IMS data to enforce compliance and block payments for non-compliance.
Follow-up : Challenges faced, such as resistance from vendors or process inefficiencies, and solutions to these issues.
Advice for CFOs on IMS Implementation

What advice would you give to CFOs beginning their IMS journey?
Automation’s role in improving speed, accuracy, and reducing manual errors.
Follow-up : Effective tools and technologies that complement IMS for seamless reconciliation.
Role of Automation in Future Reconciliation

How can automation enhance reconciliation with IMS?
Automation’s role in improving speed, accuracy, and reducing manual errors.
Follow-up : Effective tools and technologies that complement IMS for seamless reconciliation.
Importance of Real-Time GST Compliance

How can automation enhance reconciliation with IMS?
Automation’s role in improving speed, accuracy, and reducing manual errors.
Follow-up : Effective tools and technologies that complement IMS for seamless reconciliation.
Importance of Real-Time GST Compliance

Why is real-time action important, and is GSTR-3B autofill a future reality?
Benefits of real-time compliance—faster decisions, improved accuracy, and fewer manual interventions.
Follow-up : Preparing for real-time compliance and the role of technology in transitioning towards GSTR-3B autofill.
Strategies for High-Volume Reconciliation

What strategies/tools are best for managing large volumes of invoices?
Recommendations on prioritizing high-value invoices, integrating ERP systems, and automation tools.
Follow-up : Scalability concerns when choosing a reconciliation solution and how organizations adapt to large invoice volumes.

Thought Leader :

Geetika Sethi

Senior Manager Indirect Taxation

Clear Tax

Speaker Bio :

Geetika Sethi is a seasoned Chartered Accountant with over 6 years of experience in Indirect Taxation, particularly GST. In her current role at Clear (formerly ClearTax), she specializes in compliance, business analysis, and product development, focusing on solving industry challenges in process automation and taxation. Geetika has extensive expertise in GST implementation, compliance management, refund applications, and audits. As a subject matter expert, she leads impactful product demos, conducts Proof of Concepts (POCs), and delivers comprehensive training for teams. Her insights from industry analysis and competitor research guide product innovation, ensuring Clear stays ahead in the market.