- GST 2.0 is a major update aimed at improving compliance with features like real-time data validation and automated reconciliation.
- Current challenges include manual reconciliation, penalty risks, and ERP integration issues.
- GST 2.0 offers real-time error detection, automated filing, and AI-driven ITC optimization.
- Benefits for CFOs include cleaner books and better cash flow management.
- Tax Heads can focus on strategy rather than data entry.
- Finance Controllers can expect faster monthly closes.
- Preparation involves auditing ERP integrations, automating processes, and leveraging AI for optimization.
- Early adopters experience faster filing, reduced reconciliation time, and higher ITC recovery rates.
Source: taxilla.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
