• Navigating Tax Obligations – Complying with India’s Goods and Services Tax (GST) and Tax Deducted at Source (TDS) requirements. It can be burdensome for businesses to calculate, and keep localized reports related to the various sales tax liabilities in India, and a technology solution built for NetSuite can streamline and enhance a company’s related processes.
• Ensuring General Ledger Back-Up – Maintaining proper accounts and financial records in line with Section 128, which calls for the audit readiness of information and stipulates record-keeping requirements for companies based in India, for which a CFO is ultimately responsible. The Ministry of Corporate Affairs has mandated that books of accounts and their backups must be maintained on servers physically located in India, with backups updated daily, and companies often need help from technology enablement experts to comply with these latest requirements.
• Enabling Modern Payment Processing – Integrating payment processing between a company’s enterprise resource planning (ERP), system, such as Oracle NetSuite, and a specific bank, such as HSBC. This type of integration can help a company’s finance function enable more seamless transactions.

How three NetSuite-based technology solutions help businesses operating in India tackle these common challenges

For businesses using NetSuite, Riveron has developed and implemented fit-for-purpose technologies that extend the usefulness of the ERP in addressing these India-specific tax, accounting, and bank integration challenges. These solutions include: (1) an India GST SuiteApp built for NetSuite; (2) a database connector that helps businesses maintain Section 128-compliant records in the general ledger; and (3) a payment processing solution that enables companies to connect NetSuite and HSBC bank.

1 – Managing tax reporting and compliance in India with the GST SuiteApp by Riveron (built for NetSuite)

Built for NetSuite (BFN), the GST SuiteApp by Riveron is designed to help businesses in India manage their operations, reporting, and compliance with Goods and Services Tax (GST) and Tax Deducted at Source (TDS) requirements. This comprehensive suite extends NetSuite’s functionality to address the complexities of GST computation, reporting, and GSTR-2A reconciliation.

Riveron’s GST SuiteApp automates a company’s ability to determine its GST type and helps business manage local tax requirements. To help businesses take advantage of incentives and make the most of the order-to-invoice process, GST SuiteApp by Riveron also handles the GST impacts for special economic zone (SEZ) and export sales, along with TDS, while integrating seamlessly with E-Invoice and E-Way bills. Using the app allows companies to create localized reports aligned with local regulations. In addition to ensuring tax compliance, the Riveron GST SuiteApp can automate rules management and seamlessly integrate into business systems, workflows, and processes—enabling better financial reporting.

Key features of the GST SuiteApp include:

• Creating tax records for India GST calculations with tax codes (HSN/SAC) and types (CGST, SGST, IGST),
• Calculating GST during sales and purchase transactions,
• Complying with details necessary for filing tax returns, submitting to tax authorities in India, and input tax credit utilization.
• Supporting the export or import of goods and services,
• Facilitating statutory reporting with the ability to generate adjustment journals. Enabling digital invoicing, with the capability to integrate with leading GSP providers like Cygnet Infotech and ClearTax GSP.