Statutory Compliances Block
The Statutory Compliances Block in the EMS ensures that businesses meet all legal, financial, and operational regulations related to asset management and business operations. It automates the tracking, reporting, and documentation of compliance requirements, helping businesses avoid legal penalties, reduce risks, and maintain smooth operations.
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What is Statutory Compliances Block?
The Statutory Compliances Block in the EMS (Enterprise Management System) is designed to help businesses meet all legal, financial, and operational regulations efficiently. It ensures that the company adheres to government-mandated laws, industry-specific regulations, and internal policies related to business operations, taxation, labor laws, safety, and environmental standards.
Key Features
GSTR-1 Upload
The GSTR-1 Upload feature in the Statutory Compliances Block of EMS allows businesses to easily prepare and upload their GSTR-1 returns directly to the GST portal. GSTR-1 is a monthly or quarterly return that contains details of all outward supplies of goods and services made by a business. This feature ensures that businesses comply with GST regulations while reducing the chances of filing errors and penalties.
GST2A Reconciliation
The GSTR-2A Reconciliation feature in the Statutory Compliances Block of EMS helps businesses match their purchase records with the details auto-generated in the GST portal (GSTR-2A). This ensures that businesses can accurately claim Input Tax Credit (ITC), avoid mismatches, and prevent penalties or financial losses due to incorrect GST filings.
TDS Trace
The TDS Trace feature in the Statutory Compliances Block of EMS helps businesses manage and track Tax Deducted at Source (TDS) efficiently. It automates the calculation, deduction, and reporting of TDS, ensuring compliance with tax regulations and reducing the risk of penalties for incorrect or late filings. The feature also provides real-time visibility into TDS transactions and simplifies reconciliation with government TDS records.
Balance Sheet
The Balance Sheet feature in the Statutory Compliances Block of EMS provides businesses with a comprehensive and real-time snapshot of their financial position. It automatically compiles and organizes financial data to generate an accurate balance sheet, reflecting the company’s assets, liabilities, and equity at any given time. This feature helps businesses maintain financial transparency, comply with statutory reporting requirements, and make informed decisions based on real-time financial health.
this is how Statutory Compliances Block works
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