TReDS AND GST PORTAL

GST portal has come a long way from a fledgling,fumbling and faltering days to its better days.However it has go a long way to evolve into a mature and more user-friendly phase. Now Central Govt is introducing e Invoicing with unique Invoice Reference Number (IRN) for traceability and matching concept introduction. This IRN will be given by Govt and this is to identify whether it is a valid e Invoice .

This numbering system will be similar to cheque MICR no. for the purpose of verifying the genuineness and also for the use in matching it for clearing mechanism. This IRN will also serve similar purposes.More than bigger companies this system will help MSMEs in the longer run.

For MSME bill discounting some of the banks like Axis Bank have introduced a digital platform called TREds so that MSMEs can access cheaper bank finance against their supply invoices. Ministry of Corporate Affairs have also made it mandatory for all Corporates with a turnover of Rs.500 cr and above to register under this for all their MSME suppliers to take advantage of this bill financing platform which will help them in working capital.My suggestion is that TREdS ,which is a standalone platform of the Axis bank, may be linked and integrated with the GST portal so that ,MSMEs need not have to again look for another software to do E invoicing and generating Eway bill through GST portal. If this linking is done ,as and when Eway bill/E invoicing is done in GST portal/software, it is enough to take it to TREds platform and any duplication and time loss can be totally avoided. This will also be a great marketing tool for quicker Adoption of TREds as mandated by MCA.RBI and MCA, MOF and MSME ministries will have to work together to do this immediately which will be a great boon for MSMEs making it easy for them to do business.

Today there is a heartening news that Cabinet  has approved the budget decision to amend Factor Regulation Act 2011 to allow non-banking finance companies(NBFCs) to extend invoice financing to the MSMEs through TReDS, an electronic platform  for facilitating discounting of trade receivables. 

Now Govt should also takeup this digital linking of TReDS and GST portal softwares for MSMEs to really usher in ease of doing business and paying GST .This will also indirectly help Central Govt garnering higher GST revenues through widening of tax base

The Interactive Triangle -how do we lead a life!

Humans are students of life with the ability to help others in every possible way, however small may it be, day in and day out and go up in the ladder of evolvement of their individual souls. In this process they realise that they are preprogrammed machines with same set of Operating Systems  of mind and senses ,but with a discerning intellect guided by the Paramatman from deep inside.

Some may agree that the "inner voice" of conscience, as Gandhiji would put it,  is God speaking to you or through you and many may disagree with this. Let us not digress into that.Let us keep it aside as this is a black box about which discussion can go on endlessly.

But the elephant in the room is that we have limited cognition of both our external  universe i.e physical outer world as well as, of the inner mind space world. We are only tuned into certain frequencies or preset softwares, for the purpose of our existence in this earth.

We are daily shaped by our observations cum experiences , which form our memories of short run and long run based on our Cognitions or Perceptions. All these interact and reinforce each other continuously defining our path of life.
The Interactive Triangle can be presented this way: (Ego is Gross and Consciousness is subtle- but both exist)

The Interactive Triangle