IRIS Peridot Launched - India’s first App to scan GST bills

 3.5 million SMEs can avail the benefits of unique App which immediately verifies GST correctness by linking it to the GSTN system

Accuracy of counterparty’s GSTIN has a direct impact on your Input Tax Credit claim

by Shrutee K/DNS

Mumbai: Commemorating Goods and Service Tax’s (GST) first anniversary, IRIS Business Services Limited launched ‘IRIS PERIDOT’- India’s first App that can intelligently scan bills and documents with a single click and return the validity of GSTIN ID and returns filing compliance of the taxpayer.

BSE-listed IRIS Business Services Limited is India’s one of the leading GST Suvidha Providers. A number of India's top companies seamlessly take care of their GST filing requirements using the IRIS platform. Recognising GST as a transformation initiative, IRIS has created a range of GST solutions to facilitate ease of business as well as better tax compliance and IRIS Peridot is one of them.

GST Identification Number or GSTIN is a 15-character unique number provided by Government to every registered tax payer. Only the holders of valid GSTIN are allowed to charge and collect GST on the supplies. It is necessary that the taxpayers need to mention their GSTIN on the invoices prepared by them. IRIS Peridot is an app which helps the user to instantly get the details of the taxpayer and its compliance records by validating it with GST system.

One of the unique proposition of Peridot is the convenience it gives to the user. A user can scan any invoice or document with the phone camera and post that the App using AI/ML techniques, recognises the GSTIN from a cluster of text and returns the details of the taxpayer usingIRIS’ GSP API connect.

On the other hand, the use of GSTN website orsome of the other apps that claim to provide information, they ask the user to input the 15 digit GSTIN as well as an additional captcha for verification.Peridot is especially easy for small business owners who would want to check whether the buyers and suppliers in their network are bonafide with respect to GST compliance, without using the services of an external consultant.

The App developed by IRIS Business Services Limited, can be downloaded free from the Google Playstore and the Apple Store. The user can click on the returns filing tab to easily get the returns filing compliance records of whether GSTR1, GSTR3B/GSTR4 has been filed by the tax payer, along with the filing dates. This is displayed in a month wise manner giving complete view of taxpayer’s compliance and a comfort about the ability to claim the input tax credit without potential audit issues. Speaking on the occasion, Mr. Gautam Mahanti, Business Head, IRIS GST said: “Like the gemstone Peridot that is known for transformation powers bringing down stress, reducing anxiety and giving peace, the IRIS Peridot App is designed to provide peace of mind when it comes to GST. We all know that GSTIN also has an important role in the return filing as it identifies the registered business and thus, Peridot can help ensure a genuine B2B transaction. The correctness of your counter party’s GSTIN has a direct impact on your Input Tax Credit (ITC) claim. So why take chances, when you have an easy way out! Get the GSTIN always right, just Peridot it.”

One of the biggest beneficiaries of ‘IRIS PERIDOT’ will be the Small and Medium Enterprises (SMEs). SMEs are the backbone of India’s economy considering that the country has around 3.5 million SMEs contributing anywhere between 45 to 50% of the industrial output and 40 to 42% of India’s total export. Besides, SMEs are the leading employment generators and thus any policy change in taxes affects a large section of small and medium businessmen and businesswomen. Apart from businesses, individual users can also be assured that the vendor with whom they may have transacted is a tax payer with good intent; they can draw comfort from the past track record of the vendor that the taxes they have just paid will be deposited in the treasury.

About IRIS Business Services Limited: BSE-listed IRIS Business Services Limited is a global software products company working in the area of compliance, data and analytics. Products developed by IRIS have been adopted in 22 countries across 4 continents that include the US, UK, Singapore Mauritius, Nepal, Saudi Arabia, Singapore, and South Africa to name a few.