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Chartered Accountants Approve Skydo for Seamless GST Refunds

Chartered Accountants approve Skydo for Seamless GST Refunds
rohit
Rohit19 December 2023

Doing your GST refunds as a business owner can feel like trying to solve a Rubik's Cube. The complicated forms, constant compliance checks, and fear of messing up and facing penalties can be overwhelming, not to mention the delays, cash flow issues, and even legal obstacles that can occur if you make one wrong move. Instead of spending time on growing your business, you're buried in paperwork and tax codes. 

What if there's a way to make all these problems go away? 

Skydo is an approved tool by chartered accountants that makes GST refunds easier than ever before. No longer will you need to stress over a long and tedious refund process, as Skydo makes the process accurate, quick, and hassle-free – so you can get back to what matters most: running your business.

Let’s learn how Skydo helps with GST Refunds.

Skydo's Role in Simplifying GST Refunds

Skydo is revolutionizing the current financial landscape with its advanced platform. With its cutting-edge technology and user-centric features, Skydo has quickly become the go-to platform for anyone needing help with GST-related compliances.

Key features that make Skydo a standout choice

1. Effortless Letter of Undertaking (LUT) Integration

An LUT is vital for GST compliance. To draft the LUT, you can simply log into the GST portal—an efficient digital platform. Go to the 'SERVICES' Tab > 'User Services' > Select 'Furnish Letter of Undertaking (LUT)'.

Select the financial year applicable for this LUT and fill in the necessary details on the Letter of Undertaking Form/GST RFD-11 that appears on the screen. Once you receive confirmation, you can capture the details of the LUT for further reference.

When creating your invoice on Skydo's platform, you'll find a dedicated section to include the LUT, accommodating up to 200 characters. This means that as you generate invoices for your international clients, you can effortlessly ensure tax efficiency.

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You can seamlessly integrate the LUT into your invoice during its creation, avoiding delays and the hassle of jumping through multiple hoops for tax compliance.

2. FIRAs (Foreign Inward Remittance Advice)

Traditionally, you'd have to wait for days to receive a Foreign Inward Remittance Advice (FIRA) to confirm payment settlement. However, Skydo steps in to change the game. As soon as your client's payment is settled, you receive the FIRA instantly. This real-time availability doesn't just accelerate your financial processes; it's like having a financial assistant ensuring that you're always in the know.

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3. Automatic Prefill of Purpose Codes

When you accept international payments to your bank account, the bank requires you to specify the purpose code and provide supporting documents like FIRA against each inward receipt.

With Skydo, you no longer need to worry about remembering purpose codes or flipping through thick rulebooks when sending invoices. The system will automatically provide the correct purpose codes based on the code you provided before, eliminating the need to go to the bank to obtain new ones each time. 

It's like having a built-in expert to handle the intricacies of compliance, making your life simpler and your business more efficient.

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4. Comprehensive Skydo Receipts

As a business owner preparing for an upcoming audit, you need access to comprehensive transaction records. With Skydo receipts, you get a detailed breakdown of your transactions, serving as a reliable tax invoice. It's like having an accountant at your fingertips, simplifying accounting, record-keeping, and financial transparency.

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