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SOLUTIONS DETAIL

REVENUE COLLECTION

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Governments are looking for ideas that can maximize the revenue of their economy and encourage people to become more tax compliant. Our Tax Revenue Solution is a user-friendly web portal, has been specifically developed for this purpose.

Our Revenue collection solution will help Governments to:

  • Create a centralized-database of revenue-related records. This will improve data accessibility to the authorities.
  • Decrease the number of tax defaulters by providing a control mechanism for preventing malpractices in payments.
  • This will save huge revenue losses – money that the government can use for carrying out developmental works.
  • As every economy runs on taxes, when revenue collection is streamlined, the wealth drain of economy will turn into wealth gain.

Given the significance of taxes, Revenue Collection software, that updates information of revenue-records in real time, provides financial security and accountability, consumes less time and ultimately increases the revenue generated, is a must-have solution for every Government.

Introduction of Revenue Collection

After detailed analysis and continuous efforts, We came up with a technology that simplifies numbers, raises government revenue and lowers expenditures – the Revenue Collection software.

Whether it is the government or an individual, people would be sure about the rate and amount of tax they are supposed to pay. And when there is certainty, there is trust; which further brings credibility into the system.

Things become clearer by understanding the framework of tax collection. The ambiguity associated with tax rates no longer exists. This helps in creating the right business environment, while maintaining security standards and simplifying logistics issues.

Process and Components of the software

Step-by-step process of Revenue Collection system

  • Registration and verification: The first step is registration of tax-payer and his business. Followed by issuance of Unique Smart Card to Tax Payer i.e. NFC or RFID enabled. Tax-collector goes on the field for inspection and data-verification. Syncs data and links all the business with tax payers.
  • Categorization of taxes: Tax-payer declares the type of tax he is ought to pay.

 

The proposed solution not only helps in collecting revenue but can also be used for collecting various types of funds and taxes. In fact, more than 70 different types of taxes can be collected using the e-Revenue collection system such as:

  • Market Tax
  • Property Tax
  • Business Tax

Taxes are charged as per government law at different rates, depending upon which bracket they lie.

  • Tax collection and invoice generation: Periodic invoice is generated for Auto-periodic taxes

There are two ways of tax-collection –

By POS terminal

 

  • Tax collection with POS terminal against periodic invoice generated. Covers taxes such as property tax, community market monthly rent, periodic taxes on vehicles
  • Tax collection of spontaneous taxes (parking tax, toll tax) with POS terminal

 

-Tax payer comes to office and declares the value

System generates tax as per value, (Quantity like tax on sales, tax on production, tax on purchasing, tax on registration of vehicles)

Advantages that Revenue Collection offers

  • User Friendly Web Portal

Web Portal organizes the processes involved to make it simple to use. The proposed system provides user-friendly background and functions. After login into the system, the user can get a quick view of customized dashboard according to his requirement.

  • Financial Accountability

Government departments do not have to worry about handling cash and entering information. This system makes financial transactions more transparent than ever. Auditing becomes easier as departments have 24*7 accesses to records of payments. This stops revenue leakage and increases precision of audit central systems.

  • Up-to-Date information with Real-time reports

The application is online and the database is available at a centralized server i.e. there is one-single database. Therefore, one gets up-to-date information as the system offers the ability to watch data flow into the database in real time. This improves reporting capability, and promotes an effective monitoring and supervising system.

  • Security of data and finance

The system makes data and information secure by providing User IDs and Passwords in order to prevent unauthorized access. Data and Payments are secured by using firewall and encrypt system. This enables effective tracking of postings of collections and revenue monitoring by target wise/actual collections.

  • Resource Planning

Helps in resource savings when dealing with a growing market during peak load periods i.e. at the start of special events which can attract mass collection.

  • Backup and Restoring

Regular backup helps to protect data from theft, physical damage and computer viruses and malware. Thus, records will be more protected than in a file-based system. System can be restored if the need arises.

  • Future Ready System

It provides a technical base to further expand online services and develops core knowledge and expertise to help move forward.

To know more contact us at info@ferventechnologies.com