Do you know the hidden risks of limited vape tax automation?
In Georgia, many retail and wholesale tobacco businesses are legally working to sell tobacco products. These companies require timely submission of tax returns to IT authorities. The sellers collect taxes levied on tobacco products such as e-cigarettes, cigars, liquids, vapes, etc. from buyers. Thus, this tax actually has governance of the Georgia Department of Revenue for collection from wholesalers and retailers. However, due to a lack of tax automation, taxpayers find it daunting to compute and report accurate tax figures. Thus, they have to face various consequences during vape tax compliance in Georgia. If you sell tobacco products, you should know the risks of having improper vape tax automation for your business.
Time-consuming and erroneous reporting
Probably this is the major side effect of not having a proper setup for tax reporting on tobacco and vape products. You may have to devote loo long hours to understand the tax activities and reporting compliance. Apart from this, there are considerable chances of filing tax returns with wrong or misconstrued data. Subsequently, it could result in penalties by the IT and sales tax authorities. Moreover, you have to bear the mounting costs of non-compliance with the PACT Act. Therefore investing in ERP vape tax reporting solutions in Georgia is a sensible decision. The GuruWay provides you with this fully-automated system which automates sales processes and reporting of data to make tax filing hassle-free.
Prevent high costs of tax analyst services
The ongoing effort to understand the tax slabs and requirements for filing returns can cost you more. You may have to hire a tax analyst who can prepare reporting and tax filing for your business. But it can cost high to your business and the process would still have a manual approach. Therefore, we as vape tax experts in Georgia provide you with an integrated system that can automate the accounting, sales, invoicing, and inventory tracking of tobacco products. Thus, it can store valuable information in a centralized location for easy access. Hence, you can have adequate data to compile for tax calculation and preparing the reporting. In this way, you can potentially refrain from paying higher costs and mitigate the risk of reporting errors and penalties for non-compliance.
Learn best practices from other industries
It is needless to state that understanding tax complexity is a cumbersome task. Especially for the tobacco industry where there are different tax slabs and percentages of taxes levied on various tobacco products. For instance, the tax on large cigars at wholesale prices is 23% and on loose tobacco, it is 10%. Also, the total tax comprises GST computation which makes it more complicated. So, other industries with similar tax complexity have opted for tax automation, tax computation, exemptions, tax filing and returns, etc. Therefore, you should also implement this system for error-free vape tax reporting in Georgia. Thus, you can have better reliability and scalability to let your team focus on more strategic work to grow your business.