Intelligent, multilingual VAT software launched

Source Code International, a Bangalore-based IT solutions provider, on Thursday launched a VAT-intelligent, multilingual trading-inventory-accounting software named 'Balance'.

The software has an in-built VAT intelligence software which helps small traders and merchants to keep their records VAT-complaint without having to dredge into the intricacies of VAT rules.

This software helps traders and retailers to enter their purchase and sales transactions on data entry screens similar to a manual billing interface, thus ensuring a low learning curve.

This software also helps generate tax invoices, bills of sales, monthly VAT returns and other mandatory documentation in the prescribed format. It is also suited to enable electronic filing of tax returns.

The software's user screens and reports have a regional language interface, thereby further extending the reach of the product.

B V Naidu, director, Software Technology Parks of India (STPI) said, "Over the past few years India has established itself as a global destination for IT services. However, IT has not yet spread to all strata of trade and industry. Simple solutions addressing business needs of the common man in the local language will provide the right impetus towards percolation of IT to the grassroot level."

Niraj Jaipuria, CEO, Source Code International said, "The biggest challenge for small and medium enterprises is to accurately determine the amount of input credit available on each purchase by the business."

He said the intelligence in the software accounts for the input tax credits on every purchase and sale for every returns transactions or stock transfers.

The nationwide introduction of VAT has created a software market worth Rs 300 crore. "In Bangalore the commercial tax office itself has 3 lakh registered dealers and we aim to tap that market," said Jaipuria.

Source Code International plans to market its product through its in-house distribution network by direct selling in Bangalore. It plans to convert its first time user segment into its potential market. It also plans to launch its Hindi version in two months.

Balance is priced at Rs 5,000 for the single user and Rs 10,000 for the multiple user segment. It aims to sell at least 10,000 copies this year.