Trade transactions involve various taxes and duties that tend to have a substantial impact on overall cost, whether intra-state or inter-state, levied by either federal or state governing bodies, at different junctures in the supply chain. As companies sell their products either directly to the consumer or through various resellers in a multitude of locations, suppliers, resellers, as well as buyers become accountable for compliance with multiple types of taxes and duties.
To avoid the staggering cascading effects which tend to arise, it becomes necessary to have a system in place that promptly applies appropriate taxes and duties, whether federal or state, as the goods move from supplier to customer in a distribution network. The eXchange helps incorporate the configuration of taxes and duties where applicable enabling smooth transactions between trade partners, to uphold welfare and keep up with necessary regulatory requirements.
The eXchange offers:
- Incorporation of multiple taxes and duties
- Reliable application of intra-state or inter-state taxes and duties
- Utmost transparency
Configuration of taxes and duties through the eXchange are transaction and domain specific, this enables trade partners to forgo cascading effects and comply with regulatory authorities in a hassle free manner. The breakup of the various taxes and duties is available for inspection and is automatically updated once compliance obligations are met, to uphold transparency amongst buyer, seller and the governing bodies.
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