7th June 2017
GST rollout will be propitious opportunity for IT industry. Since, there are two basic requirements which will be fulfilled by IT industry GSTN and GST software. GSTN is a network on which all GST operation will operate and GST software will be required for daily upload on the server, particularly micro small and medium enterprises concerned about the compliance burden, and opened up a new market for software providers.
In the market there are many GST service providers used for implementation of Business to help businesses upload transactions. This will require a particular time period for all businesses to understand implications and discipline of payments, and during this time technology-based solutions come in handy. Small companies have enable to become GST compliant. There has been report Procedural compliance under the GST regime would be a tough nut to crack for MSMEs, especially amid a relatively poor IT infrastructure.
GST compliance has certain limited time period and a registered business has to file three returns every month, besides an annual return, which means every taxpayer will file 37 returns in a year.
GST invoice and GST returns will require lot information and much of this is repetitive in nature. Software will give ample time to taxpayers to configure their systems, create the required masters and become GST ready. This will reduce the invoice reconciliation requirement of large companies.
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