22nd April 2017
Goods and Services Tax (GST) set for its rollout on July 1. Business and Companies are working to be service-providers to value-add niche products and services to help potential clients make the transition to the new regime. Company are under competition and are intensified since India is getting ready for the electronic upload of more than 2 billion invoices on the GSTN (GST network). There have been many taxpayers have got choices apart from the main government portal, and ease the compliance process.
GSTN agency that is in charge of the main technological infrastructure for GST.It is a big shift from the existing government model of building out a monolithic portal for all taxpayers. There will be on which other companies can innovate and compete to make a range of final solutions for end-users.
There are around 34 companies appointed as GSTN Suvidha providers (GSP) including companies like Ernst and Young, Deloitte Touche Tohmatsu, and other software companies IRIS Business Services and Tally Solutions. These companies have been directly connecting to the APIs (application programming interface) of GSTN.
In the market, there are several independent application developers and Start-ups like Moglix and ClearTax as well as MNCs like Intuit vying to be Application Service Providers (ASPs) to the GSPs. Companies are also aware of the ASP innovations which can be part of the Suvidha Providers' offerings.
In case the firms have a lot of transactions and need to do reconciliation. There will be certain difference between GSPs that will come in terms of the functionality depending upon the wealth and their domain expertise in tax.
There many gates opened by GSTN for the next batch of GSPs as many captive clients of Accounting firms. These have the experience of designing software in Europe where VAT (value added tax) is prevalent. According to the local requirement, there has been the similar solution, carrying out significant customisation. Technology like Artificial Intelligence(AI) will learn to correct mismatches and guide the client to a potential solution. This will also do legal vetting on the basis of parameters and rules.
EY and Spice Digital are taking of security assurance for clients to engage with only one service provider for all their filings. Harishanker Subramaniam, national leader for indirect tax services, EY. said that our integrated platform provides seamless services of GST compliance through secure data reporting by a single service provider
Saket Agarwal chief executive of Spice Digital is gunning for approximately 10% of the market in the first year with his company's integrated solution. Tally a software company, has more than one million customers, mostly SMEs. Ratan Tata-backed B2B e-commerce marketplace Moglix , is focusing on the manufacturing industry.
2017 © Monetic Corp Consultants Private Limited - U74999DL2013PTC261819
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