Goods and Service Tax is going to roll out from 1st July 2017 and about seven weeks left for the implementation of GST in India. Indian companies are in hurry to gain knowledge from the tax experts which helps to prepare the accounting and information technology systems in their business units or enterprises. The accounting firms who are specialized in taxation can earn good amount of money due to the implementation of GST in India just by adopting following services mentioned below:-
ASP is an abbreviated Application Service Provider (Software Making Services). ASPs can develop an end- to-end solution for corporates, consultants, and taxpayers. Through ASP, the Taxpayers, Users, Companies, Business units can file their taxes/ returns. Apart from filing taxes, it also helps for GST Registration, Challan and all kind of activities related to GST compliance. It will also help to manage the sale or purchase of goods and services and GST filing. It acts as a third- party- software services and will charge some amount of money from the users or taxpayers. Here users have to fill all necessary information and taxes automatically paid to the Government. It saves time and promotes digitalization.
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GST Implementation in India is very popular topic nowadays. Before the implementation of GST Indian companies are paying a large amount of money to the international accounting firms. Firms who are providing taxation consulting services across the globe namely, PricewaterhouseCoopers, KPMG LLP, Deloitte and so on.
According to a council member of India’s accounting regulator, the Institute of Chartered Accountants of India. For providing knowledge on everything from taxation regulations to business finance, will help to generate 150 billion rupees ($2.3 billion) as consulting charges (fees). PricewaterhouseCoopers said, “pulled in a specialist from Australia to help bring Indian companies into compliance with the new taxation regime, which starts July 1.”
Representatives from Ernst & Young LLP and KPMG said, “they are also fielding calls for help from businesses struggling to assess the impact of the GST’s implementation and how best to implement computer-based systems to manage their supply chain, procurement, and accounting processes.”
To spread awareness among people about the GST implementation in India. Tax Experts, CA of these accounting firms who have a knowledge related to the GST taxation must write short books on different topics related to GST implementation like GST impact in India, Benefits of GST, Different Tax Slab Rates of Goods or Services and published books/ guides on E- commerce portal like Amazon, Flipkart and so on.
For the successful implementation of GST in India. It is essential to conduct various training sessions, seminars, meetings, conferences in different states across the nation. These training sessions must be conducted by the tax experts, tax officials, CA of the accounting firms along with the approval of the government. It will be beneficial to aware common man, people, business units, companies about the GST compliance in India. Training firms or services have a wider scope to earn good amount of money for providing knowledge about the GST implementation.
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Outsourcing is one of the good options for the effective implementation of GST in India as It will save cost. Under this, Technical experts or group of people will solve the query or problems of users, business units, companies related to the taxation, GST implementation, GST Registration and so on. It enhances efficiency level, increases productivity and focuses on the particular area and It is usually done internally.
The expecting accounting firms can also initiate a re-seller program for their GST software to be sold through the partner channels in order to garner extra revenue. This will help them to extend its user base and also hold active sales team without any internal effort. For an example, SAG Infotech has initiated a program similar to the idea in which the interested re-sellers will be offered commission upto 70 percent. The offer is lucrative for the budding accounting firms to earn extra revenue from the pre-established ASP provider like us.
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This edition of the guide is truly invaluable as it helps us know more about the Goods and Services Tax. It throws light on the economic reform which has shaped the structure of present-day India. Thanks for sharing.