As the GST is coming to redefine the economy of India, its service providers also geared up to face the challenges being thrown by the operation and implementation of it. The organizations hired to play as the role of suvidha providers are now eligible to run in full factor and has added a range of products to be used by the taxpayers in the new taxation regime.
However, competition is stiff tremendously, as the uploading of over 2 billion invoices won’t let the sigh of relief anytime soon. Many private IT firms are eying upon the opportunity to become the suvidha provider on its own by the means of introducing GST software proportionately more compatible, practical and easy to use. The main agenda to bypass the government portal is to provide an easy and smooth compliance process to the taxpayers without hurdling with the busily loaded government portal.
Trending Topic: GST Network: Role of GST Suvidha Provider in India
Pramod Varma, advisor to GSTN said that “The GSTN, the main agency in charge of the technological infrastructure for GST, is a big shift from the (existing) government (model of) building out a monolithic portal for all taxpayers.” There are around 34 companies which are granted the badge of official suvidha provider and would be responsible for making the taxpayer final their IT return at the GSTN. Companies like EY, Deloitte Touche Tohmatsu, IRIS Business Services and Tally Solutions are few of them and can directly connect to the APIs (application programming interface) of the GSTN.
Kunal Wadhwa, partner, indirect taxes, PwC India mentioned that “We are using a similar solution, carrying out significant customization that has been done to address local requirements, The system has artificial intelligence which will learn to correct mismatches and guide the client to a potential solution. It will also do legal vetting on the basis of parameters and rules.”
The EY will also bring out solutions such as ASP and GSP both in order to provide a wide base of service to its clients. Harishanker Subramaniam, national leader for indirect tax services, EY, “Our integrated platform provides seamless services of GST compliance through secure data reporting by a single service provider.”
