GST however requires a synchronization between the taxpayer's application, an invoicing software, and also the GST system, which without the automation would however be a rather a difficult task.
Thus, one of the key priorities today is however harmonisation of the existing complex, indirect tax system by however replacing it with also a uniform Goods and Service Tax (GST). GST is thus meant in order to simplify the Indian indirect tax regime by however replacing a host of taxes by thus a single unified tax, thereby however subsuming a central excise, service tax, VAT, entry tax, etc.
Since the entire system of indirect taxation is however thus undergoing a complete make-over, there are thus a plethora of challenges for however it’s thus successful implementation and transitional issues will become particularly relevant. For the taxpayers, challenges thus however begin with understanding this transitional provisions to however redesigning the supply chain and also distribution of strategy, forming of the new business policies and thus also the framework, studying the impact on the cash-flow and also the profitability and thus also addressing the sector specific issues. GST regime thus also necessitates a high level of synchronization between the taxpayer’s application, i.e. an ERP, either an accounting or an invoicing software, and also the GST system, which however without automation would thus however also be a rather difficult task. These thus also include item level detail in the invoices, maintenance of the trail of thus all amended entries, reconciliation of the sales and also purchase the register between the vendors and also the buyers however on a minimum three monthly returns and also the other events such as an auto reversals demand or the automation of tax compliance process within thus however any tax entity. If however anything is considered amiss, it will thus also directly impact the business’s compliance rating and also act as a deciding factor for the buyers, lenders and also the insurers, whether in order to deal with that business or not. Timely tax compliance will thus also be critical for the business success and also a robust and also scalable solution in order to manage the GST compliance.
The purpose of this article is to make the reader aware as to why tax automation is thus considered as critical for the business success under GST.
Firstly, we will have to explain as to how the taxpayers can however utilize GST.
The government however has to built an intuitive solution, however it thus does not have reconciliation functionality which will thus also be needed for the error free filling of the GSTR2 and also GSTR1A. It is thus also not possible in order to automate the filling process using the official portal. Taxpayers however have two options; they can thus either utilize the solution which is however provided by the Government or the private entities called as the GST Suvidha Provider (GSP) and also Application Service Provider (ASP) for the GST compliance. Such of the functionality, thus along with also the other value added features, will thus also make the process more simpler. Till now, Goods and Services Network (GSTN), is thus also a private company set which is thus also up in order to provide IT infrastructure thus to the government, taxpayers and also the stakeholders for GST implementation have thus however appointed 34 GSPs which will thus offer support and also the services in form of however GST APIs in order to help the taxpayers and also the businesses in compliance. They are thus needed in order to exchange information with the GSTN’s servers.
Now, let us discuss as to how GST APIs can thus help the Taxpayers.
Functionalities which however are available through GST APIs thus includes registration of the tax payer and thus also the tax consultants, return filling (GSTR1 up to GSTR12), payments, ledger maintenance, etc. Then there are also ASPs which however are a more generic term for the entities who are however building the return filling applications. An ASP however need not be accredited by the GSTN, although it thus must have a contract with a GSP in order to access GST APIs. Interestingly, almost all the GSPs are thus also ASPs. In case few GSPs are however also not ready, their customers can thus also use the (GSTN’s) offline tool in order to upload the invoices. Taxpayers which are however having small number of business to business invoices, like the retailers and also the small traders, can thus do the data entry on the (GSTN) portal itself. Factors however such as intuitiveness of the reconciliation, validation and also the tax determination engine, data security, storage and also privacy policies etc. should thus also be taken into consideration by the taxpayers while however choosing the right technology vendor in order to always ensure a smooth compliance.
0コメント