TRACKING GST REGIME: INDIA WANTS TO KNOW
Freedom.Desi forays into return filing in GST regime
Freedom.Desi is geared to make its foray into return filing in the impeding GST regime. Touted as the biggest reform in Indian’s tax structure, GST aims to eliminate tax barrier between states and create a single marketplace. Through its mobile application, Freedom.Desi will offer robust GST solutions to bring forth improved productivity, and streamline tax processes, enabling retailers to run their business smoothly.
Once implemented, GST will be one of the biggest taxation reforms to take place in India. GST entails a major shift from origin-based taxation to a destination-based tax structure, affecting the various facets of business such as pricing, profitability, cash flow, sourcing, and supply chain. The sole intention of this reform is to facilitate a single, cooperative market, which will eventually help create a progressive business infrastructure and economy.
Freedom.Desi helps offline retailers to leverage the benefits of locationbased technology to increase footfall and drive sales. The mobile based application uses Wi-Fi sensors to track users in vicinity on a commercial space, log footfalls and also out promotional offers to their app-users in the vicinity.
“BIZGURU” Comes to Cater Accounting and GST Needs of Small Businesses and Traders
Confederation of All India Traders (CAIT), Acer and Tally Solutions launched “BIZGURU”. The solution is a one-stop plug and play business solution for all accounting and GST compliance needs. BizGuru comes with Acer’s PC products and pre-installed Tally.ERP 9 to make it easy even for small businesses. The initiative is supported by CAIT, who have been helping Indian traders embrace new technology for the last decade.
The introduction of Goods and Services Tax (GST) is a remarkable step in the reform of indirect taxation. It offers a great opportunity to organizations of all sizes and sectors to transform and enhance their shift into the digital economy. One of the biggest challenges for the small businesses and traders is to understand the enormity of GST and adopt real time implementation of it. Therefore, there comes the need of a comprehensive IT solution that would enable smooth implementation of GST and will help businesses in digital transformation. Acer and Tally have been pioneers in introducing innovative products and solutions while CAIT brings with it the country’s largest network of traders. With GST coming in, considering a dire need to upload digitized transactions for invoice matching; they have joined hands to introduce – BizGuru. This solution will cater to all small businesses and traders across India who are currently using manual methods of accounting.
Acer’s GST customized range of computers perfectly complements Tally’s software, Tally.ERP 9 which will be pre-installed and give businesses peace of mind that by merely switching on the solution, they can get up and running with accounting and GST compliance. This will make BizGuru a compelling GST solution in the market. Furthermore, CAIT will lead the way in reaching out to the traders and small businesses with the solution and helping the community get GST ready. Tally’s education arm will also provide a certification programme to train the traders on the solution.
EY launches DigiGST; a SaaS-based tax automation tool for GST
EY has launched DigiGST, its integrated GSP-ASP solution that provides organisations with end-to-end GST compliance support. DigiGST is hosted on the Microsoft Azure platform and combines EY’s tax domain expertise, technology capabilities and deep Sector knowledge.
The GST Network (GSTN) will be the technology backbone of the new GST regime and it is estimated that over 8 million taxpayers will u pload in excess of 3 billion invoices in a month on the GSTN.
The DigiGST uses robust in-memory multilevel reconciliation for timely error detection and appropriate credit availment to taxpayers thus reducing their working capital blockage.
Lenovo launches GST advantage solution
Lenovo announced the roll out of a comprehensive range of GST-ready solutions across its notebook, desktop, and all-in-one PC powered by Intel Core processors, and the tablet portfolio. Lenovo GST advantage PCs start at an accessible price of INR 19,999/- (plus tax).
With GST, it has become imperative for small businesses to digitize their transactions and the need of the hour is to provide adequate support to make a seamless transition. With this launch, Lenovo aims to enable small businesses and entrepreneurs with a choice of attractive offers from GST-compliant accounting, ERP and POS solutions along with the purchase of select Lenovo PCs.
To start with, Lenovo has collaborated with Intel and three solution providers: IDOS, Marg and WeP Digital. Businesses that are currently evaluating the need to purchase computing devices can review all offerings available and select what is best suited to their needs. The Lenovo GST advantage offers also include online training programs specifically created for first-time users. Lenovo is looking to add more partners and also offer easy EMI solutions as part of this GST advantage rollout.
Get GST Ready Hassle free with Exotel
Exotel announced the launch of their new campaign that focuses on helping ERP and Tax Accounting Software companies manage leads and make the process smooth and efficient. As lawmakers are in process of clearing out decks for the rollout of GST, Tally along with 33 other companies has recently been appointed as GST Suvidha Providers to help businesses transition to new regime. According to industry reports, less than 10 percent of SME’s are in a GST-ready position, it is undoubtedly a busy time of the year for these companies. The one problem that these partners face right now is, missing out on potential customers due to missed calls or a busy tone.
Exotel’s cloud telephony services will help these companies manage the high volume of incoming leads from companies who would like to become GST ready.
Masters India offers GST solutions
Masters India is geared to make its foray as the leading GST Suvidha Provider (GSP) in India. The Goods and Services Tax Network (GSTN) which is building the technological infrastructure for the implementation of GST, has selected 34 organizations including Masters India as GSPs. Through this initiative, it will offer GST APIs and return filling solution aimed to aid businesses with GST compliance. Their offerings are as follows:
GST APIs: Masters India is offering access to GST APIs, available in synchronous as well as asynchronous mode. It is enabling businesses and Application Service Providers [ASPs] to easily integrate registration, returns, payments, ledger maintenance and other functionality to their ERP, accounting software, or compliance solution with GST APIs.
Co-branded GST Compliance Solution for aspiring ASPs: Masters India is also offering co-branded cloud-based compliance solution to aspiring ASPs who are looking to provide a robust solution to their clients. Aspiring ASPs who do not want to build their own compliance solution, but still want to cater to their existing customer base or enter the compliance market, can partner with Masters India to bring a winning proposition to the market. With Masters India’s co-branded solution, ASPs can deliver an end-to-end GST compliance solution to businesses without any hassles.
Its compliance solution, autoTax, can easily integrate with taxpayer’s existing array of ERPs, accounting solution, and ecommerce platform and allows for seamless flow of data between ERPs, autoTax and the Government servers (GSTN servers). Being a GSP, the organization adds credibility and enables trust assuring data privacy and protection. Most importantly, Masters India provides training and support for the compliance solution that ensures end users to quickly realize the benefit of it.
tal. After reconciliation with the books and draft GSTR-2, upload the final GSTR-2. Reconciliation of the purchase register and data downloaded in the form of GSTR-2 from the GST portal will be carried out by the ASP for the benefit of taxpayer.
WHAT TAX PAYER GETS WITH ALANKIT
Taxpayer will be provided with the integration option so that he can integrate their existing accounting packages with Alankit GST server. Further taxpayer will be provided backend services by Alankit. Alankit has also recently launched a portal called www.alankitgst.com for registration of ASPs, sharing relevant and useful communication for other stakeholders like for other stakeholders like tax professionals, CAs, large MNCs, SMEs, Other Businesses, taxpayers etc.
VAYANA NETWORK: DIGITAL GST DRIVER
Commenced its operations in 2009, Vayana Network offers businesses a simple way to manage their working capital and cash flow by enabling to finance their payables and receivables electronically through Banks and Financial Institutions. Similarly, With rich expertise in invoice matching and helping businesses to manage their working capital and cash flow, combined with unfailing technology support since 2009, Vayana Network had strong reason to participate and get empaneled as a GSP by GSTN.
Sanjay Phadke, Consultant at Vayana says, ‘As a GSP, Vayana Network will facilitate the use of GSTN system to the businesses as well as application service providers to file the GST returns, match sales and purchase invoices to settle input tax credits. Vayana GSP serivces will hence help secure GSTN from direct exposure to users on internet as well as distribute the load in a large economy like India.’
The GSP will cater to the entire spectrum of multinational, large, medium or small enterprises, application solutions providers, tax consultants or tax preparatory service providers.
Overall, Vayana Network will manage the flow of data between ASP solution and GST Network in a secured way with end-to-end data encryption for maintaining privacy. On Infrastructure front, Vayana claims that network has been architected for high availability and performance. Designed for anticipated peak loads of return filing for over 2 million GSTINs, our GSP’s fidelity to publish GSTN API’s and shared authentication protocol ensures security.
Here what Sanjay has to say about the network, ‘it is created by a team that has built US Telco and UK banks remittance systems, Vayana GSP is highly available, secure and concurrent with GSTN. It is hosted on stateless elastic network infrastructure; Vayana GSP has horizontal tech stack assuring high scalability and availability. A high degree of redundancy is built through multi location deployment, load balancing and auto-failover.’
COMPUTER AGE MANAGEMENT SERVICES: RAISING GST STOCK
With 25 years of experience as an integral part of the Indian Financial infrastructure, CAMS Group is another GST Suvidha Provider. CAMS is co-owned by — NSESIC, NSE Strategic Investment Corporation Limited, a subsidiary of National Stock Exchange, HDFC Group (a financial services conglomerate) and Acsys Investments Pvt Limited (the founding promoter).
As a suvidha provider CAMS believes that there are multiple services that they will provide to a tax payer and CAMS application will provide meaningful and actionable dashboards, reconciliations that would facilitate Tax Payers in complying with GST Law.
M. Somasundaram, Chief Financial Officer at CAMS says, ‘Application will also send alerts in the form of SMS and eMails on due dates, non-compliance etc. that would enable timely and comprehensive compliance. We are building actionable MIS that would enable Tax Payers to protect their input credit and identify non-compliant vendors. CAMS will also provide various file format upload option so that it is compatible with all types of ERP/ Accounting software without much changes.’
In terms of IT infrastructure, CAMS has three data centres (primary, in-city BCP and far site BCP centre) with huge IT infrastructure that meets the MF industry requirements. CAMS is also evaluating cloud option.
There are GSPs who are focusing on some specific verticals, on similar grounds, CAMS is currently working with financial services industry for meeting their requirement of generating invoices. Somasundaram says, ’CAMS is also closely working with NBFC and life insurance clients as we understand the intricacies of the transaction and do provide a niece product to them. Since CAMS has more than 63% of stake in Mutual fund industry, CAMS is also working with Mutual Fund industries and its distributor for creating a very specify software to cater to their requirements.’
BODHTREE CONSULTING: GST AGE SALVATION
Hyderabad based Bodhtree has been selected as one of the GST Suvidha Provider by GSTN for effective implementation of the GST across India. GST services of Bodhtree are called “GIST” (GST Intelligent Services for Taxation).
GVV Satyanarayana of Bodhtree tells us that their GSP solution is built with the best of breed, open source technologies to enable secure, robust and fast communication. The GST solutions comes with some of the salient features such as Secure Communication, Scalability,
Monitoring Your Activity, keep logs of all communication, utility APIs.
‘We at Bodhtree are constructing a super information highway in India with scalable and reliable and secure connectivity to GSTN’ says Satyanarayana.
GOFRUGAL TECHNOLOGIES: RETAILER’S CHOICE
GoFrugal Technologies is the only authorized GST Suvidha provider providing Billing Software for the Retail and Restaurant sector among the 34 GSPs that were shortlisted.
GSPs are subjected to provide easy ways to taxpayers and stakeholders in interacting with GST systems. From registration of entity to uploading of invoice details to filing of returns, GSPs will act as a liaison between the stakeholders under the GST regime which is set to be rolled out from July 1.
GVV SATYANARAYANA of Bodhtree
SANJAY PHADKE, Consultant at Vayana
M. SOMASUNDARAM, Chief Financial Officer at CAMS