Mas­ters In­dia of­fers GST so­lu­tions

The DQWeek (Chennai) - - NATION - DQW NEWS BU­REAU New Delhi

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 co­branded 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.

Nis­hank Goyal, CEO at Mas­ters In­dia states, “Tax au­to­ma­tion will be­come crit­i­cal in meet­ing reg­u­la­tory re­quire­ments af­ter Goods and Ser­vices Tax is im­ple­mented. GST regime man­dates a high level of syn­chro­niza­tion be­tween tax payer’s sys­tem and GST sys­tem, which with­out au­to­ma­tion will be a dif­fi­cult task. Item level de­tail in in­voices, with rec­on­cil­i­a­tion of sales reg­is­ter and auto-pop­u­lated pur­chase reg­is­ter, on a min­i­mum three monthly re­turns, other events such as auto re­ver­sals de­mands au­to­ma­tion of tax com­pli­ance process within any tax en­tity.”

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