From 1 June with the enforcement of new laws in tax payment the complications of the tax payers is surely going to increase. The government of India has decided to remove all the taxes VAT, customs, excise, CST, service tax and entry tax and replace them all with a single tax called as Goods and Services Tax or simply GST. There is certainly, no doubt in this that with the modifications in the rules the things are really going to be complicated to manage, hence there is a need of good technology infrastructure. The good business establishment in context with the new change would clearly deploy on the technology. As the big business houses have already set their plans in according to the new tax regime the small and medium enterprises (SME’s) are still looking for a better option to deal with the requirements.
It is expected that approximately 96% of the small and medium enterprises will opt for GST enabled application for processing bills and invoices, tax filling and for other business transactions. In order to provide to this class of business houses the online tax filling portal ClearTax has launched a multi-GSP (GST Suvidha Provider) taxation solution and the software. The software can handle more than a billon invoices which will be uploaded by the business entities after the GST rollout. This ClearTax GSP has a user friendly mobile app and also desktop and web based software, that will work both online and offline.
The Suvidha software can integrate with the accounting software of GST filling, hence will uncomplicated the things in much extent. The basic version of the software is free and the upgraded version will cost from Rs.100 and onwards. Company is expecting to file tax return of approximately 10 lakh Indians. The company claims that returns can be filled in 12 minutes through the portal or mobile app which was approximately 12 hours through the traditional mediums. Hence the time saving technique is surely hit the market because of the convenience brought by it to the tax payers.