IT, financial services cos can turn GST Suvidha Providers

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New Delhi: IT and financial services firms can turn GST Suvidha Providers and extend specialised assistance to taxation payers for complying with a arriving Goods and Services taxation regime.

The horizon that will assent IT/ITeS/BFSI companies to turn partial of a new taxation structure has been laid out by Goods and Services Tax Network (GSTN), a association that will yield supervision and taxation payers a compulsory IT fortitude for well-spoken doing of GST.

ReutersReuters

Reuters

GSTN Chairman Navin Kumar currently announced a execution of process plan and laying out of doing horizon for IT/ITES/BFSI (Banking, Financial services and Insurance) companies to turn GSPs.

“It is approaching that a GSPs will yield a taxation payers services for progressing their particular business ledgers (sales and squeeze ledger) and other value combined services such as involuntary settlement of entries in their squeeze register with information in their form GSTR-2,” GSTN said.

Kumar pronounced a GSP grown apps will bond with a GST complement around secure GST system.

“Tax payers’ preference will be a pivotal cause in success of GST regime. The taxation payer should have a choice to use third celebration applications that can yield sundry interfaces on desktops, laptops and mobiles and can bond with GST system,” he said.

The companies that would be authorised to act as GSPs should have a paid adult collateral of during slightest Rs 5 crore and have an normal turnover of during slightest Rs 10 crore during final 3 financial years.

Interested organisations can register in a GSTN portal by Oct 15 by providing sum in a registration form.

“After stabilisation of a initial collection of GSPs, some-more field (organisations) will be deliberate for GSP, out of those field who register themselves now,” GSTN said.

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While a GST System will have a G2B (Government to Business) portal for taxpayers to entrance a GST System, there will be a far-reaching accumulation of taxation payers who will require facilities like converting their purchase/sales register information in GST agreeable format, formation of their accounting packages with GST System.

“Similarly, a specific needs of an attention or trade could be met by GSP. In short, a GSP can assistance a taxpayers in GST correspondence by their innovative solutions,” GSTN said.

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