Experience seamless transition to GST with Risersoft industry ready solutions
GST will be a game changing reform for the Indian economy by creating a common Indian market and reducing the cascading effect of tax on the cost of goods and services. It will impact the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization and reporting, leading to a complete overhaul of the current indirect tax system.
GST was introduced from July 1 2017, with a relaxation in return filing for the first two months. Tax payers need to be GST compliant to be able to test system changes in time. Depending on the operating geographies, size and sector, the changes would be substantial and may require proactive planning with a time-bound action plan. In order to prepare for the implementation of GST, companies need to understand GST policy development and its implications for scenario planning and transition roadmap preparation.
Goods and Service Tax (GST)
The GST System implemented by GSTN (Goods and Service Tax Network) is going to have a G2B portal for taxpayers to access the GST Systems, however, that would not be the only way for interacting with the GST system as the taxpayer via his choice of third party applications, which will provide all user interfaces and convenience via desktop, mobile, other interfaces, will be able to interact with the GST system
It is important to note that there may be around 60 or more API services to process returns.
The GSTN has given access to various software providers as part of their GST Suvidha Provider (GSP) program. GSTN is offering various IT enabled services towards Registration, FO, Payment, Returns and Ledgers.
Manage Returns & receive GSTN alerts and notices:
Offer Dynamic user interface to process GSTN returns, payments and more using workflow and document management;
Integrate with GSTN services to receive and render Alerts, Messages, Notices and more;
Flexible product structure to accommodate GST easily
Tax determination and Calculation Service:
GST subsumes Central Excise, Service Tax, CST and VAT into GST
Configure Masters (Items, Customers, Suppliers and Campus) and synchronize for changes with API based integrations.
Enable Item master (products and services) mapped to HSN codes and further up-to-date GST rates;
