Understanding the tax regime has always been a pain point for the public, and professional help is often required. Ever since the Goods and Service Tax (GST) Bill was rolled out by the Government of India, there has been a flood of queries and confusion among the minds of the tax-payers – as if the already prevalent taxes and the complexities involved were not enough!
What is a GSP and why is it important?
Here is a sigh of relief for the SMEs, CAs, and anyone else who would like to better manage their GST filings.
GST Suvidha Providers (GSPs) are appointed by the Government for developing simple applications for tax-payers to comply with the rules laid down by GSTN (Goods and Service Tax Network). Currently, there are 34 Government-authorized GSPs nationwide that are providing end-to-end GST filing solutions and helping tax-payers adjust to the dynamic taxation system in an easy and convenient manner. Few more GSPs are expected to be added by the Government soon. What is the need for GSPs? You would definitely ask!
A taxpayer should be able to interact with the GST system via various web and mobile-based applications for better compliance and connectivity. The entire process ranging from registration to Invoice details uploading, to filing GST returns, will be facilitated by a GST Suvidha Provider. So, it is upon the GSPs to come up with innovative methods for the tax payers to interact conveniently with the GST Network. In a nutshell, GSPs are the connecting links between the tax payers and the GSTN.
GST Suvidha Providers have a lot to offer to SMEs and the ever-changing norms make it necessary for them to keep innovating to help scale up their GST compliance capability. Let’s go through some of the significant functionalities of GSPs.
Functionalities of GST Suvidha Providers:
• Licensed gateway access to GSTN.
• Provide easy, secure, and end-to-end GST compliance.
• Provide a consolidated view of the clients of a CA/tax consultant.
• Provide error-free record maintenance along with errors highlighted in real-time basis.
• Make available Management Information System (MIS) at any point of time to the users.
• Provide action-oriented reports for every user.
• Enable return filing as and when required.
A thorough analysis of the salient features of the GST Suvidha Providers is necessary in order to choose the right one for your SME. At Vayana, for instance, we are very passionate about offering the best of the GST solutions to our clients. Vayana GSP is a scalable, redundant, and portable GSP that is built on standardised guidelines laid out by GSTN. It has ISO 27001:2013 certified security and the capability to handle sudden traffic surges to avoid any delay in transmissions while return filing. Also, 99.5% uptime is guaranteed and no user data is stored at any point throughout the process. Read this article to know the reasons why you should choose Vayana GSP Solution.