Industry is not used to the pricing paradigm that is expected in the GST ecosystem

GST

The GSTN visualized an ecosystem that not only makes taxation more transparent for the administration, but also makes returns filing more convenient for taxpayers with the changing structure. It is also visualized that GST Suvidha Providers (GSPs) will play an important role in making this happen, either by creating innovative solutions or by partnering with third-party Solution Providers.

Vayana Network as a GSP enables end to end GST compliance. Our GSP solutions packaged with our ASP solution or partner ASP network helps organisations make a smooth transition to the GST regime by preparing data in a format that can be sent to the GSTN and also read the data that is received from the GSTN.

Our partner ASPs also provide additional services like tax determination, validation, on-premise ASP solutions, private cloud instances, simple functionality using excel files, 500+ ERP connectors which integrates a large number of billing systems and platforms like SAP, Microsoft Dynamics, transition services and more.

Apart from these solutions, Vayana Network Invoice Reconciliation solution, a simple and collaborative tool shared with trade solutions, enables organisations to preempt any invoice reconciliation challenges that may arise with Suppliers; allowing organisations to enable real-time invoice reconciliation which reduces burden during return filing and submission.

Despite the gamut of innovative solutions that are available today with us and other GSPs, the biggest challenges in the market today are faced during migration, inability to comprehend pricing and technical readiness. For organisations which assess service tax; multiple registrations under different states having a national footprint, is a huge challenge. An awareness of the timelines and regulations needs to be followed to be compliant. That is still not as widespread as needed and the supply chain of most large enterprises are still not ready. Most organisations are still not geared for invoice reconciliation and the receipt of Input Tax Credit. On a technical level, 80-90% organisations are yet to select their ASPs and GSPs. The evolving APIs and the lack of standardised documentation pose another challenge for the ecosystem itself to be prepared.

These challenges along with the fact that taxpayers are yet to adapt to the concept of paying for additional services to be compliant will pose a challenge in the adoption rates to this regime.

The immediate action for us or any GSP is an aid in spreading awareness, enabling faster adoption rates throughout the industry, where Vayana Network is already actively engaging in.

Read more here.

Leave a Reply

Your email address will not be published. Required fields are marked *