The introduction of the Goods and Services Tax (GST) on 1 July 2017 has ushered in a new era for the Indian economy. This single tax will help streamline taxes and will bring in more efficiencies in business. The progressive GST model relies on technology to help make the process secure, smarter and faster. For businesses, this translates into the electronic filing of multiple monthly state-wise returns, transaction-level data upload, numerous reconciliations (revenue reconciliation, reconciliation with vendor details uploaded on GSTN, - invoice matching) and, at times, complex tax computation.
Considering that this is a new change for both the government as well as the industry, there have been teething problems in terms of complying with the law and filing returns electronically. While various procedural relaxations (such as postponing of returns and vendor reconciliations) have provided short-term relief, the compliance challenges are here to stay since provisions have only been deferred and not abolished. Hence, businesses today require not only a robust technology solution for processing their GST returns but also a strong partner who can help them through this process.
The solution is aimed at automation of month-end tax compliances and reporting and provides options for interfacing with multiple ERP environments:
Comprehensive compliance coverage
Seamless interface with GSTN for information upload/download
100+ data validation checks to ensure factual as well as legal precision
Extensive reporting/business intelligence modules to provide relevant insights to concerned stakeholders
Intuitive dashboards for different user profiles
Continuous monitoring of compliances to ensure timely completion of underlying activities
Access control mechanism to ensure users get to see only what they are supposed to see
Audit trail for both internal as well as external stakeholders
All this and more backed by a strong team of PwC’s indirect tax and technology professionals to provide implementation and ongoing support for the compliance solution.
National Indirect Tax Leader , PwC India
Tel: +91 124 3306507
Deputy Leader, Indirect Tax, PwC India
Tel: +91 22 6689 1455