As the GST journey progressed since its introduction on 1 July 2017, it resulted in a year of wrangling and debate whether GST proved to be a game changer or game spoiler. It paved the way for a single national market by merging plethora of central and state taxes into a common, fungible tax making it transparent and easy to administer.
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.
However, undoubtedly the periodic compliances under the GST regime was something that did not go so well during the year. In this period, compliance-related experiences of the GST have not been smooth and the Government had a daunting task of updating various functionalities ever since the portal was made operational in July 2017.
Though some technical glitches have more or less been fixed, there are still various issues that remain unaddressed. Procedural relaxations (such as postponing of returns and vendor reconciliations) have provided short-term relief but the compliance challenges are here to stay keeping in view of the constant amendments in return formats being introduced now.
Given the above, businesses today require not only a robust tax technology solution for processing their GST returns but also a strong partner who can help them through this process. Foreseeing that technology is inevitable for managing compliances, as a leader in tax technology services, PwC has successfully developed and implemented GST Compliance Solution customized with state-of-the-art technology. The solution has been running effectively for over 650+ Companies, wherein more than 65,000 returns have been processed till date.
Successfully implemented and running effectively across 29+ countries for 6+ years, now customized for India GST
150+ data validation checks to ensure factual as well as legal precision like duplication of invoices, check on the tax rules and, tax calculated on the invoice
Robust vendor reconciliation module for identifying any mismatch in input tax credit claimed vis-a-vis reporting done by the supplier with 6,000+ scenarios
Extensive reporting/ business intelligence modules to provide relevant insights to concerned stakeholders
Flexible hierarchical structure and user access; configurable menu and data driven access
Audit trail for both internal as well as external stakeholders
Seamless interface with GSTN for information upload/download
Developed and supported from India; Strong in-house Tax and Technology team to provide implementation and ongoing support
Seamless migration from any existing ASP/ GSP provider; no need of providing data in any specified data template
Data mapping from various formats as may be used by the Company with no file format restrain
User-friendly workflow for data sanity and pushing the data to the GST portal
Single report generated for rectification of errors on PAN India level
Deployment of Solution can be per the requirement of Company, On-premise or on-Cloud managed by PwC
Team comprising over 700 indirect tax professionals across India with requisite skill set
With the complexities of GST likely to persist, it is critical that you explore the use of technology to ensure timely and effective compliances and find a partner who is capable of supporting you on this journey. Our GST Compliance Solution has enabled customers in diversified businesses with a large number of registrations and transactions comply with GST efficiently.
Partner and Leader, Indirect Tax, PwC India
Tel: +91 124 3306507