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  • GST Suvidha Provider

    With the implementation of the new tax regime under the Goods and Services Tax (GST) all set for rollout on July 1st, 2017, there has been considerable confusion over how the new taxation system will affect businesses and the payment of taxes.

    As per the new system, there will be three separate sets of GST taxes- the integrated GST (IGST), the state GST (SGST) and the Central GST (CGST). Additionally, the government has fixed different taxation rates under each, which will be applicable on the payment of tax for goods and/or services rendered.

    The Goods and Services Tax Network (GSTN), a privately-held company that has the central and state governments as majority stakeholders was set up to develop the IT infrastructure needed to undertake the mammoth task of implementing GST in India. The GSTN came up with a service known as the GST Suvidha Provider (GSP), which is an enabler for the taxpayer, which will aid in the compliance of GST laws through an online platform.

    How GSP Works

    The government has identified 34 companies that will offer support and services to taxpayers comply with GST. The companies will be providing technical support and assistance.

    The example provided below will help in providing an understanding of how GSP works:

    In the case of a company called XYZ Ltd (in this case the taxpayer), all records of operations are being carried out on a particular software (for example, SAP ERP).

    Each month, information such as the registration, challan generation, invoice uploading, return filing and ledger details would be uploaded to the GSP-GST server, which is an integrated server maintained by the government.

    All taxpayers will be able to manage GST compliance through the software, which will be built and managed by ERP companies or technology companies.

    By using such software, the government hopes to make it a smooth transition process for all taxpayers, while also ensuring that the entire process is streamlined and transparent.  

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