Online tax filing firm ClearTax launches tech platform for GST
April, 06th 2017
Online tax filing portal ClearTax today said it has developed a technology platform to help businesses comply with the provisions of GST law.
ClearTax has launched a first-of-its-kind multi-GSP (GST Suvidha Provider) taxation solution and the software will be adept to handle over 1 billion invoices, which is expected to be generated after the GST rollout.
GSTN, the company that is tasked with building the world's biggest and most complex tax framework, has short-listed 34 companies to be the GST Suvidha Provider.
The GSP is mandated to provide innovative and convenient ways to taxpayers and other stakeholders for interacting with GST Systems, from registration of entity to uploading of invoice details to filing of returns.
In a statement, ClearTax said GSPs will provide an identical interface that links to the GSTN. A single GSP can become a point of failure for a business in case the GSP server goes down.
"The ClearTax multi-GSP technology solves the problem of single point of failure, and selects the GSP automatically for fault tolerance," the statement said.
"GST has very stringent deadlines for compliance. We created the multi-GSP technology to ensure that businesses succeed in filing on time, every time. We can easily scale to millions of invoices, which will be uploaded and downloaded simultaneously to and from GSTN via ClearTax," ClearTax.com Founder & CEO Archit Gupta said.
The ClearTax GSP is available on mobile apps, desktop and web-based software, which work offline and online. The software can also integrate with accounting software for GST filing.
The government has set July 1 as the target date for the roll out of the Goods and Services Tax (GST), which will subsume excise, service tax, VAT and other local levies.