Day seventeenth post GST implementation and there still seems to be some gray area. Goods and service tax was implemented as scheduled on July 1, 2017. The successful implementation of GST was a cohesive effort made by the Central Government, State government, RBI, taxpayers, banks & GSTN.
What is GSTN?
Since this was the biggest transformation ever in the history of Indian taxation, it could not have been envisioned without facilitating it with proper infrastructure and IT support. Earlier central taxation and state taxation differed hence independent IT systems were in place. An overhaul of the existing tax system required an entirely new set of Infrastructural arrangement. This gave way to the setting up of Goods and Services Tax Network (GSTN) is ideal for Goods and Services Tax in India.
GSTN is a not for profit institution formed on a public private partnership to provide IT infrastructure and medium to smoothen the implementation of GST. The primary purpose behind setting up GSTN is the integration of multiple taxation department websites.
It will be the apex of the GST system. GSTN provides a GST portal to function as the platform for all tax administration. Since everything goes to digital with respect to Taxation regulations, automation is indispensable. Lack of synchronization between tax payers system and GSTN would be a setback to the smooth functioning of GST system.
Now that we know about GSTN, let’s discuss the functioning behind GSTN.
GSP Integration – As mentioned above, GSTN is set up to ensure the effectiveness of IT infrastructure for GST implementation. In line with Government’s Digital India initiative, GSTN would promote paperless tax regime and ease of integration.Come to think of it, millions of taxpayers logging into the GST system would not be that easy which led to the foundation of GSP.
GSP is GST Suvidha Provider. It will enable taxpayers in complying with GST provisions through its online platform. They are the IT vendors who serve as an interface between taxpayers and the GSTN. While doling out licenses to GSP’s, 34 companies got licenses in the first round of allotment.
GSP-ASP together form the IT infrastructure under GST regime-ASP is Application Service Provider. Just like GSP serves as a link between taxpayers and GSTN, ASPs serve as a link between taxpayers and GSP. Application Service Providers (ASPs) provide taxpayers with a system that will render convenience in GST Compliance.ASPs can help companies and other taxpayers with a solution for GST return filing. The interface offered by ASPs is very critical for an organization hence, one needs to consider various factors before choosing an ASP:
Privacy: How secure your data is with a selected ASP.What kind of data protection arrangement does it have?
Other services: It’s always an added advantage to get an ASP with other value added features like tax Support, legal advisory, and other analysis.
Tax return Filing through GST
After the inclusion of GST in India, much software has come up for the purpose of e-filing. AlignBooks is one name that has been trusted to be one of the best GST compliant accounting software. If you do a little research, you will find there are two major parts of GST billing software.
- GST enabled software for Accounting: This is meant for the purpose of Accounting and Filing.
- GST software for filing: This is for those who need help with invoice, filing, and reconciliation.
The two types of software have been remarkable in fulfilling the needs of the common man and business owners by bringing everything to one platform.
Now you can choose any of the above software to file your income tax and get the benefits in few simple steps. AlignBooks has some of the simplest features that one can use for GST tax filing and therefore it won’t be wrong to say that it is the name that people who are novice to the term GST can rely on. They are also known to be the provider of end to end GST coverage; from invoicing to automated tax filings.
Say goodbye to those manual work of tax calculations and filing and get the simplest way to calculate in compliance with pre-defined price lists, tax codes and billing components that are customized as per the need.