We are the qualified technology providers who are building and offering innovative solutions for GST Compliance and tax determination for businesses and tax consultants. They play a vital role in GST Ecosystem, here is a whitepaper which explains role of GSP and ASP beautifully Role of GSP and ASP in GST India
Tax automation will be critical to meeting regulatory requirements under Goods and Service Tax (GST). The high level of synchronization that will be required between the taxpayer’s system and the GST Network (GSTN) system will be very difficult to achieve without automation.
Item-level details in invoices, along with reconciliation of sales registers, auto-populated purchase registers, and auto reversals will be key data-processing requirements under GST. In this respect, the combination of the Supplier’s GST Identification Number (GSTIN), invoice number, and financial year with the Harmonized System Nomenclature (HSN) /Services Accounting Code (SAC) Code will make each line unique in the GST database. Accuracy will be key to compliance.
An important part of complying with the new law will be filing data with GSTN. GSTN is an organization that will hold all the GST data and will act as the clearing house for the central and state governments. It will receive the returns filed by companies via GST Suvidha Provider (GSP).
The GST System is going to have a B2B portal that will allow taxpayers to access the GST Systems. However, that may not be a good option for many taxpayer organizations, and which may instead opt for availing services provided under third-party applications.