Acting as a GST Suvidha Provider (GSP), the solution promises to help users file all their transactions, according to the new tax norms, in a convenient manner and also reduce the invoice reconciliation requirements of large companies.
The solution comes with a piece of hardware, a notebook or a desktop unit complete with a preloaded software developed by HP and KPMG, keeping in mind the need of the MSMEs. The integrated solution also has a dedicated helpline to support users on GST related queries.
GST is a single tax on the supply of goods and services, right from manufacturer to consumer. As the government is doing away with paper filing of taxes, making the entire process online, it becomes paramount for traders to acquaint themselves with the complexities of GST. Towards this end, while government has a dedicated GST portal, it has also empanelled private players as GST Suvidha Provider (GSP) to help traders. According to the GST Network, the company providing IT backbone for GST rollout, it has received as many as 160 applications for GSP. So far, 34 firms have been given the permission to act as GSP.
The HP-KPMG solution, to be available for purchase from 5 June, is priced at Rs 33,990. In the initial run, the company hopes to reach out to 6 million SMEs/MSMEs, before expanding it to 30 million target customers.
The end-to-end solution also offers cloud storage for storing invoice data, uninterrupted GSP access, e-sign, GST registration and migration services. It facilitates the entire process from inputting purchase invoices, generating sales invoices, managing the input credit ledger and generating reverse charges. The solution will also help businesses receive the tax credit through automatic reconciliation of purchase invoices to ensure a seamless transition to the new taxation structure.
“HP has participated in every significant milestone of central and state government’s digital journey, starting from printing the first computerised railway ticket to enabling several ‘Digital India’ initiatives,” Sumeer Chandra, managing director, HP India, said.
“KPMG is proud to assist in advancing the adoption of GST and, in fact, to be associated with all of the signature initiatives of the Indian government,” said Arun Kumar, chairman and chief executive officer, KPMG India.
In addition to empowering MSMEs, the solution can also support large organisations enforce a regime wherein their vendors, distributors and dealers are on the GST system, complying with the process and filing their GST returns accurately.
The solution can help indicate loopholes in the ecosystem in the form of a tax credit leak at any nodal point.