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Business EconomyPosted at: Jun 28 2017 11:20PM


Taxmann introduced integrated GST compliance Software ‘One Solution’

Hyderabad, Jun 28 (UNI) As an authorised GST Suvidha Provider (GSP) and a leading publisher of Tax and Corporate Laws in India, Taxmann today introduced its GST compliance software, ‘One Solution’ here today.

One Solution is an integrated software for all GST, Income-tax and TDS Compliances and the software is available at all stores , said Mr Piyush Kumar, CEO, Taxmann Technologies after launching the one solution software, here.

He said “The implementation of GST will increase the compliance for companies and all invoices should be as per the requirements prescribed in the GST law.

Keeping in mind the increased compliance and monthly returns that a company needs to file, we created one Solution which covers buyer master, supplier master, goods and services master, branch master and bank master with a facility to import from Excel.

The software will give sufficient time to the taxpayers to configure their systems and create the required masters for GST, he claimed.

The Taxmann’s GST centre of excellence is epically designed for Chartered Accountants, Company Secretaries, Cost Accountants, Advocates and Tax Practitioners which enables them to be GST ready and GST compliant, the CEO said the GST centre will display location of Taxmann’s GST Centres in different Cities, enabling customers to contact the practitioner.

The compliances under the GST regime are time bound and every month a registered dealer has to file three returns and an annual return, which means every taxpayer will file 37 returns in a year. To file these returns, every taxpayer will require to maintain a database of key information, like, Harmonized System of Nomenclature (HSN Codes) of Goods/Services, Address and GSTN of customers, which will be stated in each GST Invoices and GST Returns, he said and adding that the price of the software will be Rs 8,500.

Talking about the software and GST centre for excellence, Mr Ansh Bhargava, Head – Growth and Alliances, Taxmann said, “This one-to-one correlation of invoices is the base for entire GST credit mechanism.

All parties are required to reconcile their invoices beforehand to avoid any reversal of input tax credit by GSTN, he said in One Solution, we have developed a robust reconciliation facility so as to ensure that only reconciled details are reported to GSTN.

Enable the taxpayers, Taxmann is providing the facility to create Masters of all key information in GST Module of One Solution. It would enable the taxpayers to collect all required information from the parties so that GST compliant invoice can be issued from July 1, he added.

All return filings and compliance work under GST will be handled by GSTN (Goods and Services Tax Network).

Until now GSTN has authorised 34 companies in India to directly interact with GSTN. These companies are called as GSPs.

GSPs are entitled to provide essential solutions like registration, return filing, payment of taxes, ledger maintenance, through their secured network.

Since Taxmann is one of the qualified GSPs and also providing the ASP Tool, it makes One Solution more robust, stable, reliable, fast and smooth.

All relevant info filled by a user in the software for creating their GST returns can be also be used by them for preparing their ITR and TDS returns seamlessly, he added.
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