EY has introduced an integrated GSP-ASP solution called DigiGST, which seeks to provide organisations with end-to-end GST compliance support. DigiGST is hosted on Microsoft Azure cloud platform.
Audit and tax consulting firm EY has introduced an integrated GSP-ASP solution called DigiGST, which seeks to provide organisations with end-to-end GST compliance support. DigiGST is hosted on Microsoft Azure cloud platform.
As is widely known, India is in the process of implementing its most sweeping tax reform with the introduction of Goods and Services Tax on July 1, which will unify the entire country into a single tax market.
“The launch of GST is perhaps India’s most significant and complex economic reform the largest yet most complex change in the world and technology will play a critical role in this transformation journey. DigiGST combines our tax knowledge and technology expertise in a way that it adds value to businesses, helping them fully realise the benefits of GST while meeting compliance requirements in the most digital or user-friendly way,” Rajiv Memani, Chairman, EY India, said in a statement.
The GST Network (GSTN) will be the technology backbone of the new GST regime and it is estimated that over 8 million taxpayers will upload over 3 billion invoices in a month on the GSTN, EY said. This is unique to India’s GST network as this level of transaction volume has not been managed in any other tax governance system anywhere in the world, it added.
“Tax compliance work in India has hitherto been about manual extraction and processing of transaction data, and submitting returns to the tax authority in a prescribed manner. This is set to change with GST,” Sudhir Kapadia, Partner and National Tax Leader, EY India, said in the statement. “DigiGST helps businesses optimise the benefits of GST. India’s GST is the biggest and most ambitious digital tax reform carried out by any country, making DigiGST, the largest intelligent tax automation project of EY anywhere in the world,” Kapadia said.
EY said that its GSP (GST Suvidha Provider) will connect with the GSTN system, and its ASP (Application Service Provider) will provide all the value-added services to make GST compliance easier.
DigiGST will offer timely GST compliance of a company’s entire business ecosystem including supply-side vendors and delivery, including distribution partners, even as the organisations try to stabilise their internal and external systems, Harishanker Subramaniam, Partner and Indirect Tax Leader, EY India, said.