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Payworld shortlists as one of the GST Suvidha Provider

ANI  |  New Delhi [India] 

Payworld brand owned by Sugal and Damani Utility Services Private Limited, a preeminent electronic processing platform for financial transactions has been recently shortlisted as the Suvidha Provider (GSP) by the Goods and Services Network (GSTN).

GSTN, the company that is tasked with building the world's biggest and most complex framework, short-listed 34 companies to be the Suvidha Provider (GSP) subject to the further process of finalization and agreement by the GSTN.

Payworld along with other 33 GSPs, including TCS, Ernst and Young, Deloitte, and more, will offer support and services to help payers and businesses in compliance.

The GSP is mandated to provide innovative and convenient ways to taxpayers and other stakeholders in interacting with systems from registration of entity to uploading of invoice details to filing of returns.

Praveen Dhabhai, COO of Payworld said "We are very proud to be a part of the biggest tax reform in the world. GST by magnitude is the biggest tax reform that India and the world will ever witness. GSPs will play a crucial role in bridging the gap between the tax payers and the GST system, which is set to become the worlds biggest and perhaps most complex tax framework."

Payworld as GSP will acquire and provide solutions to small merchants and vendors in order to help them comply with GST regime.

Under its platform, Payworld offers utility services to its consumers in terms of domestic money remittance, mobile and DTH recharges, rail, air and bus reservation and utility bill collections, digital wallets, cash withdrawal points and assisted e-commerce.

Payworld's 100 per cent subsidiary, Payworld Money ( Smart Payment Solutions Pvt.Ltd.) offers a mobile wallet that is for non tech savvy smart phone users.

Payworld Money is an RBI approved pre- paid instrument (PPI) - digital/ mobile wallet) issuer which has users doing primarily domestic money remittances through the assisted mode.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 16 2016. 19:11 IST