Leading publisher of tax and corporate laws in India Taxmann.com has announced its recognition as the Goods and Services Tax Suvidha Provider (GSP) by the Government of India.
The software and mobile app built by Taxmann will provide taxpayers with wide range of facilities including, easier returns, payments, ledger maintenance, mobile app, consolidated view of client details, cloud as well as offline solutions.
Taxmann's offered GSPs are appointed to provide innovative and convenient methods to Tax Payers and other stakeholders. They have been selected by the IT platform provider -GSTN.
GSTN is a non-Government not for profit Company wherein the Government of India holds 24.5 percent equity in GSTN and all States including NCT of Delhi and Puducherry, and the Empowered committee of State Finance Ministers (EC) together hold another 24.5 percent equity and balance 51 percent equity is with non-Government Financial Institutions.
These GSTN's have been setup to provide IT infrastructure and services to the Central Govt., State Governments, Tax Payers and other Stake holders for its implementation.
Goods and Service Tax (GST), one of the biggest tax reform in Indian fiscal history, will be the amalgamation of indirect tax in one ambit.
The rollout of GST is expected to be scheduled for July 1. It is expected that around 10 million taxpayers will be covered under this new indirect tax regime.
Therefore, to ensure smooth management of such a huge tax base, Government has introduced a unique concept of Goods and Service Tax Suvidha Provider (GSPs) and Taxmann has been selected for this purpose.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)