After demonetisation, the implementation of GST (goods and services tax) is now touted as the most disruptive move introduced by the ruling BJP government. GST will come into effect from July 1, wherein a single tax rate ranging from 3 percent to 28 percent will replace the tax regimen across 29 states.
In case you run a business and are worried about how to manage the filing of multiple monthly state-wise returns, transaction-level data upload, numerous reconciliations and complex tax computation starting July 1, this is just the place you need to be.
PwC India, which provides industry-focused audit and assurance, consulting and tax services to public, private and government clients in all markets, launched a customised software for Indian companies to automate month-end tax compliances and reporting.
"Under GST, most companies will move towards a managed tax compliance model, wherein all the filings would be done centrally. Today's tax tools may be inadequate in catering to the needs of tomorrow's technology-driven GST compliance requirements and this would be a big challenge for corporates. There was a need for a solution to help our clients navigate these issues, especially in the Indian context. We are getting very encouraging feedback from clients on our tool. We are in the process of deploying it with many large companies," Pratik Jain, Partner and Leader Indirect Tax, PwC India, said in a statement.
PwC's GST Compliance Solution offers:
- Comprehensive compliance coverage
- Seamless interface with GSTN for information upload/download
- 100+ data validation checks to ensure factual as well as legal precision
- Extensive reporting/business intelligence modules providing relevant insights to the concerned stakeholders
- Intuitive dashboards for different user profiles
- Continuous monitoring of compliances for timely completion of related activities
- Secured infrastructure
- Access control mechanism to ensure users see only what is necessary
- Audit trail for both internal as well as external stakeholders
- Integration with PwC's GST App (GST with PwC)