ClearTax, an Income Tax returns e-filing and enterprise compliance service provider, launched a first-of-its-kind multi-GSP taxation solution for the same.
While the Goods and Services Tax (GST) rollout has been scheduled for July 1, businesses are getting ready to transition to the new taxation system. With its deep compliance knowledge and experience of building technological products, ClearTax has built a scalable and reliable solution for GST.
The GST software will provide taxpayers the advantage of a vast range of taxation functionalities. The solution will enable business entities of all sizes across the country to handle over one billion invoices expected to be generated after the GST rollout.
All GST Suvidha Providers (GSPs) will provide an identical interface that links to the Goods and Services Tax Network (GSTN).A single GSP can become a point of failure for a business in case the GSP server goes down.The ClearTax multi-GSP technology solves the problem of single point of failure, and selects the GSP automatically for fault tolerance.
The technology also takes into account the pricing of GSPs to give the businesses the most affordable option along with performance. Further, the technology will solve the problem of scaling of billions of invoices uploaded to GSTN, which automatically balance the load to different GSP servers.
The ClearTax technology includes built-in machine learning to make API calls, perform-load balancing and use availability-based and geography-based GSP server switching for the best price and best performance. ClearTax's technology also includes retry, backup and fault tolerance built into the system.
"GST has very stringent deadlines for compliance. We created the multi-GSP technology to ensure that businesses succeed in filing on time, every time. We can easily scale to millions of invoices which will be uploaded and downloaded simultaneously to and from GSTN via ClearTax," said Archit Gupta, Founder and CEO, ClearTax.com.
While the GSTN plans to provide a portal for taxpayers to access the system, it is expected that software makers will innovate on the API the GSTN provides and create simple and easy to use solutions for GST. The ClearTax GST software has simple-to-use mobile apps, desktop software and web-based software, which work offline and online.
The software can also integrate with ERP/Accounting software for GST filing.
Disclaimer: No Business Standard Journalist was involved in creation of this content
