What is GST?
GST is a ground-breaking tax reform that is to change the economic landscape of India from the first of July 2017. This new tax system proposes to replace the several indirect taxes currently levied in the country. Under this new tax system India will be unified as a common market under the purview of a single indirect tax that is levied on value addition.
What is GSTN?
Goods and Service Tax Network (GSTN) is a private company that has been set up with the sole purpose of implementing the Goods and Service Tax regime by developing and maintaining the necessary IT infrastructure. This non-profit company will provide the interface between the government and the tax payers by developing the front-end services of registration, returns and payments. 24.5 % of the company share is held by the Union Government and the state governments each. Whereas ICICI, HDFC, NSIC and HDF Banks hold 10%. The remaining 10% is held by LIC Housing Finance.
The GST Suvidha Providers
GST Suvidha Provider, or a GSP, is a third party ‘financial service provider’ that will enable the taxpayers to comply with the GST. The G2B user interfaces will allow businesses to interact with the GST system in a convenient manner. Applications developed by such parties will be available on desktop, mobile and other interfaces as well. This initiative is in line with the Digital India initiative launched by Prime Minister Narendra Modi.
GST compliance that is required by taxpayers
- Businesses will be required to upload Invoice Data
- Uploading GSTR-1, which is essential return containing supply data
- Downloading of data on inward supplies, and uploading on GSTR-2
- File GSTR-3, which will be created by GST portal based on GSTR1, GSTR-2 and other tax related information
Payworld is one of 34 selected GSP
Payworld is a wholly owned subsidiary of USD 2 billion Sugal and Damini group which has several diversified businesses, one of which is Payment services. They currently manage almost a hundred million transactions per year and invest heavily in IT infrastructure. They currently have a strong presence in 23 states and cater the need of 10 million users.
Out of the 34 selected GSP’s, Payworld was selected as they are build for reliability, offer faster processing without compromising on security. Their GSP portal is backed by a state of the art customer care centre and a panel of CA and Tax advocates are available for maximum and efficient compliance.
Services offered by Payworld GSP
- GSP Passthrough – Users can use their own application through this service offered by Payworld GSP. Payworld will facilitate their users to transfer their data in encrypted form as prescribed by the GSTN.
- GST Practitioner – The users of this service will have access to assistance provided by Payworld in filing he returns in bulk on behalf of a third party, by using their portal.
- Taxpayer – Through Payworld’s portals, the taxpayers are able to file returns, automatically upload and download invoice data, avail the services of reconciliation, ledger maintenance and challan generation. All of these processes are required in order to comply with the rollout of GST and the Payworld portal allows for full compliance in an easy and convenient manner.
- SAP Third Party Solutions – Several businesses already use third party software like SAP, Oracle and more as their domain. Payworld offers numerous customised service solutions to such clients and ensures that they are able to fully comply with the GST rules and regulations.
The simple three step approach of filing GST
- Simply login to their portal, and download or upload the sales and purchases invoice in an Excel/ CSV format.
- Reconcile Invoices of purchase with auto populated Invoices of purchase and Accept / Reject Amended sales.
- Finally, pay the GST and follow it up with filing your monthly return.