New Delhi: PwC India has launched a customised software solution with an aim to help companies in end-to-end automation of goods and services tax (GST) compliance. The software will help automate month-end tax compliances and reporting for companies with options for interfacing with multiple enterprise resource planning (ERP) environments.
The software solution, developed by PwC, has been already used in Europe and other parts of the world.
Elaborating on the solution, Pratik Jain, Partner and Leader Indirect Tax, PwC India, said: "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," he added.
From July 1, GST will entail electronic filing (e-filing) of multiple monthly state-wise returns, transaction-level data upload, numerous reconciliations (revenue reconciliation, reconciliation with vendor details, upload on GST Network) and complex tax computation.
Some of the key benefits under PwC's GST Compliance Solution include comprehensive compliance coverage, seamless interface with GSTN, data validation checks, intuitive dashboards, secured infrastructure and access control mechanism.
Backed by a strong team, it will further provide implementation and ongoing support for the compliance solution.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
