Grow, Save Prosper with GST Suvidha Providers: When government rolled out the bomb of GST on tax payers; they were hyper with lots of questions on their minds. Then with day by day new progressions GST compliance become the biggest question for tax payers. Now the non-government body GSTN came down to rescue.
With the whole limelight on GST, everybody is seeking out for hands to understand the complex IT behind it. Here starts the work of GSTN, Goods and Services Tax Network. It is a nonprofit non-government company, which will provide shared IT infrastructure and service to both central and state governments including tax payers and other stakeholders.
It is unique as it seeks, for the first time to establish such a body to act as a bridge. The portal envisions becoming a trusted National Information Utility (NIU) which provides reliable, efficient and robust IT Backbone for the smooth functioning of the Goods & Services Tax regimen enabling economic agents to leverage the entire nation as One Market with minimal Indirect Tax compliance cost.
In compliance of the Cabinet decision, GST Network was registered as a not for-profit, private limited company under section 25 of the Companies Act, 1956 with the following equity structure:
- Central Govt 24.5%
- State Govts 24.5%
- HDFC 10%
- HDFC Bank 10%
- ICICI Bank 10%
- NSE Strategic Investment Co 10%
- LIC Housing Finance Ltd 11%
The GSTN in its current form was created after taking after approval of Empowered Committee of State Finance Ministers and Union Government after due deliberations over a long period of time.
MISSION OF GSTN
- Provide common Registration, Return and Payment services to the Tax payers.
- Partner with other agencies for creating an efficient and user-friendly GST Eco-system.
- Encourage and collaborate with GST Suvidha Providers (GSPs) to roll out GST Applications for providing simplified services to the stakeholders.
- Carry out research, study best practises and provide Training and Consultancy to the Tax authorities and other stakeholders.
- Provide efficient Backend Services to the Tax Departments of the Central and State Governments on request.
- Develop Tax Payer Profiling Utility (TPU) for Central and State Tax Administration.
- Assist Tax authorities in improving Tax compliance and transparency of Tax Administration system.
The GST System is going to have a G2B portal for taxpayers to access the GST Systems; however for suvidha of tax payers, government has given them making a choice of third party application known as GST suvidha provider also called as GSPs. The third party applications will connect with GST system via secure GST System APIs. The GSTN Portal will be at the front-end of the GST IT ecosystem for all taxpayers in all parts of the country.
The GSTN has finalized 34 GSPs for providing innovative and convenient methods to taxpayers and other stakeholders in interacting with the GST Systems. Taxpayer convenience will be the key to the success of GST India regime.