Business Other News 16 Jun 2017 Tax firms swoop in a ...

Tax firms swoop in ahead of GST

DECCAN CHRONICLE.
Published Jun 16, 2017, 2:26 am IST
Updated Jun 16, 2017, 2:26 am IST
GST requires all businesses to upload data every day.
HP has tied up with KPMG to offer a buddled tax software with its laptop, which could be bought on EMI. 
 HP has tied up with KPMG to offer a buddled tax software with its laptop, which could be bought on EMI. 

Hyderabad: The complexity of GST rules has brought big players like global tax consultancy firm KPMG into indirect tax compliance field, which was hitherto dominated by individual chartered accounts, to offer solution to small business.

“After the rollout of GST, businesses would have comply with a lot of rules. And it would put severe strain on small businesses, who don’t have wherewithal to comply with so many rules,” said Santosh Dalvi, partner and head, western India, indirect tax, KPMG India.

 

GST requires all businesses to upload data every day. Every month, a business entity must file three returns every month, apart from an annual return. This makes an indirect assessee to file 37 returns in a year. For this, a high level of synchronisation between tax payer’s application — an invoicing software — and the GST system.

This cumbersome process, however, has opened up a new market for organised players like KPMG, Cleartax, Tally, among others to tap small businesses, which till now serviced by chartered accounts.

India has over 30 lakh SMEs, which contribute almost 50 per cent of the total industrial output, and can create a big market for tax service providers. 

HP has tied up with KPMG to offer a buddled tax software with its laptop, which could be bought on EMI. 

Cleartax also offers software, which is available in both online and offline modes on annual subscription model. 

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Location: India, Telangana, Hyderabad




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