Infosys has bagged a contract worth Rs. 1, 320 crore to provide technology support for Goods and Services Tax (GST) system across India, according to reports.
Indian Government has created a new company called GST Network and Infosys will bear the responsibility of building and maintaining the technology network required for the system.
GST Network will connect the databases of states and the Centre, providing a technological backbone for the country.
According to reports, Infosys will build a technology interface where taxpayers can register themselves, make payments and file returns.
GSTN, with the help of Infosys, plans to create a seamless technology platform and develop systems for assessing and auditing tax returns and filings, reports say.
It will be compulsory for dealers with a turnover of more than Rs.10 lakh to register with GSTN. Within three days of applying for registration, dealers can register themselves on the portal without waiting for any verification by the state government.