NEW DELHI: In a bid to help out Indian businesses floundering to comply with the Goods and Services Tax (GST), Ernst & Young (EY) has announced the launch of DigiGST – an integrated GSP-ASP (GST Suvidha Provider- Application Service Provider) solution that provides organisations with end-to-end GST compliance support.
The company has hosted DigiGST on Microsoft Azure to ensure security to its clients. “The launch of GST is perhaps India’s most significant and complex economic reform and technology will play a critical role in this transformation journey. DigiGST combines our tax knowledge and technology expertise in a way that it adds value to businesses, helping them fully realise the benefits of GST while meeting compliance requirements in the most digital or user-friendly way”, said Global Emerging Markets Committee and EY India, Chairman, Rajiv Memani in a statement.
The GST Network (GSTN) will be the technology backbone of the new GST regime and it is estimated that over eight million taxpayers will upload in excess of three billion invoices in a month on the GSTN. This is unique to India’s GST network as this level of transaction volume has not been managed in any other tax governance system anywhere in the world.
DigiGST is built on a fault tolerant and secure Microsoft Azure cloud platform that has the world’s best standards for cloud privacy. This solution uses intelligent tax automation supported by industry specific algorithms and a technology platform that is capable of handling a large volume of transaction data.
“Tax compliance work in India has hitherto been about manual extraction and processing of transaction data, and submitting returns to the tax authority in a prescribed manner. This is set to change with GST. Built by our professionals with deep tax domain and sector knowledge in collaboration with our technology experts, DigiGST helps businesses optimise the benefits of GST. We have the largest pool of Indirect Tax (IDT) professionals powered by over 800 GST practitioners across 14 cities,,” said EY India, Partner and National Tax Leader, Sudhir Kapadia in a statement.
DigiGST uses robust in-memory multilevel reconciliation for timely error detection and makes appropriate credit available to taxpayers, thus reducing their working capital blockage
“Today, organisations are faced with the challenge of ensuring robust GST compliance and governance while their internal and external systems stabilise. Our DigiGST solution is purpose-built to offer timely GST compliance of a company’s entire business ecosystem including supply-side vendors and delivery, including distribution partners. This solution is designed to be scalable and flexible to handle the large data volumes expected to flow through the system in traffic patterns that are likely to be uneven and unpredictable”, says EY India, Partner and Indirect Tax Leader, Harishanker Subramaniam said in a statement.
Companies today are concerned about safety of their data and are keen to know how ASPs and GSPs will ensure data integrity and security while they interact with the Enterprise Resource Planning (ERP) systems to extract transaction records.
“Microsoft Azure cloud offers the most consistent, familiar and stable environment through local data centers for EY’s intelligent tax automation tool, DigiGST. It ensures protection of business-critical data with managed cloud backups and disaster recovery as a built- in service,” said Microsoft India, CEO, Bertrand Launay in a statement.
[Copyright By IST]