HP India and KPMG unravel the new GST Solution tool to enhance the operational proficiency of the tax filing process
Category: #world  By Saipriya Iyer  Date: 2017-06-05
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HP India and KPMG unravel the new GST Solution tool to enhance the operational proficiency of the tax filing process

HP India, a leading provider of IT services, has collaborated with KPMG, the massive auditing and professional service company, to launch a cost-effective and secured billing tool referred to as a GST (Goods and Services Tax) Solution. This tool will reportedly assist entrepreneurs to file taxes in a more convenient way under the novel GST regime. Experts state that this GST solution is expected to prove highly beneficial for both the traders & MSMEs (micro, small and medium enterprises), as it will provide a seamless experience for its users through the transition from the present complex tax system to the new tax regime.

As per reliable sources, the new invoicing tool seems to be quite user-friendly and can help users file all their online transactions in accordance with the new tax regulations. It is also effectively designed to minimize the sales and purchase invoice reconciliation needs of the bigger firms in the country. The GST Solution comprises a hardware installed by Hewlett-Packard, an invoicing software tool offered by KPMG, a cloud storage tool for invoice data storage, and numerous services of the GST Suvidha provider. In addition, it also encompasses an electronic signature and GST registration & migration services.

The innovative end-to-end solution is a joint effort by HP India and KPMG to improve the tax filing process across the Indian sub-continent, and is anticipated to enhance the efficiency of the invoice operations of various firms. The solution also helps input purchase invoices, facilitates sales invoices generations, effectively handles input credit ledgers, and creates an entry for reversing the charges.

Analysts affirm that this cloud technology enabled tool is expected to empower numerous businesses to acquire tax benefits via automated reconciliation of purchase bills. Its introduction in the tax legislature will ensure a smooth and an easy transition to a new taxation structure. Also, since HP and KPMG have already commenced such an initiative, experts predict that other companies will soon take cue from the proactiveness displayed by these firms and develop innovative solutions and help in reducing the complexities of tax filing procedures across the country. Such initiatives, they say, could save both time as well as the costs incurred by giant firms, traders and MSMEs in India.

It has also been reported that this new tool will help massive corporations implement a tax structure in which retailers, suppliers, and traders can log into their GST systems and file their tax returns accurately in compliance with the restructured tax rules and regulations.



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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