GST Suvidha Provider (GSP) – The Brains of GSTN
The Goods and Service Tax Network (GSTN) was the first to introduce and construct the GST Suvidha Provider (GSP). GST Suvidha Provider (GSP) is an enabler or licensed gateway that allows companies to use the GST portal through automated tax software.
What is GST Suvidha Provider (GSP)?
Goods and Service Tax Network (GSTN), the private corporation that owns and manages the GST portal, introduced the concept of GSP. GSP was introduced in accordance with the ‘Digital India’ strategy, which promotes a paperless tax compliance system that allows for more openness and reliability in conducting business in India. GSP acts as a brainchild of GSTN as it provides a gateway using which the taxpayer can interact with the GST portal using tax technology to carry out GST-related compliance.
Understanding the Working of GSP
Let’s look at an example to help you understand the working of GSP
Suppose XYZ Ltd is a private multinational corporation that uses in-house ERP to operate its operations. It houses all of the records for purchases and transactions. Reports from ERP are created at the end of each month and used to prepare and generate tax returns. After then, the results are uploaded to the GST portal. XYZ Ltd found this manual compliance of GST provision to be hectic and is now looking for a single, automated workflow in which ERP businesses may create an interface with the GST portal and handle all GST compliance through their software. So, in such cases, GSPs helps XYZ ltd by providing tax technology solutions or products for complying with GST provisions, rules, and regulation.
Major Services Provided by GST Suvidha Provider (GSP)
The major services provided by the GST Suvidha Provider (GSP) are:
- ERP Integration
- Reconciliation of GST returns and books of accounts
- Consolidated view of all the businesses
- Multi GSTIN and Multi-warehouse support
- Action-based MIS reports for the taxpayer
- Automated Generation of GST e-invoices
- Filing of GST Returns
- Automation of GST compliance for easy GST return filing
- Automated Generation and cancellation of e-way bill
- Notification for e-way bill expiry
Need of GST Suvidha Provider (GSP) Services
The process of filing GST Returns or syncing invoice information is time-consuming for the taxpayer under GST since the taxpayer is required to fill out around 37 Returns each year. This is where the GSP meets the needs of the taxpayer by simplifying and saving time required for GST compliance, whether it be GST Return filing or e-invoice synchronization. GST Suvidha Provider (GSP) will provide software for GST registration, GST return filing, reconciliation, e-invoice generation, an e-way bill generation, or cancellation.
Learn more about the approved GST Suvidha Provider (GSP) List by reading this blog.
What makes GSTrobo® the Most Effective GST Suvidha Provider (GSP)?
GSTrobo® is both an ASP and a GSP, providing various benefits to companies seeking an end-to-end compliance solution.
- GST data is transmitted from beginning to end without using a third party. As a result, data security is assured to be 100%.
- With enhanced performance and speed, the ingestion of large amounts of data is now possible.
- Businesses with branches and divisions throughout India may access a single dashboard.
- GSTrobo® provides a cloud-based product that is both convenient and engaging.
- GST return filing, e-way bill management, and GST compliant invoice generation are all covered by our GST reconciliation and compliance product.
