The proposition aims to offer tax validation, tax determination and tax compliance services
Thomson Reuters, the world’s leading source of trusted answers for businesses and professionals and NSDL e-Governance (NSDL e-Gov), one of the pioneers of e-governance in the country, have agreed to offer an integrated Goods and Services Tax (GST) proposition for large and mid-sized corporations in India. Based on a Memorandum of Understanding (MoU) signed today, this solution will enable seamless calculation and filing of returns under the new tax regime. Additionally, Thomson Reuters and NSDL e-Gov have also agreed to collaborate to leverage Thomson Reuters ONESOURCE™ Determination solution to provide value added services, including validation services, for Micro, Small and Medium Enterprises (MSME) segment.
The integrated proposition for large and mid-sized corporations would address two key areas for corporations under the GST regime, namely (i) efficient and accurate calculation of taxes across multiple platforms and (ii) the associated filings, returns and reconciliation mechanisms. This offering will combine Thomson Reuters global ONESOURCE™ Determination solution (which has been customized for India GST) with NSDL e-Gov’s ASP compliance platform, which will be linked to NSDL e-Gov’s GSP solution.
Pradeep Lankapalli, Managing Director, Thomson Reuters South Asia said, “Trusted technology provider will be critical to ensuring a smooth GST implementation. Thomson Reuters indirect tax platform integrated with the NSDL e-Gov’s solution provides an end to end offering combining the benefits of accurate determination of tax and seamless compliance into the GSTN.”
Thomson Reuters offering will be an added service on NSDL e-Gov’s existing GST Suvidha Provider portal. NSDL e-Gov’s GSP platform is currently being updated as per the guidelines set by the GST. NSDL e-Gov is one amongst the 34 companies shortlisted by the Goods and Services Network (GSTN) for providing the GST interface in the first phase, which starts from December 2016.
Commenting on the collaboration, Mr. Gagan Rai, MD and CEO, NSDL e-Gov, said, “We are excited to partner with Thomson Reuters to launch the integrated GST proposition. As the GST initiative is set to bring opportunities in the Indian market, we aim to be the leading solution provider by offering a comprehensive GST proposition with remarkable performance and value. This proposition will help the tax payers by simplifying the tax return filing process.”
With this combined proposition, both the companies aim to provide an end-to-end solution to large and mid-sized corporations for their GST compliance requirement.