HP and KPMG introduce 'GST solution' for Traders & MSMEs
HP India in collaboration with KPMG today launched a comprehensive, secure and affordable invoicing platform –“GST solution” to help transition millions of traders and Micro, Small & Medium Enterprises (MSMEs) to Goods and Services Tax (GST) regime. “GST solution” has the capability to support users to file all their transactions as per the new tax norms in a convenient manner and also reduce the invoice reconciliation requirements of large companies. Ensuring business continuity to users, HP will also enable specialized help desk support of tax experts on call, email and chat for GST related queries and operational assistance.
The end-to-end solution comprises of hardware from world's leading PC brand - HP, GST invoicing software by KPMG, cloud storage for storing invoice data, uninterrupted GST Suvidha Provider (GSP) access, e-sign, GST registration and migration services. The solution facilitates the entire process from inputting of purchase invoices, generation of sales invoices, managing the input credit ledger, and generating reverse charges. The solution also helps businesses receive the tax credit through automatic reconciliation of purchase invoices to ensure a seamless transition to the new taxation structure.
Commenting on the launch, Sumeer Chandra, MD, HP Inc. India said, “The Indian economy has evolved tremendously, aided by reforms and technological advances. HP has participated in every significant milestone of Central and State Governments digital journey starting from printing the first computerized Railway ticket to enabling several Digital India initiatives. GST is a major tax reform and we are confident that the GST Invoicing solution from HP and KPMG will enable traders & MSMEs in the country make a smooth transition to the new tax regime and enhance their contribution to India’s economic growth.”
Commenting on the launch, Arun Kumar, Chairman & CEO, KPMG India said,“GST, as a seamless, unified direct taxation system across India represents a historical transformation that makes India a true common market. To implement GST, six million micro, small and medium enterprises (MSME) need to adapt their invoicing approaches, an enormous endeavour. To help these MSMEs make the transition and alleviate associated IT challenges, KPMG has joined hands with HP to launch a comprehensive GST invoicing solution, GST solution. KPMG is proud to assist in advancing the adoption of GST and in fact to be associated with all of the signature initiatives of the Government of India.”
In addition to empowering MSMEs, the solution can also support larger organizations enforce a regime wherein their vendors, distributors and dealers are on the GST system, complying with the process and filing their GST returns accurately. The solution can also help indicate loopholes in the ecosystem in the form of a tax credit leak at any nodal point. The solution acts as a unified platform that can ensure ease of invoice generation and reconciliation across vendors and sub-vendors in the ecosystem.