Thomson Reuters is adding the GST service to its ONESOURCE Indirect Tax integrated solution. This will help in return preparation, reconciliation, etc.
Enterprise software provider Thomson Reuters has extended its globally implemented GST compliance service to the Indian market, strengthening its integrated tax solution launched specifically for ‘India GST’ in April.
“This is an extension of our global compliance tool. This is an additional capability we are offering clients in India to strengthen our offerings in the marketplace of providing an integrated solutions,” Prashant Pillai, Head-Corporate Business, South Asia, Thomson Reuters, told BusinessLine here.
Currently, Thomson Reuters offers GST compliance services in about 60 countries, he said.
It may be recalled that Thomson Reuters had in April launched its ONESOURCE Indirect Tax integrated solution in the Indian market to help clients determine the taxes.
Now, a compliance service is being added to it, to include return preparation, reconciliation, etc. “If you are an Indian multinational, you are going to be excited about it (the compliance service). This will not only do your GST filing, but also enable to do similar GST filings for your operations in the EU and US markets. You can just extend this tool and keep scaling it up,” said Pillai.
India rolled out the Goods and Services Tax (GST) on July 1 this year.
The industry will experience pain the next six months before getting crucial things like input tax credit sorted out, pointed out Pillai.
“If I am a CFO, I would provide for more working capital in the next six months (given that input tax credit may get locked, consuming working capital). However, the main worry is getting the processes right and making sure one is compliant. After all, you as a CFO are accountable to the Board for GST compliance,” he said.
Pillai also noted that technology adoption for GST compliance is quite high in the Indian market.
“Technology itself is adapting to this change ushered in by the GST regime.
“I get a feeling that just as our customers/clients will go through pain in ensuring that input tax credit is received, the technology solution providers will go through pain over three-six months. The men and the boys will soon get separated,” he said.