Bangalore-based financial technology startup ClearTax has reportedly committed $5 million to develop the systems for the GST (Goods and Services Tax) and get it live by April 1 of next year.
Archit Gupta, the chief executive of Cleartax mentioned, “We are in the process of integrating with the application programming interface (API) of GST Network to develop an additional layer through which business entities can file their GST returns.”
ClearTax.in is a product built by Defmacro Software Pvt Ltd. Their team consists of IIT, Kellogg, Harvard alums and Chartered Accountants. They consult and partner with Chartered Accountants who have more than 30 years of experience in the area of taxation, finance and accounting.
Gupta further added, “We have already earmarked $2million for it and have committed around $5million to $6million for developing the technology platform.”
Cleartax has been onboarded onto the network as a ‘GSP or GST Suvidha’ Providers. These software technology companies will be expected to develop an added layer through which business entities will file their GST returns on a monthly basis.
Goods and services tax is expected to bring all direct as well as indirect taxes within one bracket of taxes and its structure will be uniform across the whole country. To be able to bring all VAT, Service tax and individual tax components under one bracket the government has created a not for profit entity GST Network.
GST Network is developing the technology platform to enable GST collection in partnership with Infosys.