Excellon’s EXACT to help businesses in smooth transition to GST regime
Excellon Software, first GSP serving solution to large enterprise and the makers of EXACT- country’s leading GST solution having a GoI-licensed GSP (GST Suvidha Provider), today kick started an awareness and sensitization drive for businesses to smoothly transition to the new GST regime. The company addressed complexities of GST implementation among consumers, businesses, government and service providers. The company also introduced EXACT, a cloud-based GST software, that will help businesses migrate to GST tax structure.
Speaking to the media, Mr. Vinod Tambi, Co-founder & President, Excellon Software, said, “GST is not just a game changer for the Indian economy. The implementation and compliance is going to be a one-time challenge, especially for businesses used to following a historically complex tax structure. We realized that the market has a lot of unanswered questions on GST implementation. This session was an initiative to address the ambiguities on GST and hopefully we managed to do that.”
Notably, Excellon introduced EXACT, its cloud-based GST solution created to ensure hassle-free GST compliance for businesses. As a GST Suvidha Provider (GSP) Excellon’s EXACT will provide innovative methods to tax payers in interacting with the GST Systems for an end-to-end compliance. The system will provide all user interfaces and convenience to enable a taxpayer to connect with GST system via secure system. The system has a turnaround time of less than 24 hours once the ERP has tax codes and tax algorithm fed in.
“The complexity of GST required a comprehensive yet simple solution and that is what Excellon has done. We’ve created the most robust, reliable and responsive GSP solution that is designed to give a hassle free GST migration for businesses. We are being approached and have tied up with channel partners such as SI, Software Cos, Trade Bodies / Association / Tax Return Preparers for large cos.,” added Mr Tambi.
EXACT has been designed with the objective to help companies manage their taxes better. The software creates an interface with the company’s existing OEM ERP and helps streamline processes such as registration, tax payment, returns filing and other information exchange with the core GST system. The major benefits for any company on EXACT are minimum time and effort for tax filing, easy uploading of invoice data, matching of its purchase data and most importantly getting a single stop shop for all GST related services. The software also provides absolute data security with non-multitenant databases and allows automated data monitoring. The software has an uptime of more than 99.5% in actual terms, and has not had a downtime since 2007.
The parliament recently gave a green signal to the GST roll out from July 1st 2017,making it the biggest tax reform the country has ever seen. It will impact the central and state governments, consumers, small and big enterprises and service providers across sectors. GST is expected to significantly reduce the cost of transactions as well tax compliance for the manufacturing sector and will lead to ease of doing business in the long run. Implementation hurdles aside, the manufacturing sector is expected to improve efficiencies and increase its contribution to GDP in the long run.
With less than two months left for the rollout, the readiness and difficulties confronted by consumers, producers and service providers has become the most examined point of discussion. However, with companies such as Excellon Software, the country looks set to take on the biggest transformation it has ever witnessed.