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The approval of the GST Bill in the parliament and the coming launch next year will be a truly game changing event for Indian Economy. In this article we summarise the key benefits as FundsTiger sees it and the changes that it would mean for Small Business and SMEs.
Applicability of GST
Goods and Services Tax (GST) is applicable to all businesses with Revenue/Turnover > 20 lakhs
Is it a new Tax or does it replace existing ones?
GST replaces a bunch of taxes. It subsumes a majority of indirect taxes like excise, sales, VAT services levies.
Overall, GST will simplify the tax processes / ease of business due to it being a single tax subsuming many existing taxes like Excise, VAT, Service Taxes, State Taxes and levies etc.
FundsTiger and GSTN
FundsTiger is eagerly looking forward to introduction of GST. Apart from simplification of taxes, GST promises to be very useful for lenders as it can provide a trusted source of inward and outward invoices of a company.
GSTN has come up with a developer portal (http://developer.gstsystem.co.in/apiportal/) detailing different apis available for integration with GSTN network. As part of this, they have made available a sandbox api for initial testing.
FundsTiger has done basic integration testing against this sandbox and is getting GST ready to figure out the invoices of a company applying for a loan on the FundsTiger Platform based on the authenticated information provided by the loan applicant company.
Founder and CTO