IT has been appointed as GST suvidha provider (GSP) by government
Abhipra capital Ltd, a diversified financial service firm is all set to launch a new GST gateway. Through this portal million of firms will not only file GST returns with ease but also get support of an online virtual invigilator. For the first time GST filers who do not have the budget to appoint a regular accounts personnel on its payroll, the new GST portal of Abhipra can be a huge relief from the crumbling IT infrastructure of Government’s own GSTN portal. In more than one way, Abhipra’s new GST portal would go a step ahead of the GOI’s own portal(GSTN).To begin with, the government portal doesn’t provide for a whole lot of value added services which the upcoming Abhipra portal plans to bring. Most important value addition of Abhipra’s new portal shall be the provision for web/mobile interfaces for tax payers to interact with GSTN.
According to Mr. Abhinav Aggarwal, Managing Director of ABHIPRA Capital, “We shall not only bring about ease of filing GST returns but also work as an online invigilator at affordable cost of a regular full time paid skilled manpower. SMEs and traders who cannot afford a full time accountant will opt for ABHIPRA’s interface where they register themselves, file GST returns , have window for discussion, avail consultancy from our professional team and many more value added services. Example monthly comparison, alert for reverse charge liability if applicable, alert for exemption if exceeded from prescribed parameter, reminder of defaulting dealers, payment reminders where amount due for more than prescribed time limit, mis-matching reports, storage facility, e-sign facility etc.”
ABHIPRA is scheduled to launch the dedicated portal by year end if not earlier. The pressure from the Government on Abhipra for an early launch is immense.
Infact, lately the government has wakened up to the acute problem of millions of harassed firms stuck with a crumbling IT infrastructure overburdened with more firms joining the list of GST complaints by passing month. In order to bring about quick ease of GST filing, Government Of India, has selected ABHIPRA Capital Ltd, as GST Service Provider(GSP), to act as a parallel gateway for millions tax payers. The move will de-clutter the GST filer’s traffic from the GOI’s own portal (GSTN) to GSP GST ready portal. In move which could be game changer, millions of companies may file their GST returns through the portal of Abhipra simply because they get host of accounting activities done for a peanuts sum.
The initial numbers are staggering. Close to eighty lakh GST registered firms have been making a bee line for hours and days together to file their returns on government of India’s official portal leading to frequent site crashes, hang-ups and slowdowns. Consequently the date for filing of returns keeps on extending repeatedly. While earlier service tax and VAT and excise payments had separate gateways, GST at one stroke combined all tax payments into one window. This is likely to increase the number of tax filers exponentially. A very conservative estimate suggests that GST compliant firms are expected to double from eightly lakh currently to One hundred sixty lakhs in twenty four months. ABHIPRA Capital has set benchmark to render regular services to 15 %to -20% of the total GST tax payers during the same period.
Abhipra is handling number of Government of India projects like NPS as Aggregator and PoP of Pension Fund Regulatory & Development Authority of India, a unit of Ministry of Finance. ABHIPRA is UIDAI empanelled Aadhaar enrolment agency and has done tremendous business for opening Jan DhanYojna in association with Bank of India. Abhipra is also prime member of almost all Financial Sectors like member of Stock Exchanges, Depository Participant with Depositories, Registrar & Transfer Agent Category I under the Regulator of SEBI.
Simply put, both small companies and large Chartered accountants, have the option of filing GST returns through the new GST portal being floated by Abhipra as an alternate to Government’s own GSTN portal. The new gateway shall in addition to filing returns with ease, provide a whole basket of value added services which will reduce the cost, accounting man hours of Small & Medium Enterprises.
ABHIPRA capital has launched a massive outreach drive to bring on board traders and SMEs across several hundreds of Tier 2 cities besides state capitals. The outreach programme would include open houses with SMEs in their respective cities explaining the efficacy of the outsourced online accounting procedure along with seamless GST filing. Abhipra is in conversation with dozens of trade associations and merchant groups across the country besides forging active alliance with industry bodies and Chamber of Commerce. “We are likely to invest a substantial amount of money and manpower in handshake programs with various industry and trade bodies across the country. With passing time, the complications of GST filing will draw lakhs of firms to Abhipra’s new portal that will provide intricate value added services which others will not.” Said Mr. Abhinav Aggarwal, Managing Director, Abhipra Capital in New Delhi.