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Online tax filing portal ClearTax plans to hire 400 people even as it gets ready for the Goods and Services Tax (GST) rollout in July. The Bengaluru-based company will hire across the product, technology, finance and marketing teams to fuel the GST growth and has extended its office space to support the GST operations.
Archit Gupta, Founder and CEO of ClearTax, told BusinessLine that as the rollout of GST approaches, businesses across the country are also gearing up to become GST-compliant and they would be filing their taxes online as GST filing is going to be completely digital. So in a bid to support a large number of queries and filings, ClearTax plans to expand its team.
ClearTax has earmarked $5 million to facilitate the GST growth, and to support and educate the community. The company has hired Nitin Chaudhari, former Associate Director - Business Finance Head for Lifestyle Business Unit at Flipkart to lead its GST vertical.
“Besides expanding our team size and operational capacity, we are also creating products which will help businesses be GST-compliant with just the click of a button. We are building state-of-the-art infrastructure to support 1 billion invoices each month and are investing heavily in product and technology to bring about an easy transition to GST,” Gupta said adding that data intelligence will be used to help drive business decisions. This system will allow vendors and buyers to manage their businesses and GST requirements in a coordinated and intelligent fashion, he added.
Gupta said that once the GST is rolled out, enterprises and businesses with turnover of over Rs 20 lakh will have to file about three tax returns every month. For this, ClearTax has developed a new cloud-based product for both desktop and mobile, on which the businesses can easily file their returns and on time.
“We are working hard to make the transition to GST easier for sellers, distributors, vendors and all those under its purview. GST will also create a level playing field for all financial experts, CAs and finance controllers. In addition, ClearTax will partner with chartered accountants and help them overcome the challenges through a series of informative webinars on GST, developing calculation tools for assistance in transitioning to and operating GST-compliant platforms,” he said adding that every company will be required to file about three tax returns in a month.
While GST is set to revolutionise the Indian indirect taxation system, transforming the country into one unified common market, it also presents a huge business opportunity with over 1 crore businesses slated to adopt the new tax system, Gupta said.
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