GST: Thomson Reuters adds compliance capability to its Indian offering

K.R.Srivats New Delhi | Updated on January 10, 2018

Move to strengthen its integrated tax solution ONESOURCE, says top official Pillai

Thomson Reuters, a tax technology solution provider, has extended its globally renowned GST compliance service to the Indian market, strengthening its integrated tax solution launched specifically for 'India GST' in April this year.

"This (compliance service) is an extension of our global compliance tool. This is an additional capability we are offering clients in India to strengthen our offerings in the marketplace of providing an integrated solution", Prashant Pillai, Head-Corporate Business, South Asia, Thomson Reuters told BusinessLine here.

Currently, Thomson Reuters offers GST compliance services in about 60 countries, Pillai said.

It may be recalled that Thomson Reuters had in April this year launched its 'ONESOURCE indirect taxes' integrated solution in the Indian market. This tax solution had mainly helped clients undertake determination of taxes. Now, this is being extended to compliance service including return preparation, reconciliation etc.

Elaborating on the compliance service, Pillai said this should be seen as an extension of the end-to-end integrated tax solution that is already being offered in the Indian market and would support the GST regime in India.

"If you are an Indian multinational, you are going to be excited about it. This will not only do your GST filing, but also enable to do similar GST filings for your operations in the EU and US markets.You can just extend this tool and keep scaling it up", he added.

India has implemented a Goods and Services Tax (GST) regime from July 1 this year.

Pillai also said that industry would experience pain for the next six months before getting crucial things like input tax credit sorted out.

"If I am a Chief Financial Officer (CFO), I would provide for more working capital in the next six months (given that input tax credit may get locked consuming working capital).However, the main worry is getting the processes right and making sure one is compliant. After all, you as a CFO are accountable to the Board for GST compliance", he said.

Pillai also noted that technology adoption for GST compliance is quite high in the Indian market. " Technology itself is adapting to this change ushered in by GST regime. I get a feeling that just as our customers/clients will go through pain in ensuring that input tax credit is received, the technology solution providers will go through pain in next 3- 6 months.The men and the boys will soon get separated", he said.

Published on September 10, 2017

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