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Small software companies are bullish on launch of Goods and Services Tax (GST) from July 1 expecting a good demand for their software from small and medium-size enterprise (SMEs) to be GST compliant.
These small software companies are targeting over 80 lakh users who would come under the GST network. And, of this nearly 85 per cent are SMEs who would be dependent on cloud-based software to be offered in monthly or yearly subscription model.
Success of GST implementation will depend heavily on technology infrastructure that businesses deploy. Millions of SMEs will have to adopt GST-enabled applications for invoicing, tax filing and other business transactions. With returns being required to be filed online thrice a month, back-office operations can no longer be treated as low priority tasks, said S Iswaran, Director of Product Management, Zoho, a US-based software company with development centre in Chennai, and one of the first companies to launch GST-compliant software.
Tally Solutions, provider of Enterprise Resource Planning software, last week launched Tally.ERP 9 Release 6 GST ready accounting and compliance software. A beta version is available to download for free at the company’s web site for users to experience the product.
There are around 4-5 million GST registered companies who maintain their books of accounts on Tally. Tally.ERP 9 Release 6 is the company’s first offering for businesses to solve for their immediate requirements, said Bharat Goenka, Managing Director, Tally Solutions, in a release.
According to Sudhir Singh, Managing Director, Marg ERP, the demand for its GST software will come in two ways — existing clients who immediately are going to have implications of GST. Of this, nearly 50 per cent will need to buy licence business application. “We are looking around 5 lakh licensees,” he said.
New adoptersThe second category is new adopters with the company looking at 20-30 lakh licensees. The company will focus on business application, technology adoption in relation to GSTN and knowledge transfer and training, said Singh.
Rshmi Khetrapal, Founder, Count Magic, said its product is offered free for the first month to help traders and businesses understand its usefulness. Count Magic also offers an E-locker for accounting documents that makes seamless sharing of information with their CA’s and further simplifying accounting hassles.
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