The Goods and Service Tax Network (GSTN) first introduced and established GST Suvidha Provider (GSP) to assist taxpayers in complying with GST regulations. States and the federal government each hold 24.5 percent equity in the GSTN, which totals 49 percent, making it a private company. GSTN was established with the goal of providing and developing the necessary IT infrastructure for the country’s implementation of the Goods and Services Tax (GST). Moreover, the GSTN’s establishment has accelerated the move toward paperless tax filings, advancing the Digital India initiative.

Taxpayer-owned GSTN

The state government and the empowered group of states each hold 24.5% of GSTN’s shares, with the union/central government holding the remaining 24.5%.

Financial assistance for housing provided by LIC in the amount of 11%

ICICI Bank owns 10% of the shares.

A tenth of the HDFC BRANK

HDFCs hold 10% of the market share.

NSE Strategic Investment Co. owns 10% of the company.

The purpose of GST suvidha Center is a special entity recognized and authorized to create and develop a platform to enable taxpayers to comply with GST, the Suvidha Provider (GSP) is of paramount importance to GSTN. GSPs are particularly important in the development of web-based platform approaches. GST Suvidha Provider is the full name of GSP.

What Is the Purpose of GSP Services?

According to GST, the taxpayer is required to fill approximately 37 Returns every year, which is a time-consuming process for the taxpayer. Taxpayers benefit from the GSP because it streamlines and reduces the burden of GST compliance, whether it’s the filing of returns or synchronization of invoices. There will be a direct link between the GSP and the GSTN (GST Provider) who will provide APIs to carry out the procedures such as GST registration or GST return filing, tax payment, or uploading of invoices.

What Are the GSP-Provided Software’s Functions/Services?

Following is a list of the GSP’s software and GSP’s functions.

To ensure accurate bookkeeping, sales and purchases must be reconciled. This must then be uploaded to the GST portal.

Information about every single business in a single place

Multi-GSTIN and Multi-Warehouse ERP Integration

MIS reports for taxpayers with a focus on taking action

GST invoices, purchase orders, delivery challans, and other documents can be generated by the taxpayer.

Multiple invoices can be uploaded by the taxpayer.

GST streamlined for ease of use Re-population by means of automobiles

Expiration notice for an e-way bill

The taxpayer has unrestricted access.

A licenced GST Suvidha Provider by GSTN, Masters India provides GST and E-way bill automation to taxpayers. Masters India offers a wide range of software to help businesses comply with the new GST regulations, including: Provider APIs and software for GST suvidha, Master India

Solution for Filing and Reconciling GST Returns

Automating GST returns and submitting them in a matter of seconds are both possible with this solution. Reconciling inward and outward supplies is the most important feature of this software because it ensures error-free financial records and reduces the scope for invoice duplication.

Billing via e-Way

An e-way bill can be generated with just one click thanks to this solution’s automation of the process. To keep taxpayers from being penalised for failing to comply with e-way bill requirements, this software notifies users when their e-way bills are about to expire.

Here are top 3 GST Suvidha Provers: