A GST-eyed handshake between Thomson Reuters and NSDL

Bangalore, INDIA: Thomson Reuters and NSDL e-Governance (NSDL e-Gov) have agreed to offer an integrated Goods and Services Tax (GST) proposition for large and mid-sized corporations in India.

Based on a Memorandum of Understanding (MoU) signed this week, this solution will enable seamless calculation and filing of returns under the new tax regime; as per what a press announcement informs. Additionally, Thomson Reuters and NSDL e-Gov have also agreed to collaborate to leverage Thomson Reuters ONESOURCE Determination solution to provide value added services, including validation services, for Micro, Small and Medium Enterprises (MSME) segment.

The integrated proposition for large and mid-sized corporations professes to address two key areas for corporations under the GST regime, namely (i) efficient and accurate calculation of taxes across multiple platforms and (ii) the associated filings, returns and reconciliation mechanisms.

This offering will combine Thomson Reuters global ONESOURCE Determination solution (which has been customized for India GST) with NSDL e-Gov’s ASP compliance platform, which will be linked to NSDL e-Gov’s GSP solution.

Pradeep Lankapalli, Managing Director, Thomson Reuters South Asia said, "Trusted technology provider will be critical to ensuring a smooth GST implementation. Thomson Reuters indirect tax platform integrated with the NSDL e-Gov’s solution provides an end to end offering combining the benefits of accurate determination of tax and seamless compliance into the GSTN."

As added in the update; NSDL e-Gov’s GSP platform is currently being updated as per the guidelines set by the GST. NSDL e-Gov is also described here as one amongst the 34 companies shortlisted by the Goods and Services Network (GSTN) for providing the GST interface in the first phase.