GST Suvidha Provider meaning (GSP) was first introduced and established by Goods and Service Tax Network (GSTN) to help the taxpayer to comply with the GST provisions. GSTN is a private company where the stake of the State governments is 24.5% and the Central government is 24.5% that makes 49% stakes collectively. The motive behind the formation of GSTN was to provide and develop the IT infrastructure for the GST implementation in India. The formation of GSTN has even boosted the paperless tax compliances thereby promoting Digital India initiative.
The percentage of shareholding in GSTN is mentioned below
Meaning of GST Suvidha Provider (what is GSP in GST) is paramount for GSTN as GSPs are special entities who are recognized and authorized to create and develop a platform (especially a web-based platform approach) to enable the taxpayer to carry out Goods and Services Tax (GST) compliances. GSP full form in GST is GST Suvidha portal.
Under GST, The process such as filing GST Returns or synchronizing invoice details is very time-consuming for the taxpayer as the taxpayer has to fill approximately 37 Returns every year. This is where the GSP caters the need of taxpayer as it simplifies and saves time that is needed for the GST compliance whether it is GST Return filing or synchronization of invoices. GST Suvidha Provider (GSP) will provide APIs to carry out the procedure such as GST Registration, GST Return filing, tax payment or invoice uploading and will also be in direct contact with the GSTN.
The software provided by the GST Suvidha Provider and functions of GSP are as follows.
Masters India is a licensed GST Suvidha Provider by GSTN which offers GST and E-way bill automation to the taxpayers. The list of software that Masters India provides for easing the GST compliances are: GST suvidha provider API, masters india - GST suvidha provider software.
This solution helps the taxpayer to automate their GST filings and helps them to file their GST Returns within few seconds. The key feature of this software is that it provides the reconciliation of inward and outward supplies which in turn helps the taxpayer to maintain error-free books of accounts and also reduces the scope of the duplicity of invoices.
This solution automates the e-way bill generation process and helps the user to generate an e-way bill with just a single click. Moreover, this software gives alert notification to the user regarding the expiry of the e-way bill so as to save the taxpayer from the non-compliance of the e-way bill provisions.