The top news across IT industry over the last quarter was the much awaited GST rollout. But facilitating the rollout will be GST Network, the IT system behind GST. It is expected to process three billion transactions every month. Reports suggest India's seven to eight million direct taxpayers will be required to file up to 37 tax returns in a year.
"This means every organization that's making a B2B sale has to upload the invoice into the GST network. This kind of magnitude has never been seen anywhere in the world," said Aravind Ramamoorthy, Partner, PwC at the ChannelWorld Premier 100 summit.
GST is also going to provide a huge amount of business intelligence, analytics and dashboards, both to companies, as well as the tax officials.
Aravind Ramamoorthy, Partner, PwC
He also revealed how stitching in the IT framework for the GST rollout could be a potential goldmine for tech players across the enterprise.
Getting a read on the GST colossus
Ramamoorthy went on to say that more than 10,000 to 12,000 tax officials would be accessing this system, take the data, and work with companies in terms of returns. So the GSTN and the IT systems are in the center and every company has to upload their invoice into this system. Every vendor also has to input its invoices. That means, purchases have to tally with what the vendor inputs.
"So in one network, your vendor uploads its invoice, you're going to upload your invoice, and companies are going to use this to make payments. So, one infrastructure is going to be used by all stakeholders," said Ramamoorthy.
He added that the GST is also going to provide a huge amount of business intelligence, analytics and dashboards, both to companies, as well as the tax officials. This gives you an idea about the sheer volumes of data that the GSTN will be churning out, and subsequently, the IT support needs to fuel this juggernaut.
Now this, Ramamoorthy surmised, opens up a host of opportunities for IT companies to step in and deliver their expertise. And hopefully, they do a good job at it.