Goods and Services Tax is the new unified, multi-stage and consumption based tax levied on manufacture, sale and consumption of Goods and Services at national level to replace all the existing national and state tax systems like VAT, Service Tax, Excise Duty, etc. It is expected to remove the cascading effect of tax-on-tax which is prevalent presently. It is applicable to you if you are into Manufacturing, Trade, E-commerce or Services.
Whether new in a business or a veteran in the market, each and everyone is acquainted with the unified and a simple tax system which has rolled out in India known as GST (Goods & Services Tax).
With the commitment of streamlining the current tax structure, the government will integrate all current indirect taxes into a single tax i.e. GST, making tax collection more transparent.The service is also supported by customer service representatives (CSRs), which may be contacted directly by the consumer to facilitate payments or receive general assistance and solving queries. It can produce substantial savings to traditional print & mail billing and payment remittance, and thus resulting into the minimum usage of paper.
Billers, bankers, aggregators and consolidators can plays a significant role in the overall process. Once roles are defined, it is easier to identify which model is most appropriate for the client's strategy. Billers may also implement more than one model in order to deliver the best to their clientele. Because the industry is continuously changing and redefining, the options and opportunities will continue to expand.
Various services provided are:
Biller payment provider (BPP)
Biller service provider (BSP)
Customer service provider (CSP)
Flexible - ability to print a copy if needed