Financial software companies ramp up investments for GST 2.0

Financial software companies are busy amending their systems to match with GST 2.0. The new return system to be implemented from April 2020 will require more investments, companies said. ClearTax founder and CEO Archit Gupta said they invested close to $10 million in supporting users to comply with GST 1.0 back in 2017, and they envisage “more spends” in aligning with GST 2.0. “We started investing ahead of the curve and have already been working on supporting smoother input tax credit management in the past one year,” Gupta said. Shubham Agarwal, co-founder and CTO, Vyapar, a mobile-based financial management tool for small business, said that they will create a separate team  of GST and Tech experts and then it will take a month of focussed development to help customers mark the transition. Abhishek Jain, Tax Partner, EY said. “The supply chain of business teams will fundamentally change this way,” he said. Financial software pioneer Tally says the two big changes they are making are to help customers do this reconciliation and facilitate reporting in the new format. The first is the bigger and more complex change, and we are investing in our own capabilities and dedicating time and money for this, Tejas Goenka, MD, Tally Solutions, said.

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