Cleartax deepens its GST play by winning GST Suvidha Provider (GSP) license
ClearTax, India’s #1 Tax & Investing platform owned by Defmacro Software has been selected as a Goods and Services Tax (GST) Suvidha Provider (GSP) by GST Network (GSTN) GSTN which manages the technological infrastructure for the implementation of GST. This is done after a rigorous selection process that involved evaluation of financial ability and IT capability to deliver the required services to taxpayers for becoming GST compliant in the new GST regime. A GSP offers a gateway to taxpayers to the GST and e-way bill network by getting access to the APIs for uploading of invoices and filing returns.
ClearTax’s GST business is growing at a fast clip, already supporting 6 lakh businesses, more than 1000 large enterprises and 60000 CAs in filing GST returns for businesses of all sizes. With the launch of New GST Returns, the number of users and their needs from the platform is expected to spike even more. Additionally, the introduction of new rules such as 36(A) which limits input tax claims to 20% of the eligible amount practically heralds the advent of GST 2.0 regime. GSTN has also announced a desire to roll out a mandatory e-invoicing regime which would increase the need for technology first solutions even more.
The GSP license will enable ClearTax platform to run all technology layers in house and to build the infrastructure that delivers speed and reliability to its customers which includes CA firms, Large Enterprises, and SMEs. In addition, ClearTax is planning to provide intelligent APIs for any business filing on their own, and also provide any developer a platform to build other GST applications. ClearTax intelligent API solutions will allow any ERP, POS or other platforms to provide a best in class tax solution for their customers.
Archit Gupta, Founder & CEO, ClearTax, said, “We are happy to have added a GSP license to our current Application Service Provider (ASP) business to prepare ourselves adequately for the upcoming growth. We would like to thank GSTN for this opportunity which will further help in accomplishing our mission to simplify the financial lives for all Indians. We will continue to work alongside GSTN to ensure that technology complexity does not stand in the way of compliance for any business.”
About ClearTax
ClearTax’s mission is to simplify financial lives of Indians. We are a financial-technology platform company providing software and services including Tax filing, TaxCloud, TDS Returns, GST, Mutual Fund Investments and CA & legal services, designed to empower individuals, accountants and MSMEs We aim to ease and simplify their financial woes. Our platform has served over 5 Million Indian Taxpayers to e-File their Tax Returns, about 6 lakh businesses, 60000 CAs and tax professionals, and over 1,000 large enterprises have utilized our GST Software for GST-compliant billing and filing returns. ClearTax has raised $65 Million equity capital investment since inception. The company was incubated in Y Combinator and are funded by Silicon Valley investors, including PayPal co-founders Peter Thiel’s Founders Fund, Max Levchin, and Scott Banister. ClearTax’s investors include Composite Capital, Sequoia Capital, and SAIF Partners.
