Adaequare was selected in the second round of GSP (GST Suvidha Provider) selection conducted by the GSTN (Goods and Services Tax Network). A GSP is supposed to help a taxpayer to comply with the provisions of GST law with the aid of a web platform.
In the second round, the GSTN received applications from 128 GSP applicants. Out of the 128, only 69 applicants were found to have met the eligibility criteria that were published. The applicants were evaluated based on their financial ability and IT capability to deliver the services to the taxpayers to enable them to become GST compliant in the new tax era.
The eligibility criteria to qualify as a GSP were:
- The company has to be registered in India in the IT/ITES/BFSI domain.
- An applicant will have to meet a pre-qualification criterion to become a GSP.
- The applicants who meet such criterion will have to sign a contract with GSTN to become an authorized GSP.
- The draft contract contained:
- Technical architectural framework to understand how GSPs will integrate with the GST system
- The commercial terms and conditions and the SLAs that are to be satisfied
- Definitions, responsibilities of GSPs and their legal obligations and liabilities
Adaequare, expectedly, met all the criteria.
Although several companies were selected as GSPs, a recent survey has shown that less than 25 of them are active. Even a few industry bigwigs have become inactive.
However, Adaequare has consistently sought to refine and improve its GST services and has tried to make GST filing and reconciliation services a breeze for its patrons.