Spice Digital has received approval to become a GST Suvidha Providers (GSPs) from the GST Network, the company has said. The GST Network is a non-profit company partly owned by the government and states with 51% with non-government financial institutions, which has been set up to provide the IT infrastructure and services to Central and State governments as well as taxpayers, for the implementation of the Goods and Services Tax in India.
Last year, the GSTN had released APIs and eligibility criteria for GST Service Providers, and applicants were supposed to show a working model of the GSP within a month. Spice Digital says that, post-authorisation, it will offer integration to application service providers and businesses to allow taxpayers to file taxes, Value Added Services like Accounting, Credit and Loan availability, and “convert their purchase/sales register data in a GST compliant format, integrate their Accounting Packages/ERP with GST System”. The company points out that an “important service expected from GSPs would be reconciliation of transactions reported on GST Network”.
The API’s released by the GSTN will have the following functional modules for the GSPs:
– Registration of tax payer and tax consultant: This module will take care of new registrations, amendment to new registration, cancellation of registration, revocation and surrender of registrations etc.
– Returns: This module will upload and update various invoices, accept/reject/modify counterparty invoices and generation of returns.
– Payments: The module will create challans, payment history, view challans of all companies of the group which have the same PAN to authorized users.
– Ledger maintenance: The module will show utilization of cash and input tax credit for tax payment.
– Miscellaneous: Module will include tax payer and tax consultant search, notifications and alerts, grievance creation etc.
Note that Spice Digital also has a license to operate under the BBPS (Bharat Bill Payment System), running a BBPOU (Bharat Bill Payment Operating Unit). The BBPS offers an interoperable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment, and BBPOUs are units which can create an agent network and will be responsible for on-boarding billers and aggregators, as well as handling transactions, infrastructure development and application development, including APIs.
Apart from this Spice Digital also has a digital wallet license, running the Spice Money wallet service, began processing payments over the Aadhaar Enabled Payment System (AEPS), after receiving the authorisation from the National Payments Corporation of India (NPCI) to offer AEPS services in October last year.