New Delhi [India], June 20 (ANI): Amazon.in today announced its partnership with ClearTax to launch ClearTax Biz and ClearTax Biz+ that aims to help sellers on its marketplace file and reconcile their tax returns conveniently in accordance with the upcoming GST rollout.
The cloud-based products would enable sellers of all sizes on Amazon.in settle their GSTR forms easily, preventing their working capital from being affected due to inefficient collection of input tax credit, or due to interest and penalties for delays and non-compliance.
ClearTax Biz and Cleartax Biz+ will be available for free for the sellers for the first two months after they sign up to use the product. The software will be subsequently provided at a preferential price with 30 percent discount for sellers registered with Amazon India.
In order to be fully prepared for the forthcoming GST implementation, Amazon India has been actively working with its sellers and other stakeholders to roll out several initiatives across its various communication and training channels.
With GST coming into effect on July 1st, 2017, there will be major changes in the way businesses need to file their tax returns and sellers will have to adapt to these changes rapidly. Sellers will now need to file GSTR1, GSTR2, and GSTR3 forms every month, as opposed to once a quarter in the pre-GST regime, and will have just a 5 day window for reconciliation.
This makes maintaining accuracy and timeliness of filing, and hence compliance ratings, a challenge for sellers. The ClearTax solution offers a near one-click solution for a seller to file his/her returns from all different channels. The product also helps them manage reconciliations and mismatches with no manual effort and provides an early warning system to minimize seller's interest and penalties.
The product aims to be a one-stop GST solution for sellers on Amazon's marketplace through seamless integrations with the Amazon platform as well as offline channels. Sellers can create GST compliant sales and purchase invoices from day one of the GST regime, reconcile and file their GSTR forms with 100 percent accuracy, and have access to dashboards that help in better cash flow management, enabling them to maintain their compliance ratings.
The product also allows sellers to communicate and resolve mis-matches real-time with their vendors and tax professionals, effectively increasing the five day reconciliation window. In addition, live product training sessions and webinars are made available as many as five times a day along with educational videos to ensure full understanding of the product's nuances and its various applications across Amazon's seller community.
"We look forward to supporting our sellers in every way possible through comprehensive training, technology solutions and collaboration with subject experts. Our primary focus is to ensure that our sellers are ready to transition to GST seamlessly," said Director and GM Seller Services, Amazon India, Gopal Pillai.
"We are very excited to partner with Amazon in making India GST ready. Businesses selling online have an increased burden with GST. They have to claim TCS, Tax Collected at Source and input tax credit properly on time. Delay in GST actions poses significant risk to working capital of these sellers. The ClearTax GST software for Amazon sellers solves these problems in a simple three step process unlocking working capital and reducing risk in their business," said founder and CEO ClearTax, Archit Gupta.
Amazon India recently launched 'A-Z GST Guide' programme that has trained and enabled thousands of sellers on the marketplace till date to get ready for GST. The online portal provides resources in the form of tutorials, blogs and free online training sessions.
In addition, it also provides sellers on the marketplace with access to paid professional support and expert advice from third-party service providers. Through engagement activities like surveys, the initiative receives real-time feedback from sellers which helps Amazon.in customize support services related to GST. (ANI)
This story has not been edited. It has been published as provided by ANI