Industry is not used to the pricing paradigm that is expected in the GST ecosystem
Our partner ASPs also provide additional services like tax determination, validation, on premise ASP solutions, private cloud instances, simple functionality using excel files, 500+ ERP connectors which integrates large number of billing systems and platforms like SAP, Microsoft Dynamics, etc., transition services and more.
Apart from these solutions the Vayana Network Invoice Reconciliation solution, which is simple and collaborative tool shared with trade solutions, enables organisations prempt any invoice reconciliation challenges that may arise between an organisation and its supplier; allowing organisations to enable real time invoice recon that reduces the burden during return filing and submission.
Despite the gamut of innovative solutions that are available today with us and other GSPs, the biggest challenges in the market today are challenges during migration, inability to comprehend pricing, and technical readiness. For organisations that are service tax assesses; the multiple registrations under different states when they have a national footprint is a huge challenge. An awareness of the timelines and regulations that need to be followed to be compliant is still not as wide spread as needed and the supply chain of most large enterprises are still not ready. Most organisations are still not geared up for invoice reconciliation and the receipt of input tax credit. On a technical level, 80-90% organisations are yet to select their ASPs and GSPs. The evolving APIs and the lack of standardised documentation poses another challenge for the ecosystem itself to be prepared.
These challenges along with the fact that tax payers are yet to adapt to the concept of paying for additional services to be compliant, will pose the immediate challenge in the adoption rates to this regime.
The immediate action for us or any GSP is aid in spreading awareness and enable faster adoption rates throughout the industry which Vayana Network is already actively engaging in.