The much awaited technology driven Good & Services Taxes (GST) which is likely to be rolled-out on July 1, 2017 will generate nearly three billion invoices every months. “GSTN is equipped to handle 2.6 billion transactions every month from an estimated 8 million GST tax payers,” said GSTN CEO, Prakash Kumar to Moneycontrol, adding that the network can scale up to 5.2 billion transactions a month and up to 13 million tax payers, without any change.
GSTN is starting a trial run of the network with 3000 tax payer from today onwards. During this period GSTN will carried out dipstick study through identified 3,000 tax payers who have migrated and enrolled into the new system, who will test the system by uploading invoice data, filing returns, and paying taxes,” said the report.
GSTN portal was launched last year on November 8. So far over 71 percent of 81 lakh assesses which is about 58.5 lakh taxpayers have already come on board. GSTN portal is responsible for three things – registration, return filing, and creation of challans for making payments through banks.
Initially a commercial taxpayer will register with GSTN, he will create challan and choose bank to make the payment. Like IRCTC or any other portal, taxpayer will go to bank website to make the payment and he will be brought back to GSTN portal, with a confirmation from the bank.
So far government has added credit card and debit card as mode of payment but only few states like Rajasthan have allowed this. Going forward, government is likely to add allow RTGS and NEFT payments from any bank.
GSTN CEO told Moneycontrol that all the data will be shared with the RBI and accounting authority for reconciliation. “They will come to the portal, create the challan, go to the bank, and make the payment. The banks will compile that and send it to the RBI. RBI will also get data from us. These two, the RBI’s and our data, will go to the accounting authority for reconciliation,” said Kumar.
Government plans to use high-end cybsersecurity tools and solution to make data secure and safe. In addition, data analytics solutions would also be used to make sense of huge amount of data which will be created every month after GST roll-out.