Goods & Service Tax Network – Going Beyond the Obvious! Generating BI & Analytics for the Indian Government!!

Throwing the system into shock becomes a way of life for the Indian government; ironically for bringing in huge welcome changes. Demonetization was almost the heady cocktail served around Diwali whose hangover continued into the new year, followed by the implementation of the long pending Goods & Services tax, GST. And this really only seems to be the beginning!

GST

 

Putting aside the shock, awe & debates, the IT companies remained silently geared up for relevant action on GST since quite a few years now. Continuous communications from Mr Navin Kumar, the chairman of the GSTN, the technology backbone of GST puts a lot into perspective.

If one looks beyond the infrastructure & portal requirements, what catches immediate attention is that GST in India will soon start generating more than enough data to source to Analytics and bring interpreted results to many divisions of the government. GSTN remains geared up to curate this data to leverage analytics and generate meaningful insights for better sync within the departments of the government by partnering with Business analytics solution companies.


There is great potential for leveraging analytics, but that will be possible only once we have data, maybe after two or three years. We will start developing the applications for that next year….

Mr Navin Kumar, Chairman, GSTN


Knowing the GSTN – the GST Network


Much has been discussed about GST in the media, excluding almost completely how GST is being rolled out and how information technology becomes the backbone of this huge change. Goods & Service Tax Network, GSTN emerges as the digital arm for all indirect tax requirements in the millennial Indian economy. It is intriguing how GSTN is driving towards building a one stop solution for managing indirect tax liabilities easily for businesses & individuals.

Backed by the two highly acclaimed individuals, Mr Navin Kumar as the Chairman and Mr Prakash Kumar as the CEO of GSTN; the entire movement of sorts could not have been in more wiser hands.


Obviously GSTN has very fine leadership. Mr Navin Kumar the chairman is a former chief secretary of Bihar and he has also worked in the finance ministry and Prakash Kumar, the CEO, is also a former IAS officer who left the service, worked in Cisco and Microsoft and then came back into this service. So, they are all highly experienced people both in government as well as in technology. I am confident that they will do it…..

Mr Nandan Nilekani


Chairman of the Unique Identification Authority of India – UIDAI

Head, Government of India’s technology committee -TAGUP


The GSTN, a non-government, private limited company, was incorporated on March 28, 2013. The Government of India, all States, including NCT of Delhi and Puducherry, the Empowered Committee of State Finance Ministers and reputed non-government financial institutions like the  HDFC, HDFC Bank, ICICI Bank, NSE Strategic Investment Co and LIC Housing Finance Ltd hold stakes in the company in varying proportions.

The company adopts a forward-thinking vision & mission to match the mood and the pace the Indian economy sets for itself.

GSTN – The Digital Arm of GST

GST hand

The GSTN Ecosystem

The GSTN is geared up to process up to 3 billion invoices, both B2B and B2C every month generating a considerable amount of interest in Business analytics solution companies.  GSTN associates with Infosys as its managed service provider and more than thirty GSTN Suvidha providers or GSP which include accounting firms & technology companies. The common GST Portal developed by GSTN is the front-end of the overall GST IT eco-system. The information technology systems of the Central board of Excise & Customs, CBEC and State Tax Departments are the back-ends handling routine tax functions.

  • Registration
  • Approval
  • Assessment
  • Audit
  • Adjudication

Nine States and CBEC are developing their backend systems themselves. GSTN is doing the backend for twenty States and the union territories. GSTN is interacting with CBEC and States for ensuring mutual interaction between the front-end that would be operated by GSTN and the back-ends of the tax administrations.

The GST Ecosystem

GST Ecosystem

Mr Navin Kumar believes that the new tax regime would prove to be a boon for the small and medium IT companies in the country.


They (small and medium IT companies) will have lot of opportunity to provide solutions to businesses, not just become GSPs (GST Suvidha Provider)

Mr Navin Kumar, Chairman, GSTN


This brand-new tax regime pushes enterprises to turn their own solutions like the ERPs & others into more comprehensive way to do things by including features for easy GST compliances. It simply means specialized software needs to be developed & integrated seamlessly into the already existing systems. In addition to the basic features, it is the IT think tank who can value-add to the process by making it more efficient with intuitive apps, portals & websites, bringing in a whole new group of possibilities for designing solutions & training programmes related to GST.


An Empowered Economy with BI & Analytics


The new government in India runs India like an enterprise, with the prime minister himself nothing short of a jet-setter CEO with a highly dedicated team of focused individuals working round the clock. Empowering the Indian economy with Business intelligence consulting then seems a logical addition to the GSTN Ecosystem relying on multiple IT based functions.

Putting BI & Analytics to Use for GST

BI & Analytics will put a lot of data into perspective and offer critical insights & predictions.

  • Rating of the taxpayers such as compliance ratings
  • Analyze sectoral studies
  • Detect tax frauds
  • Point out tax evasions
  • Generating insights income tax departments
  • Studying trends for various sectors & production types
  • Analyzing turnover for certain commodities such as steel or coal

The Challenges for BI & Analytics

Volume, Variety & Velocity; the 3 Vs of data captured in any system remain the challenges for the expected data and its analysis for the GST too. Thought the variety of data would remain under check through standardized data capture, the volume & variety of the GST data is expected to be really massive.

Volume

  • The large volumes of data generated by individuals, enterprises & government agencies for analyzing is more than huge

Velocity

  • The velocity at which data is expected to flow in through the portals with financial transactions like invoices is predicted to run into millions every month
  • The real-time insight into these huge data sets to be achieved by BI is a huge challenge

Giving a Push to GST with BI & Analytics

It is expected that a few existing tools for BI & Analytics could gel in into the requirements of GST straight away. On the other hand, small & big players are dropping hints at taking up the task of developing specialized solutions to cater to this millennial requirement of the Indian economy.

Keeping Pace with GST
  • Focused data collection
  • Improved management of versatile data
  • Accurate reporting
  • Conducive visibilities for keypersons & departments
  • Offer self-service analytics options

In a Nutshell


According to research firm Gartner, software revenue from India for BI & Analytics niche is forecast to reach approximately two & a half million dollars in 2017, a 24.4 percent increase over last year. Business intelligence consulting companies make prudent moves to make the most of the opportunities that come up with the latest entrant in the Indian economy.

With infrastructure in place with movements like the Digital India, GSTN is sure to make its services available to most across India.

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