The online venture has hired 400 and invested $5 million in GST product.
Online tax filing portal ClearTax has built a team of 400 persons to build its product offering for Goods and Services Tax (GST).
In terms of investments, a total of $5 million has home into the vertical that aims to garner business from the large number of enterprises in India that will come under the tax network once GST is rolled out on July 1.
"GST is a game changer as far as tax network goes. Right from the large conglomerates to the SMEs, all will come under the network. We already have the expertise in tax, we are just building over that base," Archit Gupta, founder and chief executive officer, ClearTax told The Hindu .
The company's $5 million investment has gone into making the product that has the ability to gel with existing applications used by the vast majority of companies in India.
"You may be using Tally or SAP. Our product will be compatible. Our product will make it so easy that companies can just upload their invoices in excel format and the software will do the rest," says Mr Gupta.
ClearTax has positioned its product in a manner that companies of all sizes can use it. Apart from a basic free version, the price starts from ₹100 per month.
ClearTax, however, is not the only company eyeing a huge business ahead of the GST rollout. The large consulting firms like Deloitte, PWC, along with a host of other companies are competing with each other to garner market share in this space.
"We believe our systems have proved their efficiencies over time and there are many who use our platform to file returns. They know we are reliable, says Mr Gupta.
Incidentally, the GST Council that met on Thursday has cleared the State GST (SGST) and Union Territory GST (UTGST).
