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How GST is offering opportunity to fintech companies promoting their software & solutions

With government’s launch of GST on July 1, many fintech companies, either new ones like Zoho and ClearTax or older and established brands like Tally Solutions, suddenly seem to emerge from their domain and are even advertising their  services and solutions.

goods and service tax

We are seeing how these account & tax software companies have been advertising their solutions & services through every possible channel – from front page ads to radio, to television, to the web. This has happened first time in Indian news and information history when a variety of commercials are talking about one of the most indispensable yet oft-ignored consumer-communities – Chartered Accountants or CAs.

These companies with their advertisements have smartly covered small-medium enterprise community which already had impressions of severely getting affected by GST. Because SMEs cannot afford to have services from corporate financial consultants, companies like Zoho and ClearTax have advantages to provide professional-level accounting-taxation services at affordable charge.

ClearTax is even available through mobile app that provides features like e-filing tax return in minutes, checking of ITR status just with the PAN number and DOB, calculating the income tax for current and upcoming financial year with keeping notes of latest budget changes, allowing to invest in mutual fund and several others.  With its mobile app, ClearTax has doubtlessly made accounting operations quite easier for SMEs .

Zoho opted for advertisement long before the veterans. The company rolled out its first TV commercial in November last year.

These fintech companies are also trying to make sure that more than 2.5 lakh SMEs and over 5 lakh CAs have already picked their solutions.

Indeed we already have a professional IT setup for taking care of business-level accounting and financial operations but with implementation of GST, the segment is getting attention of businesses who keep looking for lucrative ideas to invest in.

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