Financial technology firm ClearTax has rolled out an online GST course with plans to generate Rs 100 crore business by March 2020.
The company has set a target of training 75,000 tax professionals, and more than two lakh businesses through new e-learning course in partnership with online education platform Udemy before the launch of the new GST return filing system.
"This course comes at a cost of Rs 4,800. However, the company is currently giving a discount of 25 percent till December 31," ClearTax Founder and CEO Archit Gupta told PTI.
At a discounted rate and full enrolment rate, back of the envelope calculation shows that the company will be able to generate business of Rs 100 crore.
"Businesses are expected to be hit with cash-flow problems in the first phase of the new GST return filing system, which is due to be launched soon. The new GST return filing system proposes that businesses can claim input credit only after their suppliers upload sales invoices. This course will provide them for a smooth transition to the new GST return filing system," Gupta said.
Since inception, ClearTax has raised $65 million in equity capital investment. Some of its marquee investors include PayPal Co-founder Peter Thiel’s Founders Fund, Max Levchin, and Scott Banister, along with Composite Capital, Sequoia Capital, and SAIF Partners.
The startup also claims that close to 600,000 businesses, 60,000 CAs and tax professionals, and over 1,000 large enterprises have utilised ClearTax’s GST Software for GST-compliant billing and filing returns.
This October, ClearTax acquired Bengaluru-based audio streaming platform Dose FM for an undisclosed amount. Acquisition of Dose FM will help ClearTax bolster its mobile capabilities and enable the platform to rapidly build accounting, analytics, and governance products for MSMEs and individuals.
(Disclaimer: Additional background information has been added to this PTI copy for context)
(Edited by Saheli Sen Gupta)