With the passage of Bill for Goods and Services Tax, India is ushering into new era of taxations and regulatory reforms. The Government of India is committed to bring unified indirect tax structure (GST) which will subsume all the existing indirect taxes levied on goods and services by the Centre and States.
The implementation of GST will widen the tax base as majority of goods and services will come under tax purview, with minimum exemptions. GST will impact the entire value chain of organizations irrespective of the verticals.
GST, as being forecasted, could be a revolutionary reform for the economy. GST will have a far-reaching impact on almost all business aspects e.g. pricing of products and services, supply chain optimization, IT, accounting, and tax compliance systems.
Challenges for Organizational Information Technology Systems:
GST would radically change the modus operandi of the businesses in India and it is imperative that companies should adapt to systems and applications which are GST compatible. At the outset, organizations first need to understand nuances of GST policy and its implications on various business aspects. Subsequently a thorough assessment of aspects like operating models, channels, geographies, systems and applications should be conducted. Assessment should be followed by roadmap creation for organizational transformation towards GST compliance. Successful transformation needs immaculate and proactive planning along with implementation expertise
Sail smoothly with YASH in GST journey:
The transition to GST will be complex and changes in IT systems together with data volume involved cannot be underestimated. YASH has been at the forefront of meeting the GST Challenges. YASH GST solution package comprising of specialized team of experienced subject matter experts, including former government officials – that advises businesses as well as governments on diverse policy issues. YASH GST solution helps businesses anticipate policy changes, assess their impact on their operations, and engage in a constructive dialogue with the relevant authorities for remedial measures to address any concerns.
Our solution covers the entire process of the organization including Accounts & Finance, Budget, Stock, Multi-branch, Payroll, Assets, Billing & Invoicing, Income & Expenses, Purchases, claims, repair, Inventory, Tax with GST Solution.
YASH, with its full-fledged bouquet of GST technological and functional services has been working with multiple organizations in India providing GST-Ready ERP Solution across multiple ERP systems and applications across SAP, Oracle, Microsoft etc. . We take complete ownership of functional and technological aspect of GST compliance pre to post implementation keeping your systems GST-Ready ensuring smooth sail through this change.