[et_pb_section bb_built=”1″ admin_label=”Section” fullwidth=”on” specialty=”off”][et_pb_fullwidth_post_title admin_label=”Fullwidth Post Title” title=”on” meta=”on” author=”on” date=”on” categories=”on” comments=”on” featured_image=”on” featured_placement=”below” parallax_effect=”on” parallax_method=”on” text_orientation=”left” text_color=”dark” text_background=”off” text_bg_color=”rgba(255,255,255,0.9)” use_border_color=”off” border_color=”#ffffff” border_style=”solid” /][/et_pb_section][et_pb_section bb_built=”1″ admin_label=”section”][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]
The taxation system in India is one of the most complex tax systems in the world with multiple levels of taxes with different slabs and rates. The Government of India is trying to reduce the complexity of this current system and introduce GST into pace. GST is nothing but Goods and Service tax which will be implemented in India at several levels such as CGST (Central GST), SGST (State GST), etc., which will be replacing the existing VAT, CST, excise tax, service tax, etc. It will affect the Tax Structure, Tax Incidence, Tax Computation, Tax Payment, Compliance, Credit Utilization and Reporting leading to a complete revamp of the existing indirect tax system.
Goods & Service Tax(GST) will have a significant impact on almost all commercial organizations and the software systems they use for business operations and financial transactions, for instance IT, accounting and tax compliance systems; supply chain optimization products and service pricing. The Government is committed to implement GST by April 2017 and the tax payers need to be GST compliant and can upgrade their system changes in time.
One of the biggest impacts of introduction of GST will be on the IT systems of an organizations in terms of both time and effort involved. Depending on the operating location, size and sector, the changes would be formidable and may require a proactive planning with a time bound action plan. Companies using Microsoft Dynamics ERP will also have to update or change their systems per the new legal requirements in India.
Companies are mainly upgrading their enterprise resource planning (ERP), to ensure they are GST compliant and they accommodate complexities of GST calculations. Every organization must move from their current system, where every transaction is recorded separately, to an upgraded system where there is a correlation between every entry.
GST implementation will mainly impact master data, transactional data, reporting data, financial data, contract relating data and tax computation. Apart from these, the new/customised ERP solutions deployed by organization for accommodating GST, must possess significant features which will allow migration from current tax regime to GST thereby ensuring seamless transition of indirect tax systems in any organization. Thus, making it a necessity for companies to understand the GST policy development and its implication to various scenarios and thereby preparing a transition roadmap.
We at Routeget, have vast knowledge and implementation experience of Microsoft Dynamics ERP in Global taxation projects in countries like US, Singapore, Malaysia, Thailand etc. for their GST roll-outs. The Routeget team being the most reliable Microsoft Dynamics implementation partner, is already equipped with Indian GST templates for companies from multiple industries, which are currently using Microsoft Dynamics ERP to facilitate seamless and quick deployment of Indian GST. For more details on GST implementation, please contact us.