The Goods and Services Tax (GST) is arguably the most momentous of reforms targeted at the Indian fiscal system. To be enforced, in all probability, from Jul 1, 2017, the GST will have a multifold impact on businesses. While GST will improve the business environment, it requires organizations to put their house in order first. Technology will play a pivotal role in this transition and will pave the way for compliance and improved profitability.
A comprehensive impact analysis reveals an organization would have to take a relook at various facets of its ERP implementation such as:
- Adapting and upgrading to the relevant version
- Refining all tax-related outward and inward business processes
- Reconfiguring tax computation procedures
- Updating various master data
- Following the sequential numbering for outgoing invoices
- Adhering to the new reporting and printing structure
The list is certainly exhaustive and definitely not limited to these areas. The complex and elaborate migration to the new regime entails a flawless implementation and intensive follow-up training to ensure business continuity. Depending on variables such as amount of master data, intricacies of business processes, total legal entities, and the current ERP version deployed, meeting timelines could be a challenge for organizations.
At Sify, we have always strived to understand your local and global business needs, and deliver converged ICT solutions that have helped you run better. Our expert SAP consultants and engineers, our comprehensive SAP services suite coupled with our strong infrastructure DNA, ensure your SAP environment complies seamlessly with the new regime.
It’s time to make the most of this opportunity and realign and reassess your business models to gain an unassailable lead over competition. As your trusted technology partner, you can continue to focus on your core business as we deploy, monitor, manage and improve your SAP solutions and get you GST ready!
Download the Whitepaper and SAP Solution Brochure to start planning your GST journey on SAP
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