GST India- The impact and a Transformational Opportunity for Businesses
SAP India, a subsidiary of SAP SE (NYSE: SAP) announced its assurance to its partners and customers with respect to Goods and Service Tax (GST) reformation in the country. GST is the path-breaking action which was carried By Indian Government in the modern Indian business scenario.
- (1888PressRelease) June 03, 2017 - Financial Year 2017-18 will carry unusual changes in the financial scenario of Indian economy with the arrival of the profoundly discussed Goods and Services Tax (GST) reformation.
SAP India, a subsidiary of SAP SE (NYSE: SAP) announced its assurance to its partners and customers with respect to Goods and Service Tax (GST) reformation in the country. SAP will allow a variety of confined solutions which have the Indian tax functionalities combined within the business process to support company's development to GST.
The Indian taxation system is one of the most complexes in the world with various levels of taxes having different elements and rates. The Indian government is working to simplify or reduce the complexity of this existing system and bring the GST into place. GST will be implemented in India with increased levels such as CGST (Central GST), SGST (State GST), etc., which will replace the existing excise tax, service tax, VAT, and CST, etc.
GST is the path-breaking action which was carried By Indian Government in the modern Indian business scenario. It is what the government says like one Country one tax one market. "GST is not just a tax reformation but is an unusual opportunity for companies to develop functional efficiencies and realize increased profitability.
SAP, as the best ERP provider including a good country version package for India, can be supposed to come up with the necessary SAP notes for the tax change and the relevant processes. In an interest to these SAP notes, users might also require further customizing according to their business processes. But even with SAP notes and customizing the companies involved must apply the latest tax procedure for the company codes based in India. This suggests the Indian companies utilizing SAP and the former tax procedure TAXINJ should transfer from the former tax procedure to the new procedure TAXINN.
With the roll-out of this current tax regime, over 51 million SMEs in India will want to consider reinvesting or redefining their business processes. Encapsulation and Automation and of the compliance measures into the IT systems of these organizations is important and early preparation and planning is the solution to a successful GST implementation.
As a technology explorer SAP is playing a key role in the transition and enablement to the new taxation regime. With SAP solutions, Indian businesses can now comprise GST with minimal interruption to their businesses.
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