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With Lok Sabha passing all four GST bills in parliament, GST tax reform is now a dream come true for the nation. Yes, the Lok Sabha in its recent stint passed all the four GST bills in the parliament namely Union Territory GST Bill, CGST (Central Goods and Services Tax), Integrated GST bill and Compensation GST Bill. GST council is all set for the July 1 rollout for a nationwide tax revolution.
Enterprise solution vendors expect the GST tax to aid small and medium -sized businesses in embracing enterprise technology solutions, but are equally aware of the intricacies pertaining to availing input tax credit.
Read also: 4 Reasons your Business needs an ERP System to be GST Ready
Unfortunately, enterprise technology adoption rates among the SME sector have been relatively low across the nation, but GST tax regime is expected to transform the situation completely.
A staggering number of SMEs will be going the digital way with the GST rollout thus, impacting the way they have been executing critical business and accounting operations. The new tax reform in all its glory will be opening up doors for technology adoption especially among the private sector. In fact, small businesses are expected to spend more on enterprise technology solutions with the new unified tax regime.
Out of our diverse client base, the majority comprises of small and medium sized enterprises that have great potential for development and growth. Sage Software Solutions Pvt. Ltd. takes immense pride in offering a GST-ready enterprise resource planning or ERP software that would assist SMEs to be GST compliant.
GST without doubt will be opening up the Indian market landscape. But there is a dire need of delinking payment with the availability of input tax credit regulation and GST is very much capable to do this, since it will bring in better transparency and being a technology driven tax reform, it offers robust protection and security against tax evasion.
Long story short, introduction of GST tax system is no less than a boon to small enterprises and traders. Nevertheless, running helter-skelter during the last mile is certainly not a good move for SMEs, because in a few months from now after GST regime comes into action, it will be immensely costly and painstaking for small businesses to stay GST compliant.
It is time for small business owners and entrepreneurs to acknowledge the essence of this imminent and revolutionary tax regime and arm their businesses to manage tax compliances seamlessly. An ERP software for small business that can automate the GST taxation will definitely help fetch long-term benefits.
To learn more about how the best ERP software for small business can help SMEs stay GST compliant, reach us here. Sage Software Solutions (P) Ltd. has been developing and implementing best-in-class enterprise technology solutions for businesses of all sizes and verticals for over three decades. You can also SMS SAGE to 56767 or drop us a mail at email@example.com for free demo and consultation.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.