With possibility of introducing GST in India from 1st April, 2016, there has been much speculation about the tax and when will it be implemented. But nonetheless, the question that is bothering many SMEs is that is their business / ERP software GST ready and accounting system has capabilities to handle GST effectively
Goods and Services Tax OR GST is easily one of the most important tax reforms to be out in front of the Parliament of India. With the present tax system, there are various taxes levied at different stages which are borne by the producers and ultimately consumers. GST eliminates all multi – level taxation and a single tax is levied which is much easier and simpler to understand.
This singular taxation module will benefit the Indian manufacturing sector by making it more competitive and saving both time and money. With GST in place, other taxes like VAT, Excise, Octroi, Service tax are likely to go out. The GST implemented will work on a formula which will divide the tax between the center and the state which is acceptable to them both.
GST is being envisioned as a long term strategy and Manufacturers across are gearing up to brace the change. But with the new taxation policy, the manufacturers now need to also bring a change in or purchase new software which can compute these GST taxes for them without much difficulty.
Sage Software Solutions can easily implement GST in the present Sage Solutions as Sage Malaysia has already implemented GST in Malaysia and Sage 300 ERP is popular in other commonwealth countries like Canada and UK which have GST Regime in place for years now
Sage ERP Solutions come with 100 % configurable taxation module with which GST can be easily implemented in the ERP Solution without patches and service packs, inbuilt TAX Reporting can give you GST reports at state level as well at Central level. Sage Software Solutions have equipped team and partners in all major cities of India like Mumbai, Chennai, Bangalore, and Delhi NCR to help customers move to GST as and when it is implemented. It’s high time for all SME Business Owners and Decision makers to have a look at their system and verify if their Accounting or ERP System is GST Ready, if not then time to take action is NOW
Originally published at www.sagesoftware.co.in on April 24, 2015.