As we know, the Goods and Services Tax (GST) is predominantly one of the most significant tax reforms targeted at the Indian fiscal system which brings along an array of opportunities for businesses to transform and scale higher. While GST has its own set of benefits, it requires enterprises to be prepared in advance to leverage a technology solution crafted specifically for India’s GST. So, whether you are in a consumer goods, logistics, automotive, manufacturing, healthcare, retail, pharmaceutical, oil and gas or any other industry – being GST ready will affect every part of your business.
Since, GST simplifies the process of cumbersome reconciliations, indirect taxation and replace the present indirect tax structure such as State Value Added Tax (VAT), Central Excise, Service Tax, multiple levies and other indirect taxes, it is a little surprise that GST is all set to render unique value to your business.
“Ensure a smooth GST transition and an easier compliance process
with SAP Business One”
SAP Business One plays a pivotal role in GST transition, paves the way for compliance and profitability and caters to the needs of tomorrow’s technology driven GST compliance requirements. Let’s quickly explore as how SAP Business One will help your business to be GST- ready and meet all your GST compliance needs.
Ease of Document Management
Under the GST tax system, all the documents related to statutory compliances, notices, payments, transaction-level data upload, numerous reconciliations and returns would go digital. So, there comes the need of a robust, easy-to-use and enterprise-level software to help them meet this challenge. SAP Business One paves an easy path by eliminating disparate processes, mitigating duplicate spreadsheets and databases and make document management relatively easier and hassle-free.
Compliance reforms are expected to get extensive under the GST reform. In this regard, SAP Business One helps to increase control of operations and gives a complete transparency and a thorough view into all compliance activities and corporate governance. SAP B1 provides ease and convenience in filing statutory reports and maintain guidelines. You can also customize reports according to your business requirements. Further, filing of taxes and regulatory guidelines will become an easy and automated tasks with SAP Business One..
Complete data security is the most critical aspect of today’s digital world. No matter you store your data in the cloud, there may be a risk of losing your precious digital asset or so. Thus, investing in a robust, secure, scalable and enterprise-ready ERP software is a brilliant choice to run your business safely and in compliance.
Standardize Business Process
Using disparate spreadsheets, poorly integrated business software systems can lead to non-standardized data. This makes year-over-year comparisons less precise, difficult and time-consuming. With a modern ERP system like SAP B1, all necessary applications are integrated, your data is standardized and the tools to see year-over-year comparisons and forecasts are built in.
Today’s ERP or the software you own may not be able to respond to the needs of tomorrow’s technology driven GST compliance requirements and could pose severe challenges for your business. Hence, the need for a technology solution crafted specifically for GST is what all you need to leverage the maximum benefits of GST. Let us be your partner in this journey and navigate you to the right GST path.