Implementation of the proposed Goods and Services Tax (GST) is on the horizon, mostly in July 2017. Identified as one of the most significant tax reforms and a tax trigger that will lead to business transformation for all major industries, it will replace existing multiple indirect taxes by uniform GST across India and eliminate the current indirect tax structure that is a major impediment in India’s economic growth. Ease of doing business, reduced cost of tax compliance, minimal tax evasion, increased local / foreign investment, improved job prospects & simplified tax structure are some of the major benefits that are being foreseen. It is sure to change the way India does business.
As India awaits the implementation of GST, SPEC INDIA, as a proactive and responsible software development partner, is all set to welcome it by understanding & analyzing its implications on the bouquet of enterprise business solutions that it offers, to its esteemed clientele. Based on the objective of providing best of efficiency, productivity and profitability through our solutions, the team experts have studied proposed changes that would be required after GST implementation and the opportunities and issues that need to be addressed from the perspective of the enterprise solutions.
Some of our versatile business solution frameworks like ZooM – Mobile Sales Force Automation Solution and Renaissance – Enterprise CRM Solution encompass a diversity of functionalities wherein we have some recorded transactions and tax calculations happening throughout the system, based on master values defined in the system. We have proactively & successfully upgraded our systems to comply with the new and changing tax structures, so that our existing as well as new clients do not face any hassle in implementing the new policy. We have also provided support for multi-layered tax structure and various categories of taxes applicable to different services within the same transaction / system.
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