Time stood still in India for decades with an age old system of taxation of goods & services and its cascading & disproportionate effects across businesses & stakeholders. When India created history a few days ago with implementing GST – One Nation, One Tax, responsibilities lay down heavily on software development companies to standby the bold & radical decision much needed by a staggering economy.
GST is conceptualized to counter the striking contrasts in a country as large as India to offer a uniform tax structure and the revenue sharing amongst the states & the central government in proportion to the actual consumption cycles. GST could well emerge as an ideal tax system for a country like India, caught in malpractices like under cuttings & tax evasions. GST is a simple to implement tax structure at various stages of the supply chain. Tax on the add-on value by the manufacturer, supplier & retailer at each stage of the value chain means a fair distribution of tax paid at each and not on the entire amount.
Goods & Service Tax is a reality today and SPEC INDIA brings in its acumen into all their solutions making them GST compliant, promising a diverse clientele from across industries extensive support all throughout this massive exercise. Putting behind every challenge encountered, today we are on a standby to enable that our solutions confirm to these new expectations based on domain specific guidelines that are coming in almost every day.
SPEC INDIA ropes in GST experts to keep studying the impact of this huge change and keep making sure that nothing is missed in the days to come too. All the solutions & software are GST compliant and ensure uninterrupted & engaging user experiences for all.
SPEC India started gearing up for GST implementation in all its internal solutions and for all implemented enterprise solutions across the nation, much ahead of July. Project plans and discussion were held with SPEC’s customers, spread across multiple industries and domains which include FMCG, energy and gas distribution, automotive batteries, manufacturing, lifestyle products, cement, FMCG to name a few. Each implementation had different challenges. SPEC proudly can claim successful roll out of GST changes for all its customers well in time.