Come July 1st, India will implement the much-awaited Goods and Services Tax, a uniform indirect taxation norm. It is being hailed as the most important tax reforms in the nation till date. GST is not merely a tax reform, but can also be called a business reform as GST will impact each aspect of business operations.
Need for integrated business solution
At this juncture, the importance of being GST ready cannot be understated, for businesses even in the remotest parts of India. Every buyer and seller of goods now has the obligation to report his tax data to the Goods and Services Tax Network or GSTN. This is irrespective of whether they use sophisticated Enterprise software solutions from SAP or Oracle or simply have a bunch of spreadsheets on their desktops. Noncompliance with GST will not only result in penalties but may also bring about potential loss of clients. Every GST payer will carry a rating based on his GST compliance that will be published for public viewing.
Therefore, the primary area where businesses need to bring about a radical change is that in the sphere of IT infrastructure. Using patch IT solutions to existing business software is not recommended at this stage. There will be a significant time required for data handling and may even result in data corruption. The answer clearly lies in the word–automation.
The need of the hour is to partner with a software firm that can provide a cloud-based robust and responsive integrated business application. Such an application will be equipped to handle everything from bookkeeping to workforce management. The software application chosen for GST compliance must have features that enable a seamless transition without worries about integration of the financial structure from the old to the new version.
Automation and cloud control no longer a choice
Indian companies especially in the small and medium space have been reluctant to adopt cloud based software solutions, largely because of fear of investing in the unknown. However, with GST kicking in shortly, transition to cloud based technology is inevitable. Manual computation of things such as input credit tax, destination systems and exclusions wherever necessary is literally impossible.
On the other hand, a GST compliant cloud based ERP offers several advantages. GST is a tax on transactions which is voluminous in nature for all organisations. Things such as application of tariffs, quantum of taxes, calculation procedures would therefore need to be automated. Furthermore, automation would remove all chances of a human error that can ultimately lead to an inflation of taxes.
Backed by big data Excellon offers a cloud based solution that is easy to use and will make GST transition a smooth a hassle free process for any business. It also offers several high level features such as
- Easy accessibility of GST compliance through the web portal and mobile app for anytime anywhere compliance.
- Provides alerts and notifications through the GST input and tax liability dashboard
- Makes reconciliation of records easy through user friendly GUI
- Provides multiple roles to single GSTIN and multiple GSTIN for single user
- In order to ensure business security, it provides e-sign and e-filing of all returns and e-payment with OTP authentication.
- Provides multiple options for data exchange, manual, file upload and online interface with ERP systems
- Has a programmable rich API for managing large data
When it comes to GST compliance, your business needs a highly reliable, scalable and secured solution. At Excellon, we provide just the kind of highly customisable cloud based integrated software. Opting for our solution will make GST compliance hassle free, and make GST filing a breeze thereafter.
To know more visit www.exactgst.com