The biggest change that Indian commerce segment is set to witness is the implementation of Goods & Service Tax (GST).
While every stakeholder of the industry is keeping his/her eyes open to witness how this giant gets into the system, SAP India reaffirmed its assurance to its customers and partners with regard to Goods and Service Tax (GST) reform in the country at the SAP GST India Forum in New Delhi. SAP will offer a range of localized solutions which have the Indian tax functionalities integrated within the business process to help companies transition to GST. At the forum SAP laid out its plan to address GST legislation and showcased solutions that will equip Indian enterprises to provide greater transparency and effective management practices to support their tax compliance requirements.
The corporate landscape for GST is rapidly evolving with the proposed amendments and is expected to impact the Tax Structure, Tax Incidence, Tax Computation, Utilization and Reporting leading to a complete overhaul of the current indirect tax system. The SAP GST India Forum which was designed to assess the impact GST would have on the business processes across various industries, brought together an ecosystem that included decision makers, partners, customers and consultants. Over 450 organizations and 1500 participants were present at the event.
Globalization Services (GS), the localization wing of SAP SE, has initiated a working model with customers by setting up individual workgroups, each of which focus on GST scenarios (including legal aspects) with respect to various industries, to ensure a smooth transition to GST.
The localized SAP GST solutions are designed to provide organizations with transformational opportunity by
- Providing common infrastructure and services including document and file management as per Central and State Government guidelines
- Building efficient and convenient interfaces with tax payers and tax administrators by leveraging SAP’s global experience
- Facilitating, implementing and setting standards for providing common GST solution for corporates
- Enriching and enabling the SAP ecosystem in India to manage the transition effectively
As a technology pioneer SAP is playing a key role in the transition and enablement to the new taxation regime. With SAP solutions, Indian enterprises can now embrace GST with minimal disruption to their businesses.