GST is an indirect tax that is levied on the manufacture, sale, and consumption of goods and services at the national level. This has had a significant impact on businesses lately.
How the GST will Affect Businesses and what you need to be Concerned about.
The new system will affect businesses and especially the manufacturing industry, with requirements ranging from its implementation leading to more transparency and need for compliance. It will improve the business environments but companies will have to comply to the GST rules first. GST will affect the following business processes:
- Procurement Value
- Order & Contract Management
- Logistics & Order Fulfillment
- Billing & Invoicing
- Business Risk Management
- Enterprise Risk & Compliance Management
- Financial Operations
- Accounting & Financial Close
Vestrics solutions to help SMEs to become GST compliant.
Irrespective of your company domain and size, we at Vestrics have got your back when it comes to being prepared for GST implications and being more compliant with the updated norms, whether by advising, implementing or supporting your company on the GST journey.
With the help of core tax advisory and in-depth technology implementation skills, we will help organizations to understanding the impact of GST on enterprise business processes along with little tweaks that need to be put into action in the SAP world. Our team of professionals will execute, support and ensure smooth compliance with the new GST norms.
Adaptability of SAP ERP: It is crucial to recheck the version and similar details of the SAP ERP installed in an organization, because an upgrade may be needed to abide by the updated GST requirements.
Customer continues to be on ECC
- Move to condition based tax procedure (TAXINN)
- Aid you in assessing the effect of individual businesses processes
- Guide you throughout your journey, from discussions with business partners to implementing ideas to completion.
Customer migrates to S/4HANA
- Chart out your company GST Registration Numbers in SAP
- Help put forth your company’s master information to store the updated GST related details (Customers, Services etc.)
- Verifying the business processes such as order-to-cash to spare you of that headache.
- Final movement to GST Framework with updated information to make your company GST Reedy!
Vestrics has professionals that will monitor, analyze, and solve problems to help your organization be GST ready in no time, and with the least amount of hassles and complications as well.