Tax departments were among the first ones to adopt technology in the Indian Government. The Central Board of Excise and Customs (CBEC), Income Tax Department and sales tax departments started using technology back in the 1980s and 1990s. This was possible primarily because tax calculation and account keeping was open to automation.
With GST rollout around the corner, technology experts are working on creating a technology network which will enable country-wide rollout of GST. We share a list of companies who are ready with their GST ready software to enable Indian organizations to become GST compliant.
As a market leader in enterprise applications – SAP is ready to empower businesses with industry specific solutions ensuring a smooth GST implementation.
• Retail /E-com /FMCG: GST is likely to benefit the Retail and FMCG sectors due to the efficiency emancipated from supply chain consolidation.
• Transportation / Warehousing / Logistics: GST will bring in consolidation of storage and redistribution of transportation volumes.
• Discrete Manufacturing / Auto: GST will enable strategic inventory placement, achieving higher customer SLAs.
• Professional Services: GST is likely to lead to increased taxation on services sector, leading to services becoming more expensive.
• Chemicals and Pharmaceuticals: These sectors are expected to gain immensely from the supply chain efficiencies that will be enabled by GST.
• Metals and Mining: GST is likely to increase taxation on these sectors so as to maintain a balance for consumers, the impact of which will need to be absorbed by manufacturers.
Deskera’s GST ready software with auto GST calculations is now available in the market to help and support all business owners in any type of industry including Manufacturing, Technology, Food & Beverages, Travel, Education, Banking, Financial Services & Insurance and Retail.
It is one of the simple but equipped and effective GST ready software for any type of business in India. With Deskera GST ready software, one can view the last prepared invoice while creating new invoices, send bills to account and add notes as well as prepare VAT, Service Tax, TDS and Excise Reports automatically.
Features of Deskera GST Software
• Generation of invoice as per GST guidelines and invoice format
• Facility of efiling of all type of dealer returns
• Facility of epayment of taxes as per liable GST rates
• Tax Liability Register, Credit Ledger, Cash Ledger will be made possible
Deskera ERP is India’s first GST compliant cloud-based accounting software, empowering the business of more than 80,000 users across the globe. Deskera ERP is a comprehensive financial management platform that takes into account all applicable taxes that fall under the blanket of the Indian GST. It is one of the most preferred GST ready Accounting software.
Tally is one of the most renowned business management software company.
• The updated software ensures that the right taxes are charged, the right tax rate is applied and the right tax amount is calculated and paid after taking the right input credit.
• The built-in checks that support to detect and correct errors in transactions, the books of account can be 100% accurate with complete information.
• The software provides a thorough visibility of the selling, available stock and total input credit against each ledger – helping in quickly reconciliation of books with business parties.
KPMG has rapidly built a significant competitive presence in the country. It offers its clients a full range of services, including financial and business advisory, tax and regulatory, and risk advisory services. It serves leading information technology companies and has a strong presence in the financial services sector in India while serving a number of market leaders in other industry segments.
• Concluded GST impact assessment for several large clients in diverse business verticals.
• It ensures smooth GST transition across functions (tax, IT, supply chain, accounting).
• It works closely with various government regulators/GST policy making bodies, and have continuous engagement with CBEC, other governing bodies on various policies.
• It maintains a strong working relationship and have access to various government departments and agencies.
• The company has represented several industry associations on various tax and regulatory matters before the government.
Udyog Software is updating its products for the new GST era. The existing products when used with Udyog’s GST software will provide a cost-effective solution, which allow business greater control over its business and tax specific data. Udyog’s products will make sure the tax consequences under the GST are taken care of. Udyog’s solutions enables users to maintain information about invoices and reports for taxes for each state, business rules and a powerful calculation editor which can be used for special situations for business.
Udyog’s new software caters to the GST requirements and offers collaboration with tax partner on a secured data platform. This gives a complete tax processing lifecycle when the annual return for the year is filed.
So what should businesses do now?
The GST regime which begins on July 1, 2017, will ride on the strength of technology with seamless interface with the GSTN server. Businesses should automate their manual systems, install software that is robust to interact with the GSTN system, and assist in accurate and reliable compliance management. The first step still is to identify the right software!
Still confused with the right GST ready software to run your business? Drop us a note and we will be happy to share more information to help you make a decision.