SAP Implementations for GST: Why is it so Important?

Posted by Sandeep Srivastava on April 3rd, 2017

SAP is a popular and the best-in-class ERP system that many organizations use today to perform business operations. But, why SAP?

Take a peep at the following reasons to understand why organization uses SAP.

• It is a system of record – As every business runs on data, and it contains and maintains your crucial data.
• It provides tools that make handling business process easy.
• It avoids duplicate backups and ensures high availability and disaster recovery plans.
• It keeps your data synchronized.
• It provides intrinsic data validation and verification to ensure the accuracy of data.
• It lowers total cost of ownership.
• It provides phenomenal security.
• It manages every aspect of taxation involved in business processes.

Hey! Being engaged in business, you must be aware of the fact that in India, GST (Goods and Services TAX) bill is expected to be applicable from July 1st, 2017. GST will transform the way India does businesses. 

It means you have to make your SAP GST ready to embrace this major Tax transformation. In case you do not act proactively, it will disturb all your workflow and may result in huge financial losses. 

Let’s dig deeper to know more about SAP implementations for GST.

The nation can expect three types of GST:

• Central GST
• State GST
• Integrated GST with the GST credit chain

Further, according to a new piece published on THE ECONOMIC TIMES, this is what the MD for SAP Indian Subcontinent, Mr. Deb Deep Sengupta said:

"What is expected are 4 billion digital invoices a day, organizations-—large and small—will have to relook at their contracts, dealers and suppliers." 

Also, he added:

"They will have to make their system fool proof because there can’t be a margin of error. The only way you can do that is through automation and technology." 

So the time has come to consider SAP implementation for GST. Take a look at different facets of its implementation to be GST ready.  

• Acclimatizing and upgrading to the relevant version
• Revising for all tax-related external and internal business processes
• Revising and reconfiguring tax computation procedures
• Changing various master data
• Following the sequential numbering for outgoing GST invoices
• Adhering to the whole new reporting & printing structure

Make the most of this opportunity and invest time to realign and reassess your business models to get an edge over your competitors. So, find a reliable technology partner who can help you with SAP implementations for GST and let you focus on your core business.