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GST Impact in Accounting Software - ZipBooks

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GST Impact in Accounting Software - ZipBooks Toggle navigation Sign In Home About Us GST Overview Executive Summary Current Taxation System & GST Model GST Impact and Readiness with ERP Highlights Features Accounts Inventory Purchase Sales CRM Pricing Partnership Overview Locate Our Partners Career Contact GST Impact and Readiness with ERP What Changes Will ComeWithoutGST? The proposed Goods and Service Tax will lead to the incubation of a harmonized tax system in the country. Successful integration of GST would requite India a world-class tax system and will uplift the tax collection. It will moreover end the pending distortions of variegated treatments to the manufacturing and service sectors. For example, without GST, a retailer can set off the input credit of CGST and SGST on procurement of services like rentals, freight, advertisement, which currently vamp service tax, versus the output tax levied on the sales of goods from his premise. With the introduction of GST, the issue of inability to offset the input taxes should get resolved.Transpirationin the indirect taxation structure will impact all industry sectors. Starting from the taxes paid on raw materials by a manufacturer to the invoices raised by a retailer for an end consumer of a good – all steps of the value transpiration will wits a transpiration in how taxation takes place. Readiness of Enterprise Resource Planning (ERP) Vendors for GST GST will have multifold impacts on ERP systems, some of them are predictable in whop and some post implementation consequences remain unknown. Since the ERP vendors are rigorously preparing for the new GST environment, the rules must be followed and necessary changes be made in their merchantry environment without causing inconvenience to their customers. In the due undertow of this transition, the vendors must test their preparedness on the pursuit parameters. Adaptability of GST in ERP to eliminate the chances of system collapseMerchantryprocess refinement for processes like, interstate stock transfers, subcontracting etc. as per proposed GST framework Tax configuration and computation should unbend the proposed taxation requirements The system should be capable to cater the needs of Reporting and printing requirements based on the regulatory requirements Impact on interfaces must be verified by the vendor, whether to a third party or your own ERP Tax credit migration, for taxes such as excise, service tax, VAT, etc Closure or reversal of partially unshut transactions surpassing migrating to the new system Managing special specimen transactions in scenarios such as the goods sold or purchased surpassing GST and returned without GST implementation, will be handled by ERP vendors depending upon the requirements of their respective clients Accounts Inventory Purchase Sales CRM Try it Free for 30 Days Buy Now Quick Contact info@zipbooks.in sales@zipbooks.in Phone: +91 79 40037105 Like and Connect with Us Privacy Policy Terms of Service Cloud Based Accounting Software Web Based Accounting Software 2015 ZipBooks All Rights Reserved. All other product names / logos and / or visitor names used herein may be protected as trademarks of their respective owners.