Organizations today are driven by specialised processes which are at times unique to their business. To support and control these processes, organizations have implemented enterprise-wide business softwares or ERPs which streamline their entire workflow.
Enterprise resource planning (ERP) is the integrated business process management, mostly in real-time being mediated by software and technology.
ERP is usually referred to as category of business-management software—typically a suite of integrated applications—that an organization can use to collect, store, manage and interpret data from the various business activities.
Development of Effective ERPs
Development of such complex business softwares takes years of research and the products keep on evolving to meet new industry requirements. These systems are also required to assimilate all the legal and regulatory requirements into their compliance and reporting framework. For example as GST gets implemented, enterprise will need to upgrade to revised version of ERP module which is GST compliant or may switch to another software solution of a new vendor and customize it in line with business requirement.
GST is all set to subsume a major set of central and state level indirect tax levies. Consequently all the enterprise-wide business softwares will require intensive re-engineering to build new logics addressing the new tax regime.
GST will impact the ERP systems at various levels and will require major customization for different set of transactions. This will lead to a re-defining of ‘master level’ as well as ‘transaction level’ data flows and reporting. Understand about the implications and system requirements to be met so that your enterprise can have a smooth transition into the new regime and if your ERP is GST ready or not here.
The GSTN is going to serve as central infrastructure backbone of GST. Many private companies have been invited to help government maintain and manage the infrastructure support that will be required as all the indirect taxes departments get merged. These partners will be called GSPs i.e GST Service Providers. Where the GSPs will help to connect with the GSTN, there will be other partners called ASPs i.e Application Service Providers.
For return filing registered taxpayers will be able to do their taxes through ASPs route or by directly through GSPs.
ClearTax as ASP and its GST Software Solution.
ClearTax which is a brand trusted by over a million Indians for its breakthrough income tax E-filing solution is also detemined to deliver user friendly GST software to help professionals and enterprises get GST ready.
The features include:
Learn more about ClearTax GST software and watch the demo to see how it can get your enterprise GST Compliant.