Are you GST ready?
- January 12, 2017
- Posted by: admin
- Category: SAP ERP
This article will throw light on how GST will impact your business and what are the pre-requisites for your SAP systems to be GST ready.
GST will have impact on almost all the aspects of the business operations. Sourcing contracts need to be re-Iooked into as inter-state procurement could prove viable now. With the removal of the concept of excise duty on manufacturing, current arrangements for distribution of finished goods may no longer be optimal. Since GST would be paid at the time of sale/supply rather than at time of removal of goods from factory, this could result in improvement in cash flows and inventory costs. In terms of impact on IT system, existing open transactions and balances as on the cut-off date need to be migrated out to ensure smooth transition to GST.
Have you got your GST assessment done yet?
If not, please reach out to us for a 1 day meeting that will help you organization to be ready for GST regime.