Goods and service tax – India’s most anticipated tax Reform in
India is likely to get rolled out from July 1 st , 2017. The basic
objective behind implementing GST is to eliminate the cascading
effect of indirect taxes. However, the impact on ERP is multifold.
Significant changes are expected to take place in ERP systems
on account of implementation of GST. These changes may be
visible in areas related to
- master data
- business process changes
- interfaces and reporting requirements for GST migration.
Companies need to adopt a proactive approach in understanding
the potential impact of GST on their ERP systems before the GST
Bill becomes a law.
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For understanding the impact on the ERP, we have to classified
ERP into two categories;
Enterprise edition
ERP products are integrated platforms automating client’s
different business processes into one common platform.
Enterprise edition
ERP products are integrated platforms automating client’s
different business processes into one common platform.
| S.no. |
Areas |
Enterprise edition |
Standard edition |
| 1 |
Chart of Accounts / General
Ledger Structure |
✔ |
✔ |
| 2 |
Forms & Report (invoice,
Challan etc.) |
✔ |
✔ |
| 3 |
Tax registers such as Input out
put registers |
✔ |
✔ |
| 4 |
Master Data Management
(Updation of vendor masters,
customer masters and
item/inventory masters) |
✔ |
|
| 5 |
Number ranges (for invoices,
debit notes / credit notes) |
✔ |
✔ |
| 6 |
Adaptability (versions of
existing ERP |
✔ |
|
| 7 |
Process Management |
✔ |
|
| 8 |
MIS Structure (Reporting &
Dashboard) |
✔ |
|
ERP systems alone often don’t meet the requirements of GST. From ERP or Accounting Systems to
Your E-Commerce Platform, PayMyGST.com allows you to extract extensive data from any legacy
or host system(s) seamlessly integrating and uploading into our web-based solution. Eliminating the
tedious work and complexity, enabling users to streamline their GST tax compliance process, saving
time, reducing errors, and cutting costs.
Plenty of Partner Apps
Plug into almost any accounting/ERP or eCommerce platform on day one. See a full list of integrations