Customization of IT Processes to Roll Out Compliant GST
- January 29, 2016
- Posted by: Indirect Tax Professionals
- Category: News
ERP Systems of companies will be effected as soon as the government is out will be the long awaited Goods and Service Tax.
ERP is a complex system that records every transaction, from purchase of raw material to sales. Unlike the present system where every transaction is recorded separately, the systems have to be upgraded where there will be a correlation of each entry. This transition for companies would easily range for a period of an year to completely settle with. Companies depending upon their sectors and industries will have to develop customized ERP systems ensuring compliance in GST.
Industry trackers point out that in other countries where GST was fairly simple, the implementation of ERP turned out to the toughest of the problems.