What is GST?
The Goods and Services Tax (GST) will be implemented across India from the 1st July, 2017 and it is considered as the revolutionary indirect tax reform by the experts. The main aim for the bill is to eliminate different indirect taxes like VAT, service tax, excise tax and many more. It is a promising tax reform as it will be the single combined tax system in India. However, one should not forget that the GST implementation may challenge the businesses in a way they manage their businesses. Changes are Happening The biggest advantage of the GST tax regime for businesses is the reduction of tax burdens and lower operating costs. They can make their supply chain more productive by allowing tax credits to be operated crossly. However, the biggest challenge the businesses will have is to implement GST in their existing ERP system and let me tell you, it is not as simple as you think. The ERP system is the backbone of any business as all the tax related processes are well-defined and
