Are you planning to move to GST on SAP? Then here’s what you should know before implementation. We are all aware what is GST? GST (Goods and Services Tax) is a sort of indirect tax, which replaces multiple taxes enforced by the state and central government. GST is applicable and determined by the combination of nature & purchase of the goods. As far as we know about GST, the important and fundamental question comes to your mind is how we can move existing taxes in SAP?
Nowadays, SAP India is getting ready to place GST related change in products. However, before that, there are certain changes required to complete in TAXINN concept. Here we have listed tips help clients in the implementation of GST in SAP.
Things you should know before implementing GST in SAP
- GST implementation works differently for business and various other industries. Also, without having technical backup achieving, GST is impossible.
- Upgrading your SAP is one of the necessary things, so get ready for it. India is all set to have GST related changes in their products. But the exact changes are not explicit.
- For businesses, they need to have the SAP ERP 6.0 version, and few of them are still using the TAXINJ concept.
- For Businesses, GST registration is required to connect SAP to GSTIN.
- Setting up system is the must for input credits as the government has considered three taxes such as SGST and CGST (on an intra-state supply of services and goods) and IGST (inter-state supplies).
- Identify the tax base services and product which covers under GST.
Benefits of implementation of GST in SAP
- A single platform can view registrations, returns, and other payments.
- Get uniform tax structure followed by supply chain format
- Improved competition
- No tax burden
- Removal of cascading
- Better Control and increased tax revenue
- Cross-utilization will be allowed
For any queries about Bless GST Connector for SAP, please contact – +91 9904066779.
