GST is a major tax reform in India implemented from 1st July2017. This is a change in tax regime that is going to transform each and every business organization and their businesses.
The prime benefit of this change over to GST regime is to obtain input tax credits of goods and services both. This has now become inevitably mandatory as well.
The accrued benefits are obtainable only if your organization is GST tax compliant and nitrated seamlessly with your ERP. Accounting software alone can not deliver the benefits alone. Hence, you should react quickly to deploy GST enabled software.
In the interest of textile spinning industry, we at ATWSPL have come out with GST Enabled TOPSPIN ERP that will smoothly take you to achieve GST compliant status with required returns management.
GST Enabled TOPSPIN ERP is powered with the capabilities to consider major issues in the post GST regime to successfully get input credits. Namely:Sales & Purchases
- Your Vendor should support you in terms of GST compatibility.
- You are also required to support your customers in terms of GST compatibility
- The above is possible through purchase and sales invoice reconciliation through a tracking mechanism. GST Enabled TOPSPIN ERP will provide you smart, definite and timely support.
- Vendor replacement review is another option for future smooth GST compliances.
- You may have to opt for fiber and stores ‘Purchase Order’ as well as yarn contracts restructuring along with penalty clauses to recover GST credit losses [if required].
- Looking to the previous different rates of VAT applicability in different states, you may reconsider your pricing strategy.
- Calculation of net payable tax amount.
- Tax return compliances from GSTR 1 TO GSTR 8 as you have to abolish earlier VAT, excise and service tax returns and statuary formats.
- You have to be prepared for ongoing changes as well.
GST Enabled TOPSPIN ERP will take care of your all the above requirements.
Please do contact us for details or team viewer based demo. We welcome you to this new GST era.