GST will be transformational, and the implications for companies extend well beyond tax. GST will affect the tax structure, tax incidence, tax computation, tax documentation, tax accounting, credit availment and utilization, tax reporting, and so on. The result will be a complete overhaul of the current indirect tax system.
The design of the GST compliance framework and standard operating procedures cover various aspects. Here are some examples:
- Computation of tax
- Tax credit Availment
- Tax credit set-off
- Filing of returns
- Payment of taxes
- Maintenance of statutory records
- Verification of compliance
A smooth transition to the new GST regime will require several things:
- Changes in business processes, to aligned with the new tax regime.
- Update of your software/ERP to meet the proposed structure.
- Resource Training
- Preparation of GST use cases
- Sustained implementation.
Following are some of the important areas need to reconfigure in your current application as:
- Tax applicability
- Tax calculation
- Tax accounting
- Tax settlement
The GST is included with the release of NAV 2016 Cumulative Update 17. Below is the download link for the same. GST – Goods and Service Tax Implementation in India