With the Indian Business houses and Corporate sector coming to terms with GST regime, there are several concerns raised by Industry in the face of challenges faced by them. Most have welcomed the move in spite of changes in tax rates. The impact expected will be across the board (for all players in the Industry), thus creating a level playing field.
There is mixed opinion on the adoption of the New tax System for companies dealing with the unorganized sector where they are facing issues on handling Unregistered Dealer (URD )Transactions.
There were also apprehensions on how will they handle pre-GST stock that they will carry forward. They have been allowed to sell this stock over 6 months and the government allowing 60% input tax credit.
Since Companies can now get input credit on interstate goods, companies are reworking their supply chains to get best sourcing options. This can be aided with the right ERP and ASP as compliances in GST will be more strict with line-level reporting.
Lighthouse Info Systems had come up with the GST solution in its design long back, based on their previous experience with GST taxation in Singapore and Malaysia. But the design schema still needed fine tuning to various scenarios due to last minute policy; Now they have robust systems that can handle transactions for domestic sales and exports , generation of debit notes, credit notes, advance receipt and Input Service distributor related transactions.
Mr. Shrikrushna Patil from Project-Operations says " The preparation for our customers was more in terms of education and training than software patches. Our customers typically deal in multiple businesses across different industries. Help is being extended wherever required for changing business processes, uploading of stock, invoicing and returns policy."
Comments by Mr. Rakesh Khator, M.D. Lighthouse Info Systems "We have been able to shift all our customers across vatious industries and service segments to GST enabled systems. We will continue to support customers with smooth transition to our flexible, scalable and cost effective solutions."
The integration of ERP with ASP (Application Service Provider) will enable Lighthouse to give seamless transaction capturing, reporting and compliance for and efficient and secure handling of all ERP process data.
Lighthouse ERP is based on Oracle technology, which is the leading database platform in the world for superior performance, better controls and security. Lighthouse ERP can be deployed both On-premise as well as on Cloud . Lighthouse focused approach on visibility, integrated solutions and deep process mapping for industry specific solutions have helped them in achieving Industry expertise and easier adoptions of solutions.Click here to see more blogs