The taxation system in India is one of the most complex tax systems in the world with multiple levels of taxes with different slabs and rates. The Government of India is trying to reduce the complexity of this current system and introduce GST into pace. GST is nothing but Goods and Service tax which will be implemented in India at several levels such as CGST (Central GST), SGST (State GST), etc., which will be replacing the existing VAT, CST, excise tax, service tax, etc. It will affect the Tax Structure, Tax Incidence, Tax Computation, Tax Payment, Compliance, Credit Utilization and Reporting leading to a complete revamp of the existing indirect tax system.
We’re currently working on getting several of our clients in India GST ready for Microsoft Dynamics AX and one of our Microsoft Dynamics 365 clients has already gone live with their systems being GST ready (as the Model draft law hasn’t yet been enacted as law, the updates are based on changes to the Model GST law up until March 2017).
A smooth transition to the new GST regime will require several things:
We’re developing Indian GST templates for companies from multiple industries, which are currently using Microsoft Dynamics ERP to facilitate seamless and quick deployment of Indian GST. Let us do your business’ assessment and make it future ready, give us a call or please contact us for more details on GST implementation
Microsoft Dynamics AX is now ready with changes related to GST for India. Goods and Services Tax, commonly known as GST, is an integrated indirect tax which will replace and subsume all other indirect taxes on goods and services currently prevailing in our country once it comes into effect later in 2017.
To support the new regulation, Microsoft has updated Microsoft Dynamics AX 2012 R2 and Microsoft Dynamics AX 2012 R3 to support the new GST business processes (based on the Model GST law till March 2017). To help you understand the incorporation of new changes in the enterprise resource planning (ERP) tax framework, Microsoft has released the India GST Public Preview package for AX 2012 R2 and AX 2012 R3.
The Indian localization of Microsoft Dynamics AX will provide a flexible and simplified process, so that users can comply with the complex Indian GST statutory requirements as they record transactions in Microsoft Dynamics AX. The GST ready solutions will be released for the in-market versions viz. Microsoft Dynamics AX 2012 R3, Microsoft Dynamics AX 2012 R2, and Microsoft Dynamics AX 2009 SP1.
If you’re on a version other than the ones mentioned here, then please contact us to learn more about how your business can be made GST ready.