New GST return forms may force firms to change ERP systems
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The new Goods and Services Tax (GST) returns from April 2020 that mandate providing more details may require companies to amend their enterprise resource planning (ERP) systems.
Tax experts and chartered accountants (CAs) said that the new return systems would require a lot of details such as purchases from unregistered dealers.
Instead of the GST returns being the current supplier-driven traffic, starting April next year, it would become a workflow driven mechanism, he added.
Moreover, electronic or E-invoicing for business to business (B2B) transactions would also kick in from January 1, 2020. This would also require changes in the ERP systems to ensure thgat every invoice is tracked by the tax authorities. The move is aimed at curbing tax evasion.
In addition to the current invoices which are generated on the companies' ERP, the new system would require automatic uploading of the data on government systems. #casansaar (Source - IANS, LiveMint)
Tax experts and chartered accountants (CAs) said that the new return systems would require a lot of details such as purchases from unregistered dealers.
Instead of the GST returns being the current supplier-driven traffic, starting April next year, it would become a workflow driven mechanism, he added.
Moreover, electronic or E-invoicing for business to business (B2B) transactions would also kick in from January 1, 2020. This would also require changes in the ERP systems to ensure thgat every invoice is tracked by the tax authorities. The move is aimed at curbing tax evasion.
In addition to the current invoices which are generated on the companies' ERP, the new system would require automatic uploading of the data on government systems. #casansaar (Source - IANS, LiveMint)
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