IT solution is the main focus where businesses must have significant updates on its process. New GST compliant technology, such as an IT system for automation of tax calculation, will have to be purchased, tested and integrated with existing ERP (enterprise resource planning) systems well before the start date. Invoice-based taxation under GST will require tighter information system integration across the value chain from supplier to retailer.
Model of Logistics Industry after GST
- Abolishment of entry taxes.
- Standard tax rate computation
- Consolidating indirect taxes
- Reduce the duration of transportation cycles
- Automating the accounting functions
- Cumbersome inventory
- Reporting based on GST
The logistics sector will have to to explore few other factors, there may have multiple type of logistics and supply chain models currently in practice. The reformed ERPs need not only to adhere the GST but also enhance and support the cumbrous inventory management.
Technology with GST compliance will assist business person to automate billing and reporting within the software, inter state – intra state rate calculation will be available which would be computed for every entity.
New System will enable efficient tax administration, data exchange, auditing returns filing, and performance analysis.
Software systems of today may further offer several user-friendly features, such as offline capabilities, alerts, mobile or tablet optimized interface, and additional mechanisms to avoid duplicity of data.
The implementation of GST will bring up lots of opportunity and sources to make money, especially for logistics and transport industry. Hence, enriched with tech solutions, SME and even big enterprises of today can run business swiftly and successfully.
GST COMPLIANT LOGISTICS SYSTEM