Goods and service tax is a new regime taxation system for the whole nation bringing in unorganized sections under uniform platform. This system makes tariff to be unique across all functional areas by streamlining different types of indirect charges leveraged on state and central excise duty into single concept subsuming other multiple taxes. Enterprise application software provider SAP launched GST compliance platform to help SME's boost their shift towards digital economy. Introduction of GST performs transactions in standardized approach yet resulting in delivering some important changes for growth of SME's. SAP is continuously working on enhancing SAP Business One by complying legal regulations of GST solution.
- Common market across country- One Nation, One Tax and One Market
- Optimization of resources
- Improved tax compliance
- Upgraded financials
- Better control on tax revenue
- Reduction in startup cost and efforts
- Removes cascading of taxes