Enterprise software solutions giant SAP feels the upcoming Goods and Services Tax (GST) regime can act as a huge disruption to prop up India's $2.5trillion economy for taking a big leap to become an over $10trillion entity in 12 years. The technology giant believes that the country's 50 million-plus small and medium enterprises will act as a big growth driver in this new taxation system.
"GST will play a big role to push our economy to a new high. It will open a huge business opportunities. The growth of SAP lies in the growth of the SME sector in the country. Of SAP's 7,500 clients in India, over 80% belong to SME segment," said SAP head (marketing-Indian sub-continent) Krishnan Chatterjee here on Wednesday. Chatterjee was in Kolkata to unveil 'GST in a box', an all-inclusive solution portfolio designed to help organizations of all sizes in Kolkata to become tax-compliant and tax-efficient in the GST era.
"SMEs have always suffered for lack of credit. Like large organisations, they, too, have to go for technology adopition. With 'GST in a box', we will provide an integrated and cost-effective solution to the SMEs starting from Rs 5 lakh," he added. With the GST regime coming in place from July one this year, SAP will market 9-10 GST -related products in India. Since capital is a constraint for the SME sector, SAP had made deployability of the solution from cloud technology to keep the costs affordable. According to him, as many as 51 million SMEs will be taking the digital route with the implementation of GST .
Globally, SAP's 30% revenue comes from selling ERP solutions. In India, the technology solutions provider has 10,000 employees and two labs in Bengaluru and Gurgaon. Chatterjee said that new GST software for the SMEs had been developed in India at its development centre in the country.
SAP Solutions for GST
We at SAVIC, SAP partner, are working closely with leading organizations in India for implementation of GST. SAVIC consultants and subject matter experts are advising, implementing and supporting organizations in their GST journey.
SAVIC assists organizations in understanding the impact of GST on enterprise business processes along with changes that need to be incorporated in the SAP landscape.. Our team of expert consultants will implement, train and ensure smooth on boarding to new GST regime. Subsequent to go live, our teams will be available for handholding and supporting as needed. Businesses need to adopt a proactive approach in understanding the potential impact of GST on their SAP ERP before the GST Bill becomes a law.
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Mohammad Shakir is a Vice President and Ujwal Landge Tax Consultant