FACT Solutions India hailed the passing of the Goods & Services Tax (GST) Bill by Rajya Sabha (Upper House of Parliament) as the most progressive and far reaching tax reform measure ever undertaken by the Govt of India.
"The impact will be unprecedented and will transform India into a single unified marketplace", says Mr. Arvind Agarwalla, Founder & CEO of the FACT Group of Companies worldwide. He added “GST will subsume the plethora of taxes at the central and state levels. This alone will add 2% to the GDP, propelling the country into double-digit GDP growth".
With the government pushing for an aggressive deadline of 1 April 2017, companies in India have a very short time frame to upgrade their accounting systems and ERP Software to comply with the new GST regime. FACT Solutions India announced that their flagship FACT ERP.NG Software will be ready well in time to help companies migrate smoothly to the new tax regime.
Mr. Agarwalla said “We have more than 22 years of experience handling GST, having upgraded our software to comply with Singapore’s GST implementation as far back as 1994”. He added “Recently, we incorporated Malaysia GST in FACT ERP.NG, now being used by hundreds of companies in Malaysia. We have been amongst the first companies to deliver GST compliant software, both in Singapore and Malaysia”.
FACT Solutions India has been working with Goods and Services Tax Network (GSTN) to incorporate the various requirements in it's ERP software. GSTN has been set up to provide IT infrastructure and services to the Central and State Governments, tax payers and other stakeholders for implementation of GST.
Companies using FACT ERP.NG will be able to generate the GST Return by a simple click of a button, doing away with all manual work. Users will be able to upload the GST File straight into the GSTN System.
"We're proud to bring our extensive GST knowledge to India and play our role in helping Indian companies plug into an increasingly digital world", said Mr. Agarwalla, from the FACT Software Headquarters in Singapore.
"We are deeply committed to the India, having founded the first FACT Group company in Kolkata in 1987. As we continue to take FACT worldwide, we are focused on the Small & Medium Enterprises (SMEs). We are excited at the possibilities which technology brings to the SMEs, helping them compete strongly with their much larger competitors".
Mr. Agarwalla says that the Hon’ble Minister of Finance, Mr. Arun Jaitley has his work cut out in terms of the details of how GST will be rolled out and implemented across the country.
"Having incorporated GST in Singapore, Malaysia and other countries we are aware that there be several changes as GST is rolled out in India. We are fully geared for it and I assure the Indian companies that FACT ERP.NG will be continually upgraded as the changes come into force."
GST Tax Codes will be pre-populated in FACT ERP.NG software, meaning that SME owners will avoid making mistakes and will not need to manually enter figures into a separate GST software to prepare the GST file for upload.
FACT Solutions India's announcement follows on from Finance Minister’s announcement yesterday that GST will help strengthen tax compliance and tighten the tax collection regime.
"Taken together, FACT ERP.NG will help SME owners run their businesses with peace of mind and meet their tax compliance obligations," says Mr. Agarwalla.
"A lot of FACT’s innovation and research takes place in India. We are committed to bringing more innovations in compliance to the Indian market, to help Indian businesses grow and succeed." Mr. Agarwalla says.
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