How Oracle NetSuite ERP & Inspirria Indian Taxation Will Simplify Indian GST & Financial Requirements for International Businesses
GST or Goods and Services Tax is a landmark moment in the history of India’s taxation system. Effective July 1st, 2017, India came under the GST regime for supply and sale of all goods and services in India.
If an international business aims to start their operations in India, and expand their presence, then it’s imperative for them to understand and decode GST, because any goods or services being imported into India comes under GST preview.
Oracle NetSuite and Inspirria have the perfect solution for international businesses when it comes to simplifying GST filing and reporting. Using Cloud technology and localization of ERP features, Inspirria can take care of GST compliance for international businesses, and make them prepared to handle the new Indian taxation.
And this is possible with Inspirria’s Indian Taxation Bundle, a state of the art SuiteApp built on the NetSuite framework.
What Is GST & What Are The Types Of Taxes In India
In India, there are two types of taxes: Direct and Indirect tax.
Direct taxes are levied directly on the individual and paid directly to the Govt. Examples of direct taxes are Income tax, wealth tax, gift tax, capital gains tax, corporate tax and more.
On the other hand indirect taxes are levied on goods and services, and not on individuals, and thus, directly impact any international or domestic business active in India. Examples of indirect taxes are GST, Sales Tax, VAT, Customs Duty and more.
Among them, GST is the most complicated & comprehensive tax structure, which is applied at the consumption stage, which means that any product or service being consumed by an Indian at any stage of the supply chain, will have GST applied.
What Is Inspirria’s Indian Taxation Bundle & What’s The Need For This?
Oracle NetSuite is the world’s fastest-growing Cloud ERP, and provides a comprehensive suite of features and capabilities to manage business operations. But when it comes to Indian taxation and GST, then there isn’t any India-specific functionality.
Inspirria, which is an award-winning Oracle NetSuite implementation partner having 15+ years of experience in Cloud technologies understood this gap and came up with a solution.
It’s a SuiteApp called Indian Taxation Bundle, which has been created from scratch using NetSuite framework and localized as per Indian taxation requirement.
For an international business aiming to cement its place in India, Indian Taxation Bundle (IIT) is the one-stop solution for simplifying and decoding all GST related requirements.
IIT provides the best of the both worlds to international corporations: While it optimally utilizes Oracle NetSuite’s stunning Cloud-based ERP platform, it also seeps deep into providing a localized, India-specific GST solution, tailor-made for international businesses.
Major Highlights Of Inspirria’s Indian Taxation Bundle
- Indian Taxation Bundle or IIT automates entire GST reporting, auditing and filing processes. This is one of the biggest USPs of this SuiteApp, which helps businesses to save time, and focus on their core competency, rather than spend valuable time in simplifying GST regime.
- It can define GST registration at the different entity level, based on specific requirements of the business
- IIT can capture GST details at the customer and vendor level, which means very targeted and specific tax data collection, with full transparency.
- You can define various tax types, configure tax codes and groups
- Define auto-numbering of sales invoices
- Capture tax details right at the transaction level
- Seamlessly calculate Input Tax Credit Utilization against payable GST
Indian Taxation Bundle: Fast Deployment, Fully Secured
Since Inspirria’s Indian Taxation Bundle is built on NetSuite, it can be integrated seamlessly into the existing NetSuite framework, and the business is GST compliant and ready within no time.
IIT is a SuiteApp with is also accredited with Built For NetSuite status, which translates to rock-solid security and data safety. Every Built for NetSuite SuiteApp is built using the guidelines as prescribed under "SuiteApp Architectural Fundamentals & Examples", or SAFE guide. This means that Indian Taxation Bundle meets all the critical security guidelines, data privacy rules and quality as recommended by Oracle NetSuite.
With more than 16 years of experience in Cloud technologies and 650+ successful Cloud deployments all across the world, Inspirria is your perfect partner for Oracle NetSuite consulting and deployment.
For more details, feel free to use this link to schedule a no-obligation session to discuss your business requirements and expectations from Inspirria’s Indian Taxation Bundle.
