Tax structure for indirect taxes in India has remained complex with a combination of state and centre level taxes and compliance rules. The complexity slowed down business due to requirements of multiple forms in various formats required for movement of goods within the country. Checking compliance was also naturally difficult hence leaving room for tax avoidance. Long term reforms had proposed a single tax known as Goods and Services Tax (GST) applicable uniformly based on the value. GST will be a single Indirect tax for the whole nation, which will make India one unified common market. Each stage would then be taxed only on added value.
Now the GST bill is passed it will be implemented into the systems on 1st April 2017.It shall come into force on such date as the Central or a State Government may, by notification in the Official Gazette, appoint in this behalf. While each State GST Act would extend to the relevant State, the Central GST Act extends to the whole of India and includes Jammu & Kashmir (‘J&K’).
Being a major mover of goods retail industry will have a major impact through GST implementation and we feel that the overall impact will be positive as it will reduce current artificial constraints on business domicile and movement of inventory. The manufacturer will be able to reach more consumers through distributors and stores across India with ease of calculating and reporting of taxes.
We at Ginesys are fine-tuning our Retail ERP and POS systems with a vision to simplify and make the process of adoption of GST as simple as we can. Through these blog posts you will be able to get an inside view into how we are working this subject.
Recently a study has been published by accenture which emphasized the need of an Integrated and Seamless Retail ERP. The main highlights of the study was how an integrated and seamless retail ERP will help the Retailers in enhancing the shopping experience for its customers but will also help them in analyzing and eventually removing the bottlenecks in their operations.
It has highlighted 4 major points:
1. A Retail ERP should be such that it should support the business strategically. Its architecture should be flexible enough to adapt easily to the changes and the innovations, which would lead to a legitimate and satisfying ROI in return.
2. Infrastructure should be such that it should support the changes rather than dragging it. This constitutes the adapting quickly to the latest technology and inheriting it into the innovative system. It involves making the systems mobile, flexible towards the devices and should be secure.
3. An integrated system must be able to capture the correct and unambiguous data analyze it and take an action against the inferences drawn from that data. As there are many sources of data and data is huge , a system should be integrated and smart enough to capture the important data and act according to the requirements.
4.It has emphasized on the importance of IT and an Integrated Retail ERP in Strategic Business decision making.
- More investment in IT Manpower to get full advantage of ever changing technology.
- Making the business systems more IT enabled for their transformations i.e increasing the role of IT will play in it.
Ginesys Retail ERP is an Integrated ERP where you can seamlessly integrate different functions of your retail ecosystem. It is flexible enough to adapt to new technologies as well as open to get integrated with specialized apps wherever necessary such as Qlikview for Analytics Easy Rewardz for customer loyalty .
You can read the full article at the link mentioned below
Synonymous to ‘Alternative Clothing’, this leading apparel brand Mufti was looking for a solution that would bring all of its businesses and processes together in a synchronized manner. The company wanted a cost effective solution, which is easy to implement and smooth to operate.
Business Challenges that Mufti had:
Lack of data synchronization:Prior to selecting Ginesys, Mufti was running local software to manage their daily operations. However, the software had major shortcomings such as data discrepancy and lack of data synchronization. With more than 200 outlets spread over different geographies and having a heady mix of EBOs and MBOs, the problem only multiplied further.
Integrating operations: Ginesys provided a solution which integrated front and back-office operations. Working with the fledgling IT team of Mufti, Ginesys was able to improve visibility into daily operations, control on sales stock and consolidate store information.
Standardized business process: The company was able to map their sales process with correct tax parameters and stock transfer to EBO. Another achievement was to comprehend the traditional business processes of Mufti and implement a standardized business process.
Since their inception, the vast majority of ERP systems have been implemented on premise. Traditional ERP systems provide various kinds of benefits such as mature system functionality and abilities of greater customization and integration. In the past decade other software applications however have seen a shift to cloud computing that has become one of the fastest growing segments of IT industry.
Benefits of Traditional ERP over cloud ERP.
Customization and Integration Limitations: Many cloud-based ERP systems have noticeable constraints on interoperability with home-grown applications and integration into existing application portfolios and IT infrastructures. Unlike on-premise and hosted ERP, cloud-based ERP may not allow extensive customization and complex integration with some third-party services and systems.
Strategic risks: Outsource such a business critical system as ERP, companies usually bear increased strategic risk of high dependency on the service provider. Security and confidentiality are reported to be at risk among the top concerns about cloud-based ERP.
Performance Risk: Leaving out pure integration issues, performance risks of cloud-based ERP are essentially related to threatened speed and reliability of network, outage risks and limitations on data transfer.
Compliance Risks: Cloud-based applications often face additional difficulties in complying with data, energy and environ-mental standards as these regulations are generally designed without regard to peculiarities of cloud computing.
Functionality Limitations: Cloud ERP is based on not that mature systems as traditional ERP and may not be functionally rich enough to “satisfy the back -office needs of organizations in every type of industry”
Subscription Expenses: An explicit part of cloud-based ERP additional costs is widely used periodic subscription fees that do not depreciate over time, in contrast to capital investments in traditional ERP software
Cloud-based ERP generally might be considered as more suitable option for SMEs than for large businesses but additional quantitative research evidence based on recent cases could also be helpful in getting further insight into the progressive cloud world.