8th May 2017
GST is ready for roll out and the IT industry in India has the chance grab many opportunity with the advent of the GST regime, Since there is a when the sector is going through a bad patch with a slowing demand environment. It is a chance for GST to chase a Billion Dollar opportunity.
Expert are expecting that with GST roll-out IT sector can have turn to the millennium. It is Rs. 6000 crore opportunity said the Mohandas Pai, former board member of IT major Infosys
GST implementation will be the biggest indirect tax reform in India.GST implementation will ease the process of doing business in the country. Companies have to file GST returns on a monthly basis, and this calls for a robust accounting software that can enable error free filings.
GST Network is the nodal agency for implementing its IT backbone and Infosys. These IT companies has already won a 5-year contract in this regard. This was awarded by the Centre in 2015 a contract worth `1,380 crore to Infosys to build and maintain the technology network for implementing the goods and services tax (GST) system across the country .GSTN is the only part of opportunity.
Enterprise Resource Planning (ERP) is the concept packages will help SMEs to record GST transactions is a big opportunity. GST transactions need to be recorded by SMBs, upload invoices and do the return filing.
There are some other opportunity POS billing software and developing payment solutions and e-signing products. The governments both at the Centre and the states will require giant storage capabilities to accommodate data and cloud based storage service providers are expected to gain. Storage and security services are two other key components of the market opportunity.
The central and state governments will need a plethora of data analytics and automation tools to derive insights. There are also some of the concept such as Data analytics will become another fountainhead of opportunities.
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