SAP Applauds Indian Government's Move of GST and Demonetization

BENGALURU: The citizens of India are facing problem of cash crunch after the sudden recall of 500 and 1000 notes. Businesses that mostly deal in cash are facing a tough time. However, demonetization benefitted online payment gateways as there is a sudden increase in online payments. Many business houses applauded the decision of demonetization and introduction of Goods and Services Tax (GST). SAP also joined the list. As reported by The Economic Times, SAP termed both moves by the government as big opportunities for the company.

The GST is supposed to roll out from April 2017 and it will impact organisations as they will have to readjust their structure. It is a great opportunity for businesses to recheck their structure and re-evaluate their supply chains because the current supply chain is according to the old taxation system. After 18-24 months of GST implementation, there will be a positive impact on organizations and the ecosystem.

Deb Deep Sengupta, MD Indian Subcontinent, SAP, said that there is a massive opportunity for the company as demonetization has unfurled the boom in cashless payments. The company is expecting a total of 4Bn digital invoices every day, therefore companies will have to make a fool proof system because there is no margin for any error. The advanced automation and technology will pave the way for security systems that customers can relentlessly use.

As told by Sengupta, all 7,500 customers of SAP in India are ready for GST. SAP is continuously promoting its cloud offering and its big data platform, SAP HANA, which is fully ready with GST. He further said that, HANA promises to provide you data in real time at the lowest possible cost. It is able to provide analytics immediately, which is a must for companies dealing in mobile wallets. Therefore, a huge opportunity lies in front of the company post demonetization.

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