Though it seems relatively simple to change the tax rates from 6% to 0% there are several considerations and changes to your application and business processes needed to make the change smoothly.
Here is a summary of changes needed:
- Update the tax codes, applicability and defaulting rules
- Make the necessary configuration changes for both Procure to Pay and Order to Cash processes
- Update the default tax codes on master data such as customers, suppliers and items
- Define the process and train the users for managing the transition such as handling invoices with incorrect GST from suppliers, returns/credit memo's where original invoice had GST post transition and others
- Assess existing tax reports
- Update and change open transactions such as orders and purchase orders which has now invalid GST applied
Due to the sudden change we will have ready within days the approach for dealing with these changes and can support organizations in making the necessary changes:
- Configuration changes
- Master data update scripts
- Approach for managing open transactions
- Training materials
Please do feel free to reach out to us at email@example.com to discuss on how we can help.