Yesterday, Oracle announced the availability of Oracle Enterprise Resource Planning (ERP) Cloud in India to help local and multinational firms operating in India prepare for the country’s transformational tax reforms.
Oracle ERP Cloud delivers built-in features to facilitate compliance with the new Goods and Services Tax (GST) regulations, while providing native support for GST Network integration and reporting. Support for local requirements including withholding, payment processing, and statutory reporting is also provided by Oracle ERP Cloud.
According to a press release, the new India GST regulations will enforce simplified and uniform tax rates across all states, replacing several hundred different tax rates with five tax rates tiers that cover all goods and services. These new regulations are expected to boost economic activity and contribute substantially to Gross Domestic Product (GDP) growth via reduced friction in the movement of goods and services across state borders.
To help customers successfully manage this transformation, trained and certified Oracle ERP Cloud consultants from the company’s partners, like Deloitte and others, are currently engaged with customers.
Oracle ERP Cloud is a complete, modern and proven financial platform delivered seamlessly through the Oracle Cloud. A modern user interface driven by the latest design innovations delivers embedded analytics, contextual social collaboration and a device-independent mobile experience that makes Oracle ERP Cloud familiar and easy to use.
More importantly, Oracle ERP Cloud will now enable Indian firms to administer and leverage the significant GST process changes, including tax calculations, liability accounting, recovery, settlement and reporting. Availability of Oracle ERP Cloud in India reflects Oracle’s support of the government’s Make in India initiative.
“Global adoption of our leading Oracle ERP Cloud continues to accelerate,” said Safra Catz, CEO of Oracle. “We expect this trend to grow in India as customers can now take advantage of Oracle ERP Cloud’s comprehensive tax management capabilities, fully integrated with core ERP functions, to help make better business decisions and address regulatory changes driven by the new GST.”
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