Goods & Services Tax (GST) is a game-changer reform for the Indian economy as it will help to develop a common Indian market and reduce the cascading effect of tax on the cost of goods and services. Implementation of GST in India will impact the Tax Structure, Tax Incidence, Tax Computation, Tax Payment, Compliance, Credit Utilization and Reporting, leading to a complete overhaul of the current indirect tax system.
Our Indirect tax team comprehends a thorough understanding of the evolving Goods & Services tax law and its emerging trends and issues in various sectors and their impact on clients’ businesses.
This paradigm shift to Goods & Services Tax in India will lead to far reaching impacts on different business processes including operations, supply chain model contractual agreements, pricing, information technology, human resource & tax compliances.
Business houses need to be ready for smooth transition to GST and prepare a roll out plan.
Effective transition planning needs engagement with concerned team, providing training, compliance manuals, imparting education of the system and practical action points.
Here is an indicative glimpse of services we offer, in light of a dynamic and evolving regulatory environment surrounding Goods & Services Tax:
- Overview assessment of different business functions and operations in order to be better prepared for GST transition.
- Assistance and advice for diagnostic / impact analysis to assess the operational, commercial and financial impact of GST
- Assistance and support in planning transition to GST including on the prevailing ERP.
- Migration of existing assessees under GST and Registration of new dealers under GST
- Presenting updates on regular basis on implementation, Model GST law and other legal aspects & clarifications on Indian GST provided by Government.
- Support on Compliance with filings and records as may comprehensively be required under the GST regime.
- Review of how and in what manner the service tax levies would be dovetailed into GST, and also to plug in any existing leakages and gaps in the present regime.