We play a key role in fostering awareness of the GST and guide on what steps our clients should take pre and post introduction of GST. Goods & Service Tax (GST) is the largest indirect tax reform in India since independence. GST is a pan-India single unified tax on both Goods and Services, levied only on ‘value-added’ to goods and services at each stage in the economic supply chain.
GST is not just a change in tax, it is expected to have a far-reaching impact on each facet of business operations in the country such as pricing of products and services, supply chain optimization, IT, accounting and tax compliance systems. It 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.
We have been closely involved in monitoring the developments on GST. We help businesses in anticipating policy changes and assessing the impact on their operations. We offer a host of specialized GST advisory services which includes analyzing its impact on the business of our clients, scenario analysis including alternative business models, legislative business level implementation assistance, transition management, and undertaking key compliances.
Develop specific "concept level" impact areas, based on the information available in the public domain and comparative GST structures in similar jurisdictions.
Sift impact areas into areas of opportunity and threats Help with representation to GST policymakers to minimize impact areas Identify how opportunities could be improved.
Perform simulated calculations of potential GST impact on business (on "as-is" basis) by using various Tool and draft GST Law (Act & Rules).
Identify possible scenarios under which the above-identified opportunities/ issues could be maximized or minimized, as the case may be Short-list realistic scenarios that could be implemented for GST preparedness.
Custom-design changes in ERP, Internal Controls, and Accounting Assist in making relevant changes in Supply Chain Review and suggest changes in documentation, processes, and policies to meet GST requirements Plot manner in which the GST credits and liabilities can be auto-picked for compliances and tax pay-outs.
GST registrations in all jurisdictions where required Assistance in meeting the first cycle of GST compliances (invoice formats, returns, etc.) Assistance in transitioning tax credits and liabilities from legacy IDT systems to GST systems using Transition Rules Address special needs such as suggestions on State incentives.