Goods & Services Tax (GST)

Here’s all you need to know

Historic Indirect Tax Reform

• The long awaited Goods & Services Tax (GST) is to be rolled out on July 1.

• It’s the biggest tax reform in India.

• We will see here Business impact, Tax impacts, Technology impacts & Its Action points.

Business Impact & Its Action Points

• Impacts

• Impact on supply chain.

• Organisational structure.

• Impact on contracts.

• Product pricing.

•Action Points• Revisit supply chain &

procurement process.

• Amendment in vendor & customer contacts.

• Circulate vendor & customer communication.

• Negotiation with suppliers for reduction in prices.

• Training of related stackholders & employees.

Tax Impact & Action Points

• Impacts

• State specific registration.

• Mechanism of filing returns.

• Credit availability.

• Impact on valuation of transactions.

•Action Points

• Finalization of tax positions, tax rates & classifications.

• GST migration & obtaining fresh registration.

• Revisit valuation of goods & services.

Technology Impacts & Action Points

• Impacts

• Vendor, customer, price & Tax masters.

• Invoice formats.

• Credit register formats.

• Inventory formats.

•Action Points

• Changes in IT system to with respect to.

• Making a strong team.

• Tax codes.

• Testing of IT system before “Go Live”

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This are the key points that business needs to do.

Source: ET

GST: The Biggest Tax Reform

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