After many delays and missed deadlines, India is finally set to embrace Goods and Services Tax (‘GST’) from 1 July 2017. GST is perhaps the most significant and complex tax reform ever undertaken in the history of independent India.
GST being a transaction tax which subsumes most of the existing Indirect taxes levied by the Centre and States, may require significant realignment of operations including supply chain and logistics, pricing, procurements, accounting and Information Technology (‘IT’) Systems.
Further, a reform of this magnitude may take time to settle and the legislative process would entail frequent amendment in the law, procedures and tax rates. This would require businesses to continuously adjust to the additional requirements thrown up by such amendments.
Our advisory services on GST include;
Assessing the fiscal impact of GST on business and product pricing, through evaluation of key parameters including:
Basis the above parameters, assessing the Impact of GST on Company’s operations, select products and working capital.
Advise on realigning the operations to ensure tax efficiency: