ARE YOU GST READY?
GST will affect every part of your business in India with regards to cash flow, costing of capital, pricing of products and services, financial reporting, tax accounting, compliance processes, supply chain, procurements and contracts and all technology currently enabling this ecosystem. In addition, there will be significant training needs for personnel to understand and operate effectively under this new regime.
"The current delay in introduction of GST is a blessing in disguise, as it will give some more time to corporates to prepare,"
HOW CAN WE HELP YOU!!
Termed as the biggest tax reform since independence, it is crucial to understand that GST is not merely a tax change but a business change which is likely to impact various business areas such as Finance, IT, Supply Chain, HR, Marketing etc. On one side there could be a huge impact on the supply chain, and on the other there may be a requirement for redeploying people and different advisors as the three taxes (Excise, Service tax and VAT) would merge into one single tax.
Needless to worry! We are there to assist you in the best possible way..
- Rate of tax
- Time & place of supply
- Treatment of current incentives
2. IMPACT ASSESSMENT – INDIRECT TAXES
Impact of existing and proposed GST on -
- Pricing and working capital
- Availability of credit of GST
- Revenue & Procurement stream
3. ACCOUNTING AND REPORTING
- Tax credits
- Change assessment in accounting entries
- Risks & controls
4. TECHNOLOGY UPGRADATION
- System changes – ERP, EI tools, other technology tools
- Compliance – with GSTN requirements
- Getting systems ready for audit
- GST registrations
- Tax credit transitions
- Return reporting
- Other statutory compliances
- Managed/ Shared Services
6. MANAGEMENT TRAINING & DEVELOPMENT
- Enabling business engagement
- Facilitating business readiness
- Training the executives and finance officers.