GST Sloutions

Uniformity and Simplicity in taxation is indeed a brilliant idea!! However, a long hard road lies ahead for businesses.

GST will be a game changing reform for the Indian economy by creating a common Indian market and condensing the cascading effect of CENVAT and Service tax with set-offs. It will affect the Tax Incidence, Tax Payment, Tax Structure, Tax Compliance, Computation, Reporting and Credit Utilization leading to a complete revamp of the existing indirect tax system.

GST will change the entire way in which businesses are carried out in India. Therefore, it is the right time for the organizations to brace themselves up and strategize the integration of GST into their operations. In the light of business reports issued last year and the Model GST laws issued in June 2016, organizations must start examining the GST impact on their business operations. Supply chain optimization, IT, products and services pricing patterns, warehousing strategies, accounting and tax compliance systems are some of the business facets that must be re-looked at so as to synchronize with this latest key reform.