Goods and Service Tax

GST (Goods and Services Tax) is the largest fiscal reform in the history of India, which sets to integrate all indirect taxes and transform India into a single market. GST will create a simplified and integrated system of indirect taxation. India seems to be on the brink of implementing the much awaited GST bill. Indian Government is rushing to meet the self imposed deadline of implementing GST by 1st July, 2017.

Therefore, the question of the hour, in such a busy time, should one wait or prepare oneself for the new GST regime?

Impact of GST on business
GST will integrate various taxes under one destination-based tax structure, which will majorly affect various aspects of business. As the GST scheme and its implications unravel, it is wise to take a practical approach and prepare for the design and application of GST. The inevitable taxation transition would require development of a strategy for effective promotion. It would also necessitate identifying and understanding various tax leverage, exemption, concessions and regulations for the benefit of your business firm.

In matters of sourcing, GST may open opportunities to consolidate suppliers/ vendors because of inter-state procurement. GST will alter the distribution arrangements of finished goods and services and it may no longer be suitable for the removal of the excise duty on manufacturing. Under GST regime, tax saving would demand the re-pricing of goods.

As GST would now be paid at the time of sale/supply, GST could possibly result in enhancement in cash flow and inventory costs. There needs to be a smooth migration from existing tax system to GST regime and the reviewing of supply chain reports before GST implementation is imperative.

R. Tulsian advantage
R. Tulsian and Co. LLP comprises of a highly skilled team of professionals, who give comprehensive advices on various policy issues to multiple business firms as well as individuals. The group assists firms to foresee policy changes, understand its impact on their business; moreover it aids them in getting involved with the pertinent authorities to amend measures to tackle any concerns.

We have been closely monitoring the progress of GST and we guide our clients in every step of pre and post GST regime. As a result of massive interactions with both the Centre and the State Governments, and also enormous overseas involvement in assorted fields, Rtulsian team has gained tremendous VAT and GST experience.

The Benefits
  • The entire Indian market will be a unified market and that will enable seamless flow of goods among various states.
  • Simplification and enhanced transparency of compliance procedures and validation of tax structure.
  • Reduction of duplication and compliance costs due to coordination of center and state tax administrations.
  • Automation of compliance procedure for increased efficiency and the reduction of errors.
  • Abolition of various taxes and their cascading effects.
  • Widening of the tax base, as more business entities will come under the tax system, which will consequently lead to larger revenue collection.
  • GST would replace most indirect taxes and bring it under one tax system.
GST transition:
As GST will probably have a diverse impact on the various aspects of business, a holistic approach is mandatory for a smooth transition to GST such as Reviewing changes in matters of law and business models and Adopting a comprehensive implementation plan.

GST implementation:
GST execution would necessitate focusing on manifold facets such as Working on the tax compliance and Leveraging diverse business transactions.

GST training:
Throughout the entire GST implementation road map, training would definitely be a crucial part of focus. Training can be given to Business teams on the expected impact and advice on specific product lines and Senior management on the tactical aspect.

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GST under 3 Minutes: GST in India for Non Residents and Foreign Companies

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GST under 3 minutes: Do Special Economic Zones units really need to register separately under GST?

GST under 3 minutes series: One definition that could significantly reduce your GST tax liability

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GST Under 3 Minutes: Stock management strategy under GST for Textile/Garments industry

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GST under 3 minutes: Why do you need registration under GST in India?

GST under 3 minutes: GST in India March Update (23.03.2017)

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Rohit Tulsian
Chief Designated Partner

Shashwat Tulsian
Managing Partner

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