Implementation, training, publications, seamless GST transition
GST is going live from 1st April 2017. It is imperative that all Professionals equip themselves with this most important tax reform. GST will not just bring a change in the tax regime but will have a far-reaching impact on almost all the aspects of the business operations including pricing, supply chain optimization, IT and accounting. After passing of the GST Bill by both the Houses of the Parliament, it is time for the industry to get ready for this most significant tax reform set to become a reality w.e.f. 1st April 2017.
India has achieved a significant milestone with receiving assent of the President of India on The Constitution (One Hundred and First Amendment) Act, 2016 on 8th September 2016 which empower the Centre and States to concurrently levy tax on supply of goods and services.
Our publications “GST Model Law 2016” and “Business Processes: A Technical Commentary” launched in July 2016 with leading publication in India was reprinted on overwhelming demand of Industry and professionals.
The question today is how are corporates Expected to get GST Ready from now. In this regard, we propose a Seven Point Module as follows –
- Initial Across The Board user training not only for finance professionals but also for non-finance professionals
- Assessment of the impact of GST on different business functions including quantification of impact on pricing, incentives, profitability, and cash flows
- Representation before Authorities under any GST provision that could be detrimental to the business
- Performing calculations of potential GST impact on business (on “as-is” basis) by using the GST Draft Law and Processes available
- Implementation by aligning the ‘Optimum Model’ to help ensure smooth functioning of the selected operating model option
- Transition Management
- Undertaking detailed planning of activities in coordination with various work streams
To get more details on how Tax Connect can help your business with GST Implementation and practice Contact Us.