Introduction of GST is considered to be a considerable
step in the reformation of indirect taxation in India. The vision was to consolidate
various central and state taxes into a single tax in order to assuage the
issues caused due to the double taxation, cascading, multiplicity of taxes,
classification issues, taxable event, etc., and lead the nation into a common
national market. However, the VAT rates and regulations are mostly different in
every state. Additionally, GST brings in uniform tax system across all the
states. Contrarily, the magnitude of GST has propensity to affect the companies
in their daily business presentation.
Various actions the companies should consider are as
follows:
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Identifying the areas of impact across the value chain of operations
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Assessing GST impact on ‘As Is’ business models.
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Estimate GST impact under identified business scenarios
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Developing business case for change
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Designing future state GST ready sister
organisations comprising of processes, technology and people aspects
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Developing migration and transition plan
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Rolling out of proposed changes
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Communicating changes to internal and external stakeholders
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Conducting compliance testing and quality assurance
In
light of above there’s a plethora of consultants who would assist in GST Registration in
Gurgaon services and provide GST Consultancy Services. They have subject matter
experts in goods and service tax compliances across sectors providing thought
leadership and advice on GST leading practices. Facilitating large scale GST
transitions across multiple business functions, with a strong understanding of
local regulatory functions, these GST consultants
are manna from heaven.
Registration, filing of periodicals returns
assessment, issue of necessary forms, advice on Input Tax Credit and appeals
are the few of areas where organisations dealing with GST registration may
provide assistance in and cost effective manner to the esteemed business houses
as well as new business.
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