Goods & Services Tax

Insights

Goods & Services Tax

Streamlining Efficiency

Goods & Services Tax is expected to be introduced in India from 1 April 2017

Wider implications of GST

Suppliers

End of old system e.g. sales tax exemption

Preferential GST vendors-maximise tax credits

Use of self-billing / other billing best practices to maximise tax credits

Customers

Pricing modelling

Structure of offers / financing

Finance & Administration

Impact on cash flow

Identification of transaction and GST liability

Maximisation of GST tax credit on purchases

Registration & compliance

Cancellation of licences –potential audit?

Internal / Human Capital

Training and communication

Legal

GST impact on contracts

Current contracts

Future contracts

Strategy

GST impact on corporate plans e.g. restructuring, new projects and transactions

Clarification of issues and treatment with tax review panel

Availing advantage of Trade Facilitation Arrangements

Sales & Marketing Strategies

Effect on demand

Pricing strategies

Impact on current pipeline and inventory

Information Systems

Changes to Master and Transaction records

Systems design changes for VAT / GST compliance

 

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