Goods & Services Tax
Goods & Services Tax is expected to be introduced in India from 1 July 2017
Wider implications of GST
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
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
GST impact on contracts
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
Impact on current pipeline and inventory
Changes to Master and Transaction records
Systems design changes for VAT / GST compliance
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- GST council proposes new simplifies monthly return. Group of Ministers to be set up to provide recommendations on proposed concessional GST rate applicable on digital payments and with regard to imposition of sugar cess. Centre and State Government to acquire complete stake in GSTN.
- GST Council recommends date for introduction of e-way bill for inter-state and intra-state movement of goods. Present system of filing of GSTR-3B and GSTR-1 to be continued. Reverse charge and TDS/TCS provisions to be deferred. Exemptions for exporters to be retained.
- GST Council recommends revision in rates for multiple goods and services. Exemption provided to certain goods / services. Late fee for failure to file certain returns, amended.
- 18 December 2017: GST Council mandates nationwide rollout of E-way bill system on trial basis by January 16, 2018; compulsory for inter-state movement of goods by February 1, 2018.
- 13 November 2017: GST Council recommends revision in rates for multiple goods.
- 3 October 2017: GST Council recommends revision in rates for goods and services.
- 15 September 2017: Due date for filing of GSTR-1, GSTR-2 and GSTR-3 for the month of July 2017 and August 2017, extended.
- 11 September 2017: GST council recommends revision in rates for multiple goods. Compensation cess on certain motor vehicles proposed to be increased.
- 7 August 2017: GST rate on certain goods and services revised. E-way bill rules expected to be effective from 1 October 2017.
- 20 May 2017: Four tax brackets have been prescribed for services under GST. Reverse charge transactions have also been notified.
- 19 May 2017: Rates for taxation of most commodities under GST finalised. Certain rules such as registration, invoicing, payment, refund, input tax credit, valuation and composition updated.
- Goods and Services tax (‘GST’) Council meeting held on 18 February 2017 ends with the approval of GST compensation bill while CGST, SGST and IGST bills will be considered for approval in the next meeting scheduled for 4-5 March 2017.
- Draft GST rules and formats released by CBEC for inviting public comments
- The Constitution (One Hundred and Twenty Second Amendment) Bill, 2014 approved by the President of India Issue no: GST/3/2016 In
- The Constitution (One Hundred and Twenty Second Amendment) Bill, 2014 passed in Rajya Sabha
- Model Goods and Services Tax Law Issued by the Empowered Committee of State Finance Ministers
- Report on Revenue Neutral Rate and Structure of Rates for GST
- Discussion on Constitution Amendment Bill for introduction of GST likely to be deferred to next session
- Amendments demanded in the GST Bill
- Committees to facilitate implementation of Goods and Services Tax from 1 April 2016
- Select Committee on GST Constitution Amendment (One Hundred Twenty Second Bill) 2014 submits its report in Rajya Sabha
- Cabinet approves amendment to the GST Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014