Goods and Services Tax

GST is touted to simplify doing business in India, allowing supply chains to be integrated and aligned, as well as allowing for greater transparency. Now that the GST Constitution Amendment Bill has been passed by the Upper House of the Parliament, let’s have a look at what the future holds.

In the webcast, we discussed:

• Overall framework of GST as it is going to be implemented, model draft GST law and the GST processes which have been put in public domain as well as some international perspectives.
• Details of aspects covered in the model law and processes, including definition of supply for GST; levy and collection of Central GST, State GST, Integrated GST; mechanism for input tax credit; application of exemptions, plus rules on refunds, compliance requirements and transition provisions.
• Implications of GST on key industries.

Our webinar sessions discussed the impact of the GST bill on various industries. In each of these sessions, Deloitte subject matter experts threw light on the key developments and their implications on the industry in focus. Please refer to the details below:

Webinar: GST implications on Manufacturing and Consumer Business

Poll results from the webinar:

1.    How do you see GST impacting your business?

a.    Increases Litigation – 1.56%

b.    Increases compliance – 10.91%

c.    Impacts cost structure – 8.46%

d.    Impacts business processes (IT Systems, Supply Chain & the like) – 18.93%

e.    All of the above -60.13%

2.    Do you think the Government has provided adequate time for trade & industry to be GST ready by April 2017

a.    Yes – 39.79%

b.    No – 60.20%

Webinar: GST implications on Tech, Media, Telecom and Financial Services

Poll results from the webinar:

1.    Which is the biggest matter of concern today faced by the IT industry in terms of litigations ?

a.    Taxability of software as goods or service – 12.22%

b.    Multiple levies of service tax, VAT and other local taxes – 12.22%

c.    Export of services and refunds – 8.33%

d.    All of the above – 67.22%

2.    What would be the impact of GST on banking and insurance sector?

a.    Positive – 34.1%

b.    Neutral – 11.88%

c.    Negative – 28.74%

d.    Don’t know – 25.29%

3.    What is your IT organisation’s preparedness with respect to GST implementation

a.    Advanced stage of designing system change required – 7.82%

b.    Impact assessment completed – 15.08%

c.    Impact assessment completed – 7.26%

d.    Not started – 69.83%

Webinar: GST implications on Services and Infrastructure

Poll results from the webinar:

1.    How do you see GST impacting your business?

a.    Increases Litigation – 1.6%

b.    Increases compliance – 17.6%

c.    Impacts cost structure – 11.2%

d.    All of the above -69.6%

2.    Do you think the Government has provided adequate time for Service and Infrastructure Industry to be GST ready by April 2017?

a.    Yes – 36.91%

b.    No – 63.09%