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Road Map of GST Implementation

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As GST is likely to have a multi-fold impact on the various facets of business, a smooth transition to GST would require a holistic approach.

Road Map of GST Implementation

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WHAT IS ROAD MAP FOR GST IMPLEMENTATION

As GST is likely to have a multifold impact on the various facets of business, a smooth transition to GST would require a holistic approach. Key focus areas for transition can include-

  • Post the final GST law/procedures and rates, refining the hypothesis and approach, in view of changes in law and business models such as the revalidation of assessments undertaken earlier, new projects or upcoming changes in business plans.
  • Firming up the final operating model such as the consolidation of warehouses, deployment of IT patches, reorganization of internal roles, responsibilities of tax functions, etc.
  • Finalizing a detailed implementation plan to execute and monitor key tasks such as negotiations with suppliers, vendor/customer communications, and implementation of IT and supply chain-related changes, etc.

 

GST TRANSITION CLOSER TO GST ROLL OUT DATE

Closer to the roll out date, following activities will need more attention:

  • Testing IT systems, updating masters and handling the cut-over and migration-related issues
  • Listing all transactions that a company would have and plan how it would be executed under GST – would there be changes in the documentation, tax treatment. Sometimes it may benefit to alter the manner in which a transaction is conducted
  • Taking stock of vendors and their preparedness – are all vendors registered under GST? Are they prepared to handle the robust GST compliance? Do vendors need support in their preparations?
  • Drawing up fresh contracts for procurement/sales, revising the tax clauses in contracts especially long-term ones, etc.
  • Revising the tax compliance set up, statutory records templates, tax manuals, compliance calendars, Frequently Asked Questions, etc.

 

GST TRAINING

Training would be a key focus area throughout the entire GST implementation road map.

Training can be provided to:

  • Senior management on strategic aspects
  • Business teams on the expected impact and the way forward on specific product lines, groups (such as IT, supply chain, sales), locations (factory, head office, depots), etc.
  • The tax team on key changes impacting the compliance framework
  • Vendors, customers, and channel partners, to explain the changes in the prices, discount structures and promotional schemes.

 

BUSINESS PROCESS

GST could entail a complete overhaul of the existing business processes, including:

  • Redefining the process maps at various levels up to L4 and L5
  • Aligning processes with the revised Standard Operating Procedures (SOPs)
  • Dealing with sensitive changes such as the reconfiguration of escalation matrices, roles and key performance indicators at multiple levels
  • Identifying the training and skill enhancement requirements.

 

HOW WE CAN ASSIST IN IMPLEMENTING GST

The multi-layered indirect tax levied both at the Central and State level in India is extremely complex and dynamic. Further, frequent changes in the legislation/ judicial pronouncements and the proposed change towards Goods and Services Tax (GST) regime make the analysis of a business structure from an indirect tax perspective all the more imperative. We provide assistance in identifying risk areas and sustainable planning opportunities for indirect taxes throughout the tax life cycle, helping clients meet compliance obligations and business goals around the world.

Our indirect tax professionals have wide-ranging experience and in-depth knowledge of the various indirect taxes such as Value Added Tax /Central Sales Tax, service tax, excise duty, entry tax and other indirect taxes. Our service offerings include advising on tax implications on day –to-day operations as well as implications on specific business activities /transactions, assisting in various compliances, structuring transactions to ensure the most tax efficient structure to achieve a given business objective and advising the optimum opinion.

Our globally integrated teams give you the perspective and support you need to manage indirect taxes effectively. We provide you with effective processes to help improve your day-to-day reporting for indirect tax, reducing attribution errors, reducing costs, ensuring regular compliances and ensuring indirect taxes are handled correctly.

We adopt the following approach to help ensure thorough implementation-

  • A joint team of different skill sets in areas of tax, IT, supply chain, project management, business processes, strategy and operations
  • Mix of consultants, ex-revenue officials, and industry experts
  • Closely work with industry associations and governments
  • A customized approach according to the needs of the company rather than a straight jacketed approach.

Our dedicated team of professionals can help businesses transition to the GST regime. The key differentiator we bring on board is our three-phased, unified-yet-modular approach (fiscal, supply chain and IT modules) which helps preserve value through a robust implementation methodology for the impacted functions, backed by the efficient program and hang management principles.

 

POST-IMPLEMENTATION ASSISTANCE
  • Helping prepare instruction manuals, including providing assistance in framing systems and procedures to help ensure compliances and helping in dealing with transitional issues such as assistance in understanding the transitional provisions, helping devise the approach for transition of existing contracts under the new regime and helping in identifying the requisite changes, computation of taxes and filing of returns under the GST regime, etc.
  • Assisting in the communication to be sent to key vendors/customers by the company, highlighting changes in the taxation regime and the consequent impact on transactions.

 

CUSTOMIZED TRAINING
  • Organizing training for senior management on strategic and critical areas of GST’s impact on the company’s business model, impact on the bottom-line, and on how to reduce tax risks.
  • Conducting workshops for operational staff on procedural mechanisms, documentation requirements, control checks on data/information, etc.
  • Training dealers on the applicability of GST, its impact on them and measures to help ensure compliance.

 

COMPLIANCE REVIEWS/OUTSOURCING
  • Providing assistance to the tax team in reviewing the documents to be filed with the tax authorities such as registration applications, transition stock statements, credit transition documents, etc.
  • Advising on the base upon which goods and services can be valued for payment of GST. Reviewing sample invoices and credit/debit note formats to be maintained under the new tax regime as prepared by the company and providing comments thereon from a GST perspective. Reviewing the records that need to be maintained by the company under the new tax regime. Reviewing GST returns to be filed by the company.
  • Assisting with GST compliance on an ongoing basis.

 

DEPUTATION
  • GST-trained staff to help handle the tax processes on a long-term or assignment basis.
  • GST-trained managers to provide high-level support to the tax functions.
Road Map of GST Implementation
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