As we are aware that Goods and Services Tax (GST) is most likely to be effective from 01-Jul-2017. GST is a comprehensive indirect tax law whereby majority of the existing indirect taxes are being subsumed in GST. In view of the limited timeframe available, it is advisable for each business house to understand the implications and develop a strategy to ensure smooth transition to GST. Further, in GST a lot of reliance is placed on the technology front and online matching of purchase and sale transactions. This will require a fundamental change in the existing ERP modules.
In order to take the first step and to understand the prima facie impact of GST on your business you need to understand the following parameters:
The above parameter will provide you a basic understanding about what is GST and what impact it will have on your business. We will be coming up with detailed explanations on each parameters in mean time do feel free to contact us for any query. This session may have a timeline of 3-4 hours based upon the queries and discussions.
Awaiting your confirmation on this. Feel free to touch base in case of any queries.
Disclaimer:
The views expressed herein are strictly private and not to be construed as a legal opinion. In case of any difficulties in understanding the legal parameters, it is advisable to approach a consultant for further clarity. Shah Sangoi & Associates LLP is not responsible or liable for any loss or damage caused to anyone due to any interpretation, error, omission in the articles being hosted on the site.