Goods and Services Tax (GST)
After many delays and missed deadlines, India is finally set to embrace Goods and Services Tax (‘GST’) from 01 July 2017. GST is perhaps the most significant and complex tax reform ever undertaken in the history of independent India.
What is GST? GST is a transaction tax which subsumes most of the existing Indirect taxes levied by the Centre and States and may require significant realignment of operations including supply chain and logistics, pricing, procurements, accounting and Information Technology (‘IT’) Systems.
Further, a reform of this magnitude may take time to settle and the legislative process would entail frequent amendments in the law, procedures and GST rates. This would require businesses to continuously adapt to the additional requirements thrown up by such amendments.
BDO India has developed a PAN-India GST team, which is assisting a diverse set of businesses in migrating to GST and ensuring seamless transition without any business disruptions. Further, we have developed technology tools, which help businesses in ensuring timely and smooth compliances with the GST law. The firm has also applied for the licence to be registered as a GST Suvidha Provider (‘GSP’), so that it can assist clients with high volumes and spread out operations in meeting the GST tax compliances.