Goods and Services Tax (GST)
Considered as one of the most significant and path-breaking tax reforms ever undertaken in the history of independent India, India embraced the Goods and Services Tax (GST), a landmark indirect tax reform from 1 July 2017.
What is GST?
GST is a transaction tax that subsumes most of the legacy indirect taxes levied by the Centre and States. This reform called for a significant realignment of operations including supply chain and logistics, pricing, procurements, accounting, and Information Technology (IT) systems.
A reform of this magnitude takes time to settle down in the overall system as the compliance and legislative processes require continuous amendments to weed-out difficulties. Thus requiring businesses to continuously adapt to the additional requirements necessitated by these amendments.
BDO India developed a PAN-India GST team, which assists a diverse set of businesses in migrating to GST, ensuring a seamless transition to stay compliant without any business disruptions. We have also developed technology tools, which help businesses in managing timely and smooth compliances under the GST law and have obtained the accreditation as a GST Suvidha Provider (GSP), to assist clients with high volumes and diverse operations in meeting the GST compliances.
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