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GST Implementation
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Are You Ready For GST? - GST is considered to be one of the most imperative tax reforms in India post India’s independence. Business transformation would be the outcome of GST, being a tax trigger.

Why CAC? /CAC’s advantage

CAC comprises of the advisory group, comprising of the specialized team possessing experienced professionals, which has been closely involved with advising the businesses as well as the government on varied strategies associated with the GST.
CAC’S Advisory Group helps businesses in anticipating the policy changes, assessing their impact on their operations, and engaging in a constructive dialog with relevant authorities.

Contact CAC for -

GST’s assessment and consulting
GST implementation and configuration
Compliance review and ongoing support

How would GST impact your business?

Destination principle

GST involves a market shift from being origin based taxation to being destination based taxation impacting enormous facets of the business like sourcing, pricing, profitability, cash flow, supply chain and enterprise resource planning systems. Assessing as well as realigning the business models throughout the value chain can help you acquire a competitive advantage over your competition. GST would impact the following business processes-manufacturing, finance, supply chain, sourcing and procurement and Sales in all kinds of industries.

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What are the key imperatives for the companies?

  1. Identification of the Impact area-Identification of the areas of impact across the value chain of operations.
  2. Change Assessment -
    • Assessing impact of GST on your business model
    • Assessing impact of the GST under identified business scenarios
    • Developing the business for change
  3. Designing of the blueprint for the future -
    • Designing of the organization to be ready for the future GST comprising of the people, processes and technological aspects
    • Development of the migration and transition plan 
  4. Implementation of testing - 
    • Rolling out of the proposed changes
    • Communicating changes to the external and internal stakeholders
    • Conducting quality assurance and compliance testing
  5. Journey post implementation -
    • Compliance management
    • Change and Training management

What GST brings with it?

The government of India seems to be ready to implement the GST from the 1st July,2017, given the enactment of four GST bills, CGST,central GST,IGST,integrated GST,UTGST,union territory GST and bill for the compensation of the states on 12th April,2017. The SGST has been passed by eight states till now while the other states are expected to pass the same by the end of the May, 2017.

The GST council constituted comprising of the members of the state as well as the center has been met thirteen times for discussing varied issues like GST laws, dual control, thresholds, compensation, etc. This council has recommended the four tier rate structure for the GST and thresholds. Five rules associated with the returns, invoice, payments, registration and refunds have been approved by the council of the GST and four draft rules associated with the valuation, and input tax credit, composition scheme and transition have been approved by the GST council.

Union territories possessing legislature, that is, Puducherry and Delhi would adopt the act of SGST and the balance 5 Union territories not possessing legislatures would adopt the act of UTGST.

Meanwhile, States as well as the Centre have already started the process of the enrolment for migrating the existing taxpayers to the proposed tax regime through GST common portal.

Simplification and rationalization of the current indirect taxation regime, elimination of the tax cascading and putting the economy of India on high growth trajectory are expected with a well-designed GST in India. The proposed GST would enormously impact manufacturing as well as services sector throughout the operations like procurement, distribution, manufacturing, warehousing, pricing and sales. The need for relooking at the IT as well as internal organization would be stimulated with the GST.

The implementation of the GST has been proposed to be on the 1st July 2017. Therefore, it is enormously important for the organizations having their business operations in India to meticulously understand the GST and the way GST would impact their business and start following appropriate methodologies for meeting the requirement of the GST and be GST ready.

The current tax regime in India comprises of varied indirect taxes which would be subsumed by the GST with a single comprehensive tax.

Taxes to be subsumed

GST would replace enormous indirect taxes that are currently persistent like -

Central Taxes

State Taxes

 Service tax

 Value Added Tax

 Central Excise Duty [including additional excise duties,  excise duty under the Medicinal and Toilet Preparations  (Excise Duties) Act, 1955]

 Purchase Tax

 Central Sales Tax ( levied by the Centre and collected by  the States)

 Octroi and Entry Tax

 Additional Customs Duty (CVD)

 Taxes on lottery, betting & gambling

 Special Additional Duty of Customs (SAD)

 Luxury Tax

Central surcharges and cesses ( relating to supply of goods and services)

 Entertainment Tax

 

 State cesses and surcharges

 

 Central Sales Tax ( levied by the Centre and collected by  the States)


 

GST Registration

GST registration is the first step to compliance with the GST. Partner with us, the GST registration consultants for registering yourself for the GST.

Who needs to get the GST registration?

You need to compulsorily obtain the registration of the GST within 30 days if you meet any of the conditions mentioned below. (GST would apply probably in 2017)

• Your turnover exceeds Rs.20 lakhs in the financial year. It is Rs 10 lakhs for the states of special category.

• This clause is inapplicable if your turnover comprises of supply of only those goods or services that are exempt under the GST.

• Every individual registered under the earlier law will have to take the registration under the GST too.

• If the registered business is transferred to someone, the transferee will have to take the registration with effect from the date of transfer.

• Any individual or organization indulged in inter-state supply of goods and/or services

• Casual taxable residents

• An individual who is a non- resident and is however paying the tax

• Suppliers’ agents

• The individuals or organizations paying tax under reverse charge mechanism

• Distributor of input service

• Operator of E-commerce

• Person indulged in supplying via e-commerce

• Person supplying database access and online information or retrieval services from a city outside India to someone in India , other than a person who is a registered taxable individual

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