India is on the urge to pilot in the Goods and Services Tax (GST).
GST is proposed to remove inefficiencies in the supply chain due to splitting up of credit chain and cascading effect of taxes. It will subsume a plethora of indirect taxes presently levied at the central and state level in India. GST visualise a common national market for goods and services and removal of trade barriers. GST will have impact on supply chain, value additions and pricing of final outputs. Thus, businesses will have to examine transaction restructuring, supply chain optimization, business processes, training enterprise personnel, book keeping and making changes in the IT infrastructure so that they are GST enabled.
The GST Acts as passed in parliament adopts many aspects of the existing indirect taxes sought to be subsumed excise, service tax and State VATs. Transition to the new tax regime will require businesses to plan properly taking into account existing issues as also understanding the issues likely to arise.
DDA offers advisory services on Goods and Services Tax to be administered by both the federal government and state governments.
Service offerings include:
- Analyzing the tax implications on cashflow and inventory to simulating various scenarios under the proposed GST model.
- Providing detailed working on tax impact to recommending suggestions for tax optimization.
- Changes in procurement and distribution arrangements, i.e., re-design of supply chain.
- Contract review from GST perspective.
- Assistance for changes in ERP structure.
Complying with the emerging GST law requires sufficient preparation and training for the tax managers and other stake holders. DDA provides general and customized training solutions for the industry.
- Conducting industry-specific seminars to provide holistic, in-depth insight so as to plan better transition to GST.
- GST training for in-house personnel and supply chain partners.
GST Compliance Review
- Comprehensive health checkup to identify risk and opportunities.
- Assessing GST readiness and providing innovative solutions.
- Evaluation and advice on pre-implementation framework.
- Advice on transitional provisions.
- Hand-holding through GST transition.
- Assistance in ERP implementation.
- Assistance in framing suitable SOP”s.
- Post-GST periodical health check and support.
- Dispute resolution and representational services on implementation of GST.
- GST Helpdesk for Customers and distributors.