Goods and Services Tax (GST)
The proposed GST in India is a dual GST to be levied both by the Union and the State Governments on supply of goods and services across the entire supply chain. It is a destination-based consumption tax with input GST credit mechanism and is aimed at creating a unified market in India by doing away with multi-layer tax structure with attendant cascading effect.
It is imperative for the industry to understand the implications of new GST in terms of higher cash flow, pricing of inputs and finished goods and services, re-designing of supply chain networks, additional cost to business, vendor alignment, IT integration, revisiting tax clauses in contracts & agreements, in-house education and dealing with Center and State level tax authorities for the same transaction. A clear plan for GST transition and implementation is a must.
We at CHRISVINC are well-equipped to provide comprehensive support in GST transition and implementation in a seamless manner, which will include broadly the following:
- GST evaluation
- Charge & Credit
- Review of Contracts & Agreements
- Accounting & IT integration
- Documentation & Records
- Corporate GST Seminar