Goods & Services Tax (GST) is the biggest economic reform in recent past. It will replace a raft of different State and Local Taxes with a Single Unified Value Added Tax System to turn the country into world’s biggest single market. That’s why people love to call it “Game Changer”. Professionals by virtue of their academic knowledge and practical training are well equipped to play a pivotal role as an adviser and facilitator for due compliance of law relating to goods and services tax to the general business community.
Professional Services in GST
When Professional Services in GST can be provided?
Assuming that it would be implemented in April 2017 the time lines could be as under:
1. Impact Analysis – This would include the structural changes in marketing and procurement including the effect on the cash flow. Could be done once the rates are in place. May be 9 months before GST.
2. IT systems / Standard Operating Procedures modification – 5-9 months before implementation.
3. Training the personnel in marketing, purchase, finance and accounts – 6 months before implementation.
4. Transition Management – 6 months before implementation.
5. Claim of credit to be carried forward. Reconciliation of books and returns filed under central excise, VAT and service tax. – 1 month prior.
6. Claim of credit on stocks in hand as on 31st March 2017 – 1 month prior.
7. Hand holding in first 3 months – trouble shooting, representing, record maintenance and uploading returns. Immediately after implementation.
8. Internal audit of GST – Monthly or quarterly compliance checks and correction of errors on ongoing basis. Immediately after implementation.