The Indian indirect taxation system will witness for ainfluential tax reform with the introduction of a unified Goods and Services Tax (GST) as against the prevailing glut of taxes (value-added tax (VAT), central sales tax (CST), service tax, customs duty, excise duty, entry tax, etc.). As the government has already released the Draft GST Law, Draft rules & formats, GST rates, GST threshold limit in the public domain, The Government of India is committed to replace all the indirect taxes levied on goods and services by the Centre and States and implement GST by April 2017.

GST will impact the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization and reporting, leading to a complete overhaul of the current indirect tax system. With GST, there will be a significant shift from origin-based taxation to a destination-based tax structure will impact the operating business models. GST has the potential to impact cash flow, pricing, working capital, supply chain and IT systems and hence provides an opportunity to transform your business.

In this evolving indirect tax scenario, we at Kedia Arpana & Co. plan to assist our clients in bridging the gap over to GST by providing specialised services to mitigate any GST-related tax risk. You may reach out to us to understand more about GST.