GST advisory services

We play a key role in fostering awareness of the GST and provide guidance on what steps our clients should take pre and post introduction of GST

Goods & Service Tax (GST) is the largest indirect tax reform in India since independence. GST is a pan-India single unified tax on both Goods and Services, levied only on ‘value added’ to goods and services at each stage in the economic supply chain.

GST is not just a change in tax, it is expected to have a far reaching impact on each facet of business operations in the country such as pricing of products and services, supply chain optimisation, IT, accounting and tax compliance systems. It will impact the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilisation and reporting, leading to a complete overhaul of the current indirect tax system.

Our Service offerings

We have been closely involved in monitoring the developments on GST. We help businesses in anticipating policy changes and assessing impact on their operations. We offer a host of specialised GST advisory services which includes analysing its impact on business of our clients, scenario analysis including alternative business models, legislative business level implementation assistance, transition management and undertaking key compliances.

Broad Impact Assessment

• Develop specific "concept level" impact areas, based on the information available in public domain and comparative GST structures in similar jurisdictions
• Sift impact areas into areas of opportunity and threats
• Help with representation to GST policymakers to minimise impact areas
• Identify the manner in which opportunities could be improved

What-if scenario analysis

• Perform simulated calculations of potential GST impact on business (on "as-is" basis) by using Grant Thornton Technology Tool and draft GST Law (Act & Rules)
• Identify possible scenarios under which above identified opportunities/ issues could be maximised or minimised, as the case may be
• Short-list realistic scenarios that could be implemented for GST preparedness

Implementation Assistance

• Custom-design changes in ERP, Internal Controls and Accounting
• Assist in making relevant changes in Supply Chain
• Review and suggest changes in documentation, processes and policies to meet GST requirements
• Plot manner in which the GST credits and liabilities can be auto-picked for compliances and tax pay-outs

Transition Management

• GST registrations in all jurisdictions where required
• Assistance in meeting first cycle of GST compliances (invoice formats, returns, etc.)
• Assistance in transitioning tax credits and liabilities from legacy IDT systems to GST systems using Transition Rules
• Address special needs such as suggestions on State incentives.