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Action Points before GST implementation

Goods and Services Tax - GST - By: - Ravi Kumar Somani - Dated:- 3-1-2017 Last Replied Date:- 4-1-2017 - GST would become a reality and the nation could witness changes in the traditional ways of doing business. Businesses right now have the option to proactively embrace this reform, understand its intricacies and take a business advantage out of this change by acting immediately. Since the tax system is in the transitional phase, hence, this is the right time for businesses to understand the im .....

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business reform, therefore the team must have persons from purchase, sales, operations, finance and GST knowledge professional in house or independent. This team would need to stay updated with the provisions of GST. PERFORMING GST IMPACT ANALYSIS: During transition one of the important tasks would be to understand how GST is going to impact ones business. Therefore, for that purpose businesses needs to do the GST impact study and analyse the impact. Any action pertaining to transition can be t .....

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Impact on various business departments i.e. Finance & Accounts, Procurement, production, stores, Sales & Marketing, IT, Admin & HR. Strategizing the right pricing to create right balance between margins and volumes; Impact on existing contracts and agreements; Impact on Key vendors, their readiness and approach to GST; Change in procurement and other sourcing strategies; Aspects to be representing through various bodies/ associations; Assessing the capacity building to meet the need .....

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spects relating to registration such that the process is completed smoothly and hassle free. Readers can learn detailed intricacies and complete procedural aspects of registrations migration at www.gst.gov.in. TRANSIT OF CREDITS INTO NEW REGIME: Various transitional provisions has been prescribed to deal with transfer of credits in the GST regime. Following action points must be taken care of in the credits transitional process: Credits in books must be thoroughly reconciled with returns over a .....

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it availing document or due to oversight or credits which were assumed to be ineligible or where credits missed transferring in return from the books. Businesses would face many practical issues in credit transition. Therefore, proper care must be taken while transferring the credits ensuring due compliance of the law. Further, businesses must have proper documentation, trails in place to establish the claim of the credit at a later date during departmental audits. TAKING BUSINESS RESTRUCTURING .....

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riers for supply; Shutting down locations, warehousing strategy, Change in supply chain management; Whether floating a new entity for separate business verticals; Management hierarchal/ reporting changes - Robust de-centralised reporting required; Venturing into new avenues; Assessing collaborations, partnerships, mergers - Geographical expansion & business line expansions; Change in Sourcing strategies - Local/ inter-state/ SEZ; Understanding the nature and extent of re-structuring commensu .....

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sible ways in which a transaction can be restructured and then a decision must be taken as to which model would suit the most based on the nature, size and risks involved in the business. Few illustrative aspects of transactional restructuring are as under: Breaking a composite supply into multiple different supplies - For Ex: Combos with aerated drinks in restaurants, Cinema halls; Merging multiple supplies into a composite supply - For Ex: Vaastu, High Rise Premium to be merged with constructi .....

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f time. This is just an illustrative list, there can be many more aspects to transactional restructuring, therefore a business needs to understand its various business transactions, identify various options of restructuring and apply/ implement the same. The entire exercise could be challenging but it could be worth the benefits accruing from it. TRAINING TO VENDORS, CUSTOMERS, STAFF ETC: In embracing a change, it is crucial for businesses to stay connected with the change. Government officials .....

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ust also be extended to chain of vendors, customers and other stake holders. In a VAT system of taxation any weaker link in a chain also poses adverse impact on the entire chain. DEALING WITH VENDORS/ CUSTOMERS: Constant communication with the vendors/ customers and their support is very crucial in smooth transition. Carrying along the un-organized vendors into the GST regime is a risky affair. Many aspects of the GST regime such as matching concept, compliances etc. would be perturb the busines .....

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