With the Goods and Services Tax (GST), rolled out from the 1st of July, businesses have been preparing for a seamless transition into the biggest indirect tax reform that the country has ever seen. The GST has had an overarching impact on not only the prices of various commodities, but also on business operations/investment opportunities, as no sector of the economy remains untouched by its impact.
The submission deadline of GSTR for the month of September is right around the corner; hence, Moglix has a ready checklist for you, to make sure that your business is GST ready:
- Knowing the Tax Rates and Identifying Tax Positions: It is important to know the tax rates for the various products and services that your organization offers. This will, in turn, help you in bifurcating transactions, when it comes to IGST/CGST/SGST, being levied by the Center.
- Classifying Transactions and Placing Provisions: Once you’ve recognized the goods and services related transactions, it is important to identify which provisions would be applicable to them. Since GST is an overarching term which comprises of many provisions that are dependent upon location, industry, and the type of commodity. Prior identification will help speed up GST compliance.
- Restructuring Transactions: Some transactions will require restructuring to make them GST compatible. For example, measures like treating products as a mixed supply as opposed to a composite supply might have to be employed, in order to avoid future disputes etc.
- Getting the ERP Ready and Deciding on a ASP/GSP Solution: It is important that various documents like invoices, vouchers, delivery challans etc. that are required for form filling, be generated from the ERP. Along with having an ASP/GSP solution in place, so that details can be captured alongside the transactions. We at GreenGST, believe in ease of access, via compliance with your existing systems. Hence, our SaaS Platform is easily integrated to SAP, Oracle, Tally and other ERPs.
- Anti-Profiteering and other Changed Regulations: Before standardizing your pricing, it is advisable to go through the anti-profiteering contingencies, to make sure they adhere to legal provisions. Apart from that make sure that you check the changed regulations of other allied departments, like DGFT, customs etc.
GST, is a major change and will require thorough preparation. For any assistance with making your business GST compliant, contact us and let us help you make that seamless transition.