India is moving towards integrated tax structure on goods and services with the proposed introduction of Goods and Services Tax (GST). GST would be a comprehensive tax structure which would subsume central excise duty, additional excise duties, service tax, additional Customs duty, VAT/ sales tax, entertainment tax, luxury tax, etc.
Under the proposed GST, a dual system of tax is proposed wherein a central goods and services tax (CGST) and a state goods and services tax (SGST) will be levied on the taxable value of the transaction. RSM in India can assist with focused services towards GST Transition and Change Management.
How we can help
GST Change Management Study: Conducting a study to determine the extent of impact that the various changes being contemplated in the Goods and Services Tax (GST) regulations, could have on the various aspects of the business / organization pursuant to the transition from the existing tax regime to GST and advising on the possible strategies that would be required to be adopted to enable minimal effect of such impact. This exercise could broadly cover the following aspects:
- Formulating a GST Migration Steering Committee
- Impact study of GST on businesses
- Review of the existing level of compliance, documentation and accounts function with a view to identifying the changes that would be required
- Review of the Accounting systems as existing and the changes that would be required thereon in the new GST regime
- Review of Information Technology (IT) systems as existing and the changes that would be required thereon in the new GST regime
- Identifying various aspects that would need to be intimated / resolved / reconfirmed with Customers and Suppliers / Vendors
- Studying implications of the change on the organizational cash flows
- Assisting in the preparation of a detailed checklist for GST administration
- Identifying and examination of possible areas where there could be concerns of litigation / ambiguity and advising on related matters / strategies to be followed
- Organizing intermediate and advanced training programs for groups of employees based on specific organizational needs
- Understanding transitional GST provisions and advising / assisting clients in their proper understanding and availment of the benefits as permissible
- Providing Opinions on specific matters – Examining specific matters / issues referred to by Clients and providing our specialized opinions thereon
Goods and Service Tax (GST) transition services - Advantage RSM:
- RSM is the world’s seventh largest network of audit, tax and consulting firms and the sixth largest global provider of tax services by revenue
- RSM in India is consistently ranked amongst India’s top six accounting and consulting groups
- Actively servicing a large number of Indian and multinational companies in matters of corporate advisory, taxation and accounting issues across various sectors
- Dedicated team of personnel having expertise in the field of direct taxation, indirect taxation, transfer pricing, foreign exchange regulations, corporate and other commercial regulations.
- Access to global methodologies, subject expertise and best practices of the RSM network
- Multi-disciplinary team of professionals comprising of Chartered Accountants, Management Graduates, Engineers, Company Secretaries, CISA / DISA, Cost Accountants and Law graduates
- Indian personnel strength of over 1,200 people having expertise in diverse fields and nation wide presence