The implementation of GST with effect from 1 July 2017 covering almost 1 crore tax filers, (with an estimated annual tax collection of Rs. 10 lakh crores) has been undoubtedly the most prolific indirect tax reform in India.
The Government of India has given many relaxations and extensions to assessees for the purpose of filing the returns. The challenges with the GSTN portal have also postponed invoice to invoice matching and the filing of Form GSTR – 2. Currently, many industry representations are still ongoing. Transitional credits, classification of goods and services, place of supply, inadmissible tax credits and applicability of reverse charge are expected to be a major area that would be subject to scrutiny by the department.
While businesses were initially only looking at compliances under the GST law, the time is now ripe for businesses to undertake radical redesigning of their business distribution models and organizational processes. As the GST law and compliance procedures get stabilized, the opportunities and challenges for businesses will now shift from compliance to optimization, from tax incidence to tax exposure management. In Financial Year 2018 –19, companies will take critical steps, leaps as well as bounds to realign their supply chain, optimize their distribution and logistics network, streamline their ERP systems and look to emerge as winners in the hypercompetitive world. The opportunities are limitless and
businesses need to start becoming proactive and look at GST as an enabler.
In this publication we have covered certain important topics such as:
- GST Supply Chain
- Advance Ruling
- Penalties and Interest
- Litigation under GST
- Case Laws