GST Advisory Services

GST Advisory Services

On 1st July 2017, Government of India has introduced the concept of Goods and Services Tax (GST). It is implemented on all business activities performed in India. GST is the largest indirect tax reform in India since independence. GST is a PAN-India single unified tax imposed on Goods and as well as services, levied only on ‘value added’ to goods and services at each stage in the economic supply chain. GST has not only changed the tax pattern in India but is expected to impact hugely on each facet of business operations conducted in the country such as supply chain optimization, pricing of products and services, IT, accounting and tax compliance systems. GST will have its effect on tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization, and reporting, moving towards a complete overhaul of the current indirect tax system.