What does GST entail?
Goods and Services Tax (GST) is a comprehensive indirect tax on manufacture, sale and consumption of goods and services across India, replacing existing indirect taxes levied by the central and state governments. GST is a destination-based, value added taxation system proposed as dual levy.
- Intra-state: Both Centre and State charge tax on the same transaction in the form of Central Goods and Services Tax (CGST) & State Goods and Services Tax (SGST) respective
- Inter-state: Centre will have the exclusive jurisdiction to levy Integrated Goods and Services Tax (IGS)
GST business impact
How will this impact business? GST will have far reaching impact in numerous areas such as those listed below:
- taxation structure
- tax incidence
- tax computation, credit and compliance
- credit utilization
- supply chain management
- IT and accounting system
These changes require a robust and comprehensive indirect tax determination and compliance solution.
Ameya Kunte in panel discussion with Prakash Kumar, CEO, GSTN & Prashant Pillai, Country Head, Tax & Accounting, Thomson Reuters talking about the various issues related to Goods & Services Tax (GST).
How can Thomson Reuters help with GST transition?
Thomson Reuters is a global leader providing tax technology solutions to corporations across the world in a number of key areas including corporate tax, finance, accounting, pension, benefits, and payroll. Our teams have developed and implemented indirect tax solutions for tax regimes across the globe, including tax planning for goods and services tax and value added tax. Our comprehensive suite of tax technology solutions equips organizations for speedy GST implementation.
Explore how ONESOURCE Indirect Tax is the ONLY truly complete solution to handle sales and use tax, VAT, and GST research, determination, and compliance.