The deadline for GST rollout in India is rapidly approaching. Thomson Reuters has the global expertise, experience, and established tax technology solutions to help organizations smoothly transition to GST.
What does GST entail, and how will it impact business?
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. For intra-state supplies, 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) respectively. For inter-state supplies, Centre will have the exclusive jurisdiction to levy Integrated Goods and Services Tax (IGST).
How will this impact business? GST will have far reaching impact going beyond taxation structure, tax incidence, tax computation, tax credit, credit utilization, and tax compliance to also impact supply chain management, IT systems, accounting systems and so on. These changes require a robust and comprehensive indirect tax determination and compliance solution.
How can Thomson Reuters help with GST transition?