With the recent approval of central GST laws and rules by the lower house and the GST Council respectively, implementation of GST in India from 1 July 2017 appears apparent.
After knowing the broad structure of GST proposed for India, it is time for the industry to focus on the transition tasks to be undertaken to prepare for any unwarranted disruption in carrying out business.
Even though multiple interpretations on a practice to be followed is unquestionable, at this stage, it is expected, from evidence from other countries who introduced GST, that certain positions would emerge from the interpretations to be adopted by tax authorities and the rules and guides introduced by the government during the transition.
GST claims to change the way of conducting business, which is expected to be easier and simpler to administer. Keeping this in mind, we have listed below key tasks every business must undertake during this transition period to derive maximum benefit of this major change.
via GST: Before you migrate to GST, these are the 4 key tasks you need to do – The Economic Times