Goods & Service Tax (GST) is the most important indirect tax reform in the country, which introduces a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India to replace various taxes levied by the central and state governments. GST is levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method. A supplier must register in each state or union territory from where he affects supply if the taxable value of supply (aggregating taxable value of each state) exceeds the threshold limit.
Changeover to GST has impacted the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization and reporting, leading to a complete overhaul of previous indirect tax system followed by entities. It is imperative for entities to study the far-reaching impact of GST on almost all the aspect of the business operations, i.e. pricing of products and services, supply chain optimization, IT, accounting and tax compliance systems.
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