Reaping benefits from GST

It has been more than a year since the biggest and the most comprehensive indirect tax reform, Goods and Service Tax (GST) has come into effect in India from 1 July 2017. This phenomenal task of shifting to the new digital regime of taxation is aimed at streamlining and consolidating indirect taxes in order to unify the market. This transition accounts for changes in all areas of business, tax rates and tax payment schedule, logistics, delivery, marketing and sales and so on. In this context let’s look at the few ways by which organizations can make the best use of GST.

· Understanding and assessing the impact of GST on each aspect of the business.

· Taking advantage of the integrated and unified system of taxes to streamline operations and rationalize prices.

· By taking advantage of the single registration and seamless tax-credit flow mechanism, businesses can expand to other states/parts of the country.

· Reaping out the benefits from increased at par competitiveness under unified GST which has replaced multiple tax systems levied by different authorities.

· Increasing profit margins and reducing operational costs by ensuring all expenses where ITC can be claimed.