Initiated almost a decade ago, India wait for Goods & Services Tax ('GST'), which would create World largest single market, seems to get over by July 1, 2017.
Implementation of GST law would lead to a paradigm shift from the current tax structure in India and would usher an all-together new tax regime in India, having a multifold impact on businesses.
GST would not only lead to tax reforms but also business reforms. Considering that GST would have an impact on every aspect of business, with limited time in hand, it would be worthwhile to recognize your organizations need to not only being GST compliant, but also to carve out a solution which would assist the organization in leveraging the new law to its advantage.
Considering the prevailing political scenario in India, it is likely that GST may be introduced at a short notice. It may not be inappropriate to say that the preparedness of Government viz-a-viz the preparedness of industry, is far more this time round. Accordingly, making changes across business functions by an organisation at a short notice would be a significant challenge. Hence, we suggest organizations to accord high priority to GST impact assessment, to have seamless transition to GST regime.
Synopsis of GST:
Our GST Team:
For any business specific queries, please feel free to contact our GST team, which comprises of professionals having expertise in the field of Indirect Taxation:
LL.B.; Member of the Bar Council of India
Tel: +91 11 47103388
Shashank has over 8 years of experience in the field of Indirect Tax. His areas of functional expertise include Service Tax, Value Added Tax and Goods & Services Tax (GST). He has successfully represented and advised large corporate houses representing diverse industries like hospitality, sports, telecommunication, information technology, manufacturing, trading, education and infrastructure.
Previously, he was associated with the Indirect tax practice of Big Four Accounting firm at Managerial level. Shashank brings with himself the experience to identify the Indirect tax risks in the working of the clients and successfully mitigating the same by restructuring the Indirect Tax Implications. He has been extensively involved in managing the PAN India Indirect Tax compliances for his clients.
Shashank is assisting various clients in their GST impact assessments and transitional assistance. He is actively involved in holding training sessions for his clients. He is not only helping clients in being GST ready, but is also assisting them in realizing the full-scale benefits of GST by adopting a business transformation approach, rather than merely considering this as a tax change project.
Shashank is regularly invited at various tax forums and contributes articles to various journals. He is in regular consultation with various Chambers and Business forums.
B.Com; LL.B.; Fellow Member of the Institute of Chartered Accountants of India
Karan has over 5 years of post-qualification experience in the field of Indirect Taxation. Over the years, he has engaged in assisting clients on issues pertaining to Service Tax, Value Added Tax Central Excise and Customs. He also represented clients before various departments such as Service Tax, Value Added tax, Directorate of Revenue Intelligence and Anti evasion department.
Previously, he was associated with a Big Four Accounting Firm. He has also gathered considerable experience in handling Service tax audits, VAT audits and Service Tax refund claims for various clients. He was also involved in preparation of client specific GST presentation and assisting clients in their GST impact assessments.
B.Com; Fellow Member of the Institute of Chartered Accountants of India
Mayank has been in the field of Indirect tax practice for last 5 years. He has been extensively involved in providing compliance support, litigation support and advisory in the field of Value Added Tax, Central Sales Tax, Central Excise and Service Tax for PAN India clients spanning industry verticals.
Previously, he was associated with a Big Four Accounting Firm. He has assisted in due diligence and diagnostic reviews from Indirect tax perspective of various clients across diverse sectors like aviation, real estate and medical. He has successfully represented clients before various Tax Authorities/ Appellate forums and has also assisted various clients during Service tax and Central Excise Audits. He is also involved in assisting GST impact assessments for various PAN India clients.