Are you GST ready

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Are You GST ReadyByZubin PoonawallaAll things are ready, if our mind be so. ?William ShakespeareIndia demonstrated unity in diversity & created Historical moment when Rajya Sabha passed the Constitutional amendment bill unanimously. Country now expects similar unison when GST Council will decide big bets like Classification, Rates, Point of Taxation, Valuation, Related Party transaction & Dispute resolution between States over GST share. We will certainly be ready then for one India one Tax even though fundamental Duality will remain as its feature.Every Professional handling Indirect Tax in the country is being bombarded with lots of questions about the granular aspects of GST applicable on first 6.5 Million GST Dealers. When it will come & how it will come seems like trivial questions surpassed by the notion that It has come, what next?Surprisingly professional fraternity like Chartered Accountants & lawyers are frolicking with questions like1. Do I need to increase or decrease my Depot Operations?2. Should I produce more before GST Transition?3. How much IT Cost is involved in GST Implementation?4. Is my ERP sufficient to handle GST Transition?5. What should be the criteria of Vendor Selection Post GST?6. How my Market Share will be impacted post GST?7. What are those hidden Gains for me in GST?8. Do I need to disclose or share my gains with Customers or Government?9. Do I need to change my MRP or Pricing Strategy for GST?10. How to protect my distributor & retailer eco-system in GST?Probably there are thousands of such questions being faced by hardcore Tax Professionals in Industry & Advisory, for which they have to take a deep dive into the business. GST law will not answer all these strategic business.queries which every businessman would like to know upfront without going through the pains of browsing tons of information floating around.Tax professionals were handling fragmented Indirect tax law divided between States; central and local are now finding it exciting to see the full picture of Business Cycle wherein they can apply new set of tools under GST law to see the impact of it. It will involve huge unlearning & relearning in the process for every stakeholder including State Tax Authorities handling taxes of Services with no touch & feel.Question which we must have answer is that Is it a Change in Tax law?Should we drive it like CENVAT and VAT?Answer is probably NO, because GST will expect equal bandwidth of Non-Tax & Non-Finance resources to grab this as an opportunity to optimize their business gains through GST. This is last opportunity to set right their process for those struggling with best practices of Tax Compliance.CEO, Supply Chain Heads, COO, CIO will form cross functional task force to drive Project GST for smooth landing & growing their business post GST. Of Course work for CFO & Tax Heads will increase multifold to ensure that Project GST remain on the forefront till the time their company is confident that they have examined all fine contours of GST. Getting best professional advisory might become difficult because we might see bandwidth issues with Experts running against time. A Precaution to protect their health & peace of mind is a must to do this challenging multi-tasking.Investors might ask Boards to provide confirmation that they are GST ready with all strategic plans in place & emergency levers working before the D-Day.A journey of a thousand miles begins with a single step. Lao Tzu



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