Effective Implementation of GST

GST Return Filing Services

This is the first step in implementation. An expert needs to assess the areas of group of companies to find out which are the areas which are impacted and what kind of preparation needs to be done to carry out necessary changes in the areas impacted.

1. IDENTIFICATION OF SIGNIFICANT IMPACT OF GST:
In step two, significant impact areas are dealt with in detail to find out what is the kind of impact and what changes in terms of technology, people, systems, and processes needs to be carried out.

2. REALIGNMENT OF TAX & ACCOUNTING SYSTEMS & PROCESSES:
Once the steps are identified, the realignment needs to be done in invoicing, accounting, pricing, procurement, supply chain, and commercial departments. This step is the core of GST implementation and need to be carried out very carefully. The top leadership team needs to get involved to ensure that the changes carried out are error free.

3. TRAINING:
Training is the heart of any change and with a serious regulatory change like GST, not just tax, accounts and finance team need to upgrade but also procurement, supply chain, logistics, commercial, sales and marketing teams also need to undergo training.

4. IMPLEMENTATION:
Training will make sure the implementation is smoothly carried out. Post implementation review needs to be done on every return filed by the entity for a period of at least 6 to 12 months to make sure that the implementation turns out to be effective.

ProbizAdvisor is the solution to the financial challenges faced by most companies in India & abroad. Their expertise and unique way of operationalizing finances puts most companies they consult on a financial fast track. Their experience has helped many companies to recover from toughest financial and regulatory challenges.

These are indicative steps for implementation of GST. For detailed information, you are requested to get in touch with the GST expert.