Goods and Service Tax (GST) Transition
India is moving towards integrated tax structure on goods and services with the
proposed introduction of Goods and Services Tax (GST). GST would be a comprehensive
tax structure which would subsume central excise duty, additional excise duties,
service tax, additional Customs duty, vat/ sales tax, entertainment tax, luxury
tax, etc.
Under the proposed GST, a dual system of tax is proposed wherein a central goods
and services tax (CGST) and a state goods and services tax (SGST) will be levied
on the taxable value of the transaction. RSM Astute provides focused services towards
GST Transition and Change Management.
What We Do
GST Change Management Study
Conducting a study to determine the extent of impact that the various changes being
contemplated in the Goods and Services Tax (GST) regulations, could have on the
various aspects of the business / organization pursuant to the transition from the
existing tax regime to GST and advising on the possible strategies that would be
required to be adopted to enable minimal effect of such impact. This exercise could
broadly cover the following aspects:
- Formulating a GST Migration Steering Committee
- Impact study of GST on businesses
- Review of the existing level of compliance, documentation and accounts function
with a view to identifying the changes that would be required
- Review of the Accounting systems as existing and the changes that would be required
thereon in the new GST regime.
- Review of Information Technology (IT) systems as existing and the changes that would
be required thereon in the new GST regime.
- Identifying various aspects that would need to be intimated / resolved / reconfirmed
with Customers and Suppliers / Vendors.
- Studying implications of the change on the organizational cash flows.
- Assisting in the preparation of a detailed checklist for GST administration
- Identifying and examination of possible areas where there could be concerns of litigation
/ ambiguity and advising on related matters / strategies to be followed.
- Organizing intermediate and advanced training programs for groups of employees based
on specific organizational needs.
- Understanding transitional GST provisions and advising / assisting clients in their
proper understanding and availment of the benefits as permissible.
- Providing Opinions on specific matters – Examining specific matters / issues referred
to by Clients and providing our specialized opinions thereon.
Advantage RSM Astute
- Actively servicing a large number of Indian and multinational companies in matters
of corporate advisory, taxation and accounting issues across various industries
and service verticals.
- Dedicated team of personnel having expertise in the field of direct taxation, indirect
taxation, transfer pricing, foreign exchange regulations, corporate and other commercial
regulations.
- Access to global methodologies, subject expertise and best practices of RSM International.
- RSM Astute Consulting Group (along with its affiliates) together has been ranked
as the 5th largest accounting and consulting group in India (International Accounting
Bulletin - September 2010).
- Extensive experience in advisory, taxation and accounting matters across various
industries and service verticals.
- Multi-disciplinary team of professionals comprising of Chartered Accountants, MBAs,
Engineers, Company Secretaries, CISA / DISA, Cost Accountants and Law graduates.
- Indian personnel strength of over 800 people having expertise in diverse fields
and Nation wide presence.