How GST impacts your business

How GST impacts your business

GST: An opportunity to transform your business

GST: An opportunity to transform your business

GST entails a marked shift from origin-based taxation to a destination-based tax structure, affecting the various facets of business such as profitability, cash flow, sourcing, pricing, supply chain and Enterprise Resource Planning (ERP) systems. The advance planning before the transition into the GST regime provides an excellent opportunity for organisations to assess and realign business models across their value chain to gain a competitive edge over their competition.

Whilst the finer details of the reform would continue to unravel, the important question is whether one should wait and watch, or take a proactive approach and adapt for this inevitable regulatory change early on, in the face of the short timelines within which GST is expected to be introduced.

One should not take a restricted view of GST and endeavour to pursue GST as a strategic opportunity: to leverage profitability, gain a competitive edge and drive efficiencies across the business ecosystem.

The inevitable business transformation triggered by GST would entail identifying, addressing and leveraging various tax and business drivers including taxability and rates, exemptions and concessions, cash flow and refunds, supply chain network, governing rules and regulations and compliance framework.

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