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GST is buzzword in India these days and it impacts each and every business
in India directly. Unlike the Tax and compliance changes that we used to see
in the previous years, GST is a major change that every business needs to
have special attention to address the GST requirements not only from
compliance perspective but also from the perspective of operating the
business itself as it has multiple impacts across various operations in the
business.
Beyond the compliance GST impacts every enterprise on the following key
areas
GST helps the businesses to evaluate the current operating model and
restructure the future operation plans based on the positive impact of the GST
from P&L, Cash Flow, Sourcing, Pricing , Costing and Tax credits
perspective. This is going to take anywhere between 6 months to 24 months
to take complete advantage of the GST by addressing the impacts on the key
areas mentioned above.
The conclusion is that though the businesses implement GST changes from
the tax perspective, but there is a lot more scope for business to realign its
strategy to take maximum advantage of GST, Which may take few years. The
leadership team need to analyse every possible way to realign the operations
so that the over all profitability is maintained and increased as well to the
extend possible.