The implementation of GST is just a few weeks away. Businesses are in full swing to change their existing systems in order to incorporate the new regime. Corporates are hunting to find competent GST software whichcan assist them in preparing for the upcoming tax regime. Undoubtedly, this is one of the biggest tax reforms of the country since independence. The government is all set to bring GST into action but some businesses are still struggling and they are not yet ready to welcome the new tax regime. If you happen to be one of those businesses, then hereis a list of things, the application of which, will help you in making your business GST ready.
- Accounting systems overhaul:
The first and foremost thing that a business needs to do in order to get GST ready is to revamp its existing IT and accounting systems. One needs to understand the kind of impact which GST can have on the accounting systems along with the IT structure. Once this is evaluated, then systems need to be modified or changed based on the requirement. For this businesses are getting in touch with software development companies that can offer competent GST software. By seeking the help from adequate sources, one can ensure seamless transition from the current system to the new one.
- Training the vendors and suppliers:
At the end of the day the efficiency of the business will depend on the logistics to a great extent. As most of the businesses have a large number of vendors and suppliers, it is necessary to help them in accommodating the upcoming tax regime. If the companies want to ensure that the new tax structure doesn’t affect their supply chain negatively, then it is vital to safeguard that the vendors and suppliers are aware about GST compliance. At the end, the vendors and suppliers will be doing the ground work so it is extremely important for them to have a thorough understanding of what GST is all about.
- Getting familiar with GST Network:
GST Network (GSTN) is the one-stop portal that has been set up by the government with the intention of providing tax filing and input credit services to people. Companies need to get acquainted and familiarise their different departments with the GSTN. A proper GST software and compliance tool can help businesses in achieving the same. If there is a need, then training should also be provided so that each and everything is understood clearly. This is a vital step as one needs to work within the set guidelines and boundaries of the GSTN.
- Getting involved with the government:
There are no two doubts about it that it is way more difficult for the bigger organisations to adapt to GST compliance in comparison to the smaller ones. If you happen to be a big player in the market, then you can choose to engage with the government or the designated vertical in order to gain an expedited understanding of the entire GST regime. Smooth transition is important and it can be achieved only when you understand GST compliance. The government units will be able to provide you with the adequate details of the various rules and regulations which will be guiding the new tax regime. This information can be extremely helpful in getting you GST ready.
Some people are speculating that the implementation of GST might get delayed by a few months, but till now the government and the officials are adamant regarding the date on which it would be launched .i.e. July 1, 2017. Several companies have taken the assistance of competent GST software and have made the necessary modifications in order to accommodate the new tax regime. However, if you haven’t then you should start right now as there is hardly any time left to upgrade the systems and get GST ready.