Goods and Services Tax:
The government has proposed that indirect taxes levied on goods and services by the Centre and States be replaced by the Goods and Services Tax (GST). The tax base is anticipated to be comprehensive, including virtually all goods and services, with minimum exemptions. GST will have a far reaching impact on virtually all aspects of businesses operating in the country, for instance, pricing of products and services; supply chain optimization; IT, accounting and tax compliance systems.
GST would bring in significant change in doing business in India and is seen as the single most important tax reform initiative in India since independence and is expected to provide a significant boost to investment and growth of the economy.
EY has been closely involved with the GST initiative through its Policy Advisory Group – a specialized team of experienced professionals, including former government officials – that advises businesses as well as governments on diverse policy issues.
For more details on the impact of GST on your operations, write to our leaders:
Satya Poddar, Partner, Tax Policy Advisory Group at ( Satya.Poddar@in.ey.com )
Harishanker Subramaniam, Partner and Leader Indirect Taxes at (Harishanker1.Subramaniam@in.ey.com)
To know all about GST, logon to http://www.ey.com/in/GST