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Tips before you migrate into GST aka Goodnight Sweetdreams Takecare –

Tips before you migrate into GST aka Goodnight Sweetdreams Takecare –

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About GST, Arun Jaitley said the new indirect tax government will ensure smooth and continuous transfer of goods and services with stronger information technology backbone will make evasion difficult.
“The biggest taxation reform what we are trying to implement from July 1 is Goods and Services Tax. It will increase the volume of taxation, there is no tax on tax and therefore makes goods, commodities and services little cheaper and far more convenient,” Jaitley said.

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GST claims to change how the business are functioning, which is expected to be easier and simpler to administrate. Keeping this in mind we have listed some important task which every businessman must undertake during this period of transaction to get maximum benefits of this change.

1)Register-

Register yourself in GST.

You’ll get a GST number and then you can do your business with ease.

2)Update your ERP framework-

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Keeping in mind the new costing framework, organizations need to redesign their ERP frameworks. This is important to assist the complexity of figuring GST.

3) Appoint an Accountant-

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Now its high time you appoint a full time account for your company. This will make the move much easier and faster.

 

4)Prepare in Advance-

Getting ready for GST is a test by itself. Organizations need to keep checking on all the updates so they do not be behind of time.

 

5)Create awareness to the employees-

Organizations should educate the employees accordingly. The organization should appoint an expert who could guide employees. The exact education of the new taxation policy to the employees would help the company run smoothly without and hindrances.

6)New compliances-

After GST tax compliances, the taxation structure will change as per the new taxation system. Therefore, companies should keep all the new compliances ready before hand.

Recommended: GST forms- Returning fillings, Rules, Registrations, Challan, Refund, Invoice.

7)Analyse organization requirements-

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The organisation should take a note of all the organization requirements that will be necessary under the GST system. This will help the organization to understand the loop holes of the GST regimes and help them to work on it.

Blog Author : Sakina Jaliwala

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