3/21/2017 MostcompaniesmaybestrugglingwithGSTTheEconomicTimes

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MostcompaniesmaybestrugglingwithGST
BySachinDave,ETBureau|Updated:Mar03,2017,02.10PMIST PostaComment

MUMBAI:Forthefirsttimethegovernmentseemstobepreparedforgoodsandservicestax
(GST)butthecorporateworldseemstobegrapplingwiththeregulation,peopleintheknow
said.

IndustryexpertssaythatitwasablessingindisguisethatthedeadlineforGSTwaspushed
backasmostofthecompaniesmayhavestruggledwithit.Evenasmostofthetop
companieshaveropedinsometaxandtechspecialiststoimplementGST,someofthemid
scaleandsmallcompaniesarefindingittoughtoadapttotheindirecttaxregime.

Thegovernmentonitsparthasuploadedsomeofthebasictechprogrammesonseveralof
itsplatformstohelpsmallercompanies.However,theimpactofGSTissettobeacrossthe ImpactofGSTissettobeacrosstheboardfromtaxation,
technologyandevenonacompanysgrowthstrategy.
boardfromtaxation,technologyandevenonacompanysgrowthstrategy.

InmanycasessomeofthelargercompaniesarealsohelpingtheirvendorstobeGST Taxplanning:
HowtocompletealltaxworkbeforeMarch31
compliant.ThisismainlybecausetheonusofthevendororsupplierfollowingbyGST
regulationswouldbeontheselargercompanies.Andunlessthathappensthecompany
wouldnotgetataxcredit.

Thereisalsoaworrythatthetaxationcouldcreatesomecomplications.Insomecasestheaggregatedtaxmaycomeuptoabout40%
sayexperts.

Eventhoughchangeinthepeakratewillnotalterthefourslabratestructureof5%,12%,18%and28%agreeduponlastyear,butis
onlyaprovisionbeingbuiltintothemodellawtotakecareofcontingenciesinfuture.ThismeansthecentralGSTandstateGSTcanbe
upto20%each,leavingthescopeforamaximumlevyat40%.Thisaggregaterateof40%canbeexpectedtobeapplicableonsin
goods,AbhishekRastogi,Partner,Khaitan&Co.

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