A PRESENTATION BY CMA MIHIR TURAKHIA BCom FCMA LLB DECODING THE IMPACT OF GST TABLE OF CONTENTS 2 IMPACT ON YOUR BUSINESS 1 TAX STRUCTURE 4 WAY FORWARD 3 SECTORAL IMPACT ANALYSIS ID: 1030038
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1. GST: THE ROAD AHEAD…A PRESENTATION BY: CMA. MIHIR TURAKHIAB.Com, FCMA, LL.B
2. DECODING THE IMPACT OF GST
3. TABLE OF CONTENTS2.IMPACT ON YOUR BUSINESS 1. TAX STRUCTURE4.WAY FORWARD…3.SECTORAL IMPACT ANALYSIS
4. 1. TAX STRUCTURE GST
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6. 3. IMPACT ON YOUR BUSINESS
7. IMPACT ON CASH FLOWS :IMPACT ON CASH FLOWS, AFTER GST IS TRIGGERED DUE TO NUMBER OF REASONS:
8. IMPACT ON PROCUREMENTAFTER GST, THERE IS A NEED TO RATIONALIZE THE NETWORK MODELS WHICH WERE CREATED TO AVOID THE CST
9. IMPACT ON DISTRIBUTIONSAFTER GST, THERE IS A NEED TO RATIONALIZE THE NETWORK MODELS WHICH WERE CREATED TO AVOID THE CST
10. IMPACT ON PRODUCT PRICINGREASSESSING THE PRODUCT PRICING STRATAGIES IS PLAYING AN IMPORTANT ROLE IN MAINTAINING THE COMPETITIVENESS UNDER GST
11. IMPACT ON SALES
12. IMPACT ON INFORMATION TECHNOLOGY
13. IMPACT ON COMPLIANCES
14. IMPACT ON ACCOUNTS & FINANCE
15. IMPACT ON HUMAN CAPITAL
16. 4. SECTORAL IMPACT ANALYSES
17. SERVICE SECTOR
18. CONSTRUCTION SERVICESRemoval of Multiple Taxes like VAT/ST etc.Many services consumed previously are out of the purview of GST in light of the exemption limit of 20 lacs. Valuation Rules exclude the value of Land.
19. LOGISTICS/ C&F SERVICESMany depots has become redundant.Development of Zonal Warehousing HubsMore pressure on the overheads to beat the competition.Importance of Bundled Services has grow.Logistics optimization is now a key to business success, sans tax imbalances.
20. OTHER SERVICESWorks Contract ServicesIT & ITESRenting of Immovable PropertyBusiness Auxiliary Services.
21. MANUFACTURING SECTOR
22. KEY CONCEPTS FOR MANUFACTURINGThe ITC of many supplies has increased substantially. Procurement Process is revamped.The vendors with GST registration are more preferred.MRP Valuation is no more relevant.Post sales expenses and Logistics has became the critical factor.Inter Company/Depot Sales/Group Company transfers are Taxable
23. TRADING SECTOR
24. KEY CONCEPTS FOR TRADERSMany types of trading outfits has become redundant, and so the traders will have to update current system. Getting more ITC as compared to earlier regimeOverall Cost has gone down.However some types of trading has also got the boost as the tax component will not affect.
25. EXPORT IMPORT
26. Zero rated supplies are allowed for RefundsFast Refunds resulting in smooth WC management. Effective ITC reduceing Export product cost.SEZ supplies under duty payment allowed as refunds in the hands of buyerImports attract only IGSTDirect imports increased as compared to large importer concept.
27. WAY FORWARD
28. Setting up of a core GST Committee – having representatives from Finance, Supply Chain, IT and Marketing teams Impact assessment ― Fiscal ― IT ― Supply chain ― Contract ― Specific business aspects ― Revisiting the business plan Advocacy – Preparation of detailed paper covering relevant tax issues and their representation with respective policy makers Drawing up a detailed plan for various new compliances & provisions under GST to ensure business continuity…
29. THANKS FOR WATCHINGPRESENTED BY:CMA MIHIR TURAKHIA B.com, FCMA, LLB