{"id":6130,"date":"2017-07-15T06:05:13","date_gmt":"2017-07-15T06:05:13","guid":{"rendered":"\/blog\/?p=6130"},"modified":"2024-12-31T16:54:35","modified_gmt":"2024-12-31T11:24:35","slug":"what-to-change-in-your-business-for-gst","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-business\/what-to-change-in-your-business-for-gst\/","title":{"rendered":"What to Change in Your Business for GST"},"content":{"rendered":"\n

July 1, 2017, saw the beginning of a new era in India’s indirect tax structure. The Goods and Services Tax (GST) has now been implemented and businesses need to gear up for the required changes.<\/p>\n\n\n\n

Know More<\/a><\/div>\n\n\n\n

Following\nare the seven things you must complete to make your business ready for the new\ntax regime:<\/p>\n\n\n\n

1. Registration<\/em><\/strong><\/p>\n\n\n\n

As\nper the GST laws, you need to register your business in all states where you\nsupply goods and services. If your business is already registered, you need to\nmigrate to the new regime. Unregistered businesses will also have to register\nin those states where they supply the goods and services.<\/p>\n\n\n\n

2. Modify\nthe information technology systems<\/em><\/strong><\/p>\n\n\n\n

All\nyour information technology (IT) systems would have to be updated to issue GST\ninvoices. All customer-related data and tax codes must be integrated into your\nIT systems to generate the required GST reports. If you need to upgrade your IT\nsystems, consider availing of business\nloans.<\/strong><\/p>\n\n\n\n

3. Upgrade\nbusiness processes<\/em><\/strong><\/p>\n\n\n\n

Taxes were levied separately on the supply of goods and provision of services. However, GST is levied on the supply of the goods and services both. In addition, there are several procedural modifications, such as self-invoicing for unregistered sellers, credit reversal when consideration is not paid, and more. All these changes make it necessary for you to modify your business processes. You may consider a business loan<\/a> to make the necessary changes.<\/p>\n\n\n\n

4. Amend\nvendors\u2019 and customers\u2019 contracts<\/em><\/strong><\/p>\n\n\n\n

The\npresent indirect tax system did not require a correlation between the location\nof the service receipt and invoices for these services. However, in the GST\nregime, the credit pool will be separately maintained in each state. Therefore,\nthe invoice for the services must be received at the same place where credit is\neligible. You may need to modify contracts to comply with the GST laws.<\/p>\n\n\n\n

5. Determine\nproduct prices early<\/em><\/strong><\/p>\n\n\n\n

Currently,\nsupply chain partners like retailers and distributors calculate margins on the\nbasis of only value added tax (VAT) being applicable on the sale price. Under\nGST, there will be new rates applicable, making it necessary to re-compute\nprices after considering the tax credits. You must determine the overall effect\nof the new tax regime and make the appropriate pricing decisions.<\/p>\n\n\n\n

6. Settle\ntax\ncredit<\/em><\/strong><\/p>\n\n\n\n

You\nmay claim credit for the taxes for inventory and carry forward the accumulated\ntax credit on complying with certain conditions. If you carry forward your VAT\ncredit balance, you must submit the sales tax declaration form as applicable\nwhen you have claimed concessional rate or exemption of Central Sales Tax (CST)\non the sales. If you have not submitted these forms, it is important you claim\nthe tax credits in time. You may consider a commercial loan to meet any short-term working capital\nrequirements to overcome any shortfall due to delay in tax credits.<\/p>\n\n\n\n

The implementation of GST will affect many businesses, as well as the economy as a whole. Keep the above points in mind to easily deal with this transition.\u00a0 <\/p>\n\n\n\n

Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

July 1, 2017, saw the beginning of a new era in India’s indirect tax structure. The Goods and Services Tax (GST) has now been implemented and businesses need to gear up for the required changes.<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":6140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-6130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-business"],"yoast_head":"\nWhat to Change in Your Business for GST - TATA Capital Blog<\/title>\n<meta name=\"description\" content=\"Learn the changes required in your business for GST registration including details such as business name, address. Simplify GST amendments for your business. 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