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Nimish Goel

Head Indirect Tax and GST , International Business Advisors

What do companies need to do at the time of transition under GST

 

Questions Answered

Q

guest: which taxes at the center and state level being subsumed into GST?

Nimish Goel : At Central level - CVD, SAD, Excise duty, Service tax and corresponding cesses will be subsumed. At State level - CST, VAT, Entry Tax, Luxury tax and entertainment tax will be subsumed.
Q

guest: what is GST ? and how does it work?

Nimish Goel : Goods and services tax is an Indirect tax. Goods and Services tax will be levied on supply of goods or services for a consideration. This is a destination based consumption tax.
Q

guest: how would be GST administered in India?

Nimish Goel : GST would be administered by the CGST and SGST officer. These officers will be appointed by the Board.
Q

guest: What are the steps which companies has to follow?

Nimish Goel : Companies need to assess the impact of GST on their operations (Fiscal, Information Technology, Supply Chain). Further companies should prepare a detailed transition map/ plan for GST implementation
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