Head Indirect Tax and GST , International Business Advisors
What do companies need to do at the time of transition under GST
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.
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.
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.
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