TaxTMI 
TaxTMI 
Can anyone say what are the preliminary steps and cautions to be taken to get ready for GST.
Preliminary Steps
01 Mar 2017 
10 Replies 
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Goods and Services Tax preparedness: map transactions, collect statutory documentation, and ready teams and systems for transition.
Preparation for the Goods and Services Tax requires enumerating and categorising existing transactions, simulating GST scenarios to identify changes in tax incidence (including inter state stock transfers and integrated tax implications), and collecting statutory forms and export proofs. Organisations should update powers of attorney, involve cross functional teams to review invoice formats, accounting entries and warehouse structures, and prioritise internal "as is" process documentation so that adjustments to software and business processes can be made once the final law and rates are published. (AI Summary)
Preparation for the Goods and Services Tax requires enumerating and categorising existing transactions, simulating GST scenarios to identify changes in tax incidence (including inter state stock transfers and integrated tax implications), and collecting statutory forms and export proofs. Organisations should update powers of attorney, involve cross functional teams to review invoice formats, accounting entries and warehouse structures, and prioritise internal "as is" process documentation so that adjustments to software and business processes can be made once the final law and rates are published. (AI Summary)