GST Registration India is now getting ready for the GST rollout. All the concerned authorities, GST Council, and the government are taking numerous pragmatic actions that can facilitate smooth rollout of the same.The government has claimed that GST system would ensure unprecedented economy boom and this would help every citizen of the country in the long run. On the other hand, industry expects more supportive environment that can facilitate smooth movement of goods and services across the country. In short, GST ensures win-win situation for both taxable entities and tax administrators. However, businesses as well as authorities must understand that the success of GST regime is entirely reliant on how adeptly-prepared we are.
Having discussed that, let’s acknowledge that as far as taxation authorities are concerned, they are quite prepared to embrace GST with utmost zeal. However, businesses, on the flipside, are somewhat unprepared for the same. Many of them have actually not paid enough attention to re-structuring their IT setups, and some of the businesses have not even comprehended how GST would bring about crucial changes in their compliance strategies. The first and foremost thing that businesses need to do herein is to complete the enrolment process on the GSTN portal. Government has already urged businesses numerous times to complete all the processes associated with acquiring GST registration number, and needless to mention, filling the GST application form on the common portal is the first strategic step in this direction. It is quite clear that all the entities involved in commercial transactions would have to acquire GST registration number before the new regime takes over. If a taxable entity fails to apply for the same, then things will indeed become somewhat difficult for them in the new era. Apart from performing the functions associated with applying for GST registration number, there are a myriad of things that businesses need to take care of in order to prepare for GST era.Some of those are listed herein.
Re-structure your IT setup: Once GST is introduced, businesses across India would be in dire need of efficient IT setup that can enable or facilitate smooth functioning of compliance related activities. It is so understandable that GST applicability in India would call for massive overhaul in the IT setups of all the businesses, operating across the country. As everything associated withcompliance and adherence in the new era would be performed and managed electronically, businesses would obviously need efficient IT support that can ensure the same. Businesses would need robust setup in order to connect with the database of government and reconcile their sales and/or purchase data in the most immaculate manner. They would also be in need of scientific software that can help them interact with government or taxation authorities. Hence, businesses must give due attention to re-structuring the IT setup.
Learn about changes that GST calls for: Apart from paying attention to IT requirements, businesses must also learn about what are the other aspects of compliance that would undergo massive change once GST steps in. Businesses would be evaluated on the basis of their compliance rating, and therefore, all the functions and/or tasks associated with adherence or compliance should be performed as per the guidelines specified by the competent government. You have to ensure robust compliance with rules or guidelines related to GST application process, and similarly, you also have to ensure that you maintain all the ledgers electronically. A simple way to learn about all the changes in compliance strategies post GST era is to attend GST training courses.
Consult a GST practitioner:Last but not the least; businesses should realize that understanding every change requirements and responding to those changes adeptly are not going to be a cake walk, and therefore, it would be a sensible step to consult an expert GST practitioner. Not only will it help companies maintain distance with upshots of poor preparation, but would also help you understand all the crucial aspects of GST Registration in India. An expert GST practitioner can help you understand how to respond to dynamic taxation scenario in an adroit manner, so that you can enjoy excellent business agility and reinforce your business bottom lines simultaneously.
In short, these are the crucial actions or relevant steps that taxable entities in India need to take immediately in order to prepare for the GST rollout in an adroit manner.