Steps to Implement GST in Business

There are several steps that businesses may consider for GST readiness and they include:

• Map the current business transactions and over lay the GST footprint to assess impact of new law
• Take impact mitigation measures by restructuring transaction flows and / or supply chain
• Redesign the processes in line with the above
• Assess IT readiness requirements and take necessary steps to bring in functional modifications
• Assess and implement registration and compliance requirements and
• Assess steps to be taken to ensure smooth transition including stakeholder communication and documentation requirements

STAGES OF GST IMPLEMENTION

1. Businessmen needs to identity Steps to Implement GST in Business. For Example

2.Businessmen needs to design Flow Chart to Implement GST in Business. For Example

For Example  :-GST Refund For Tourist In Malaysia

3. Companies needs to Sequence the activies to  Implement GST in Business

4. Businessmen needs to decide Inputs on which GST will be avialable and  output on which it needs to pay GST to  Implement GST in Business . He also needs to decide Time of Supply, Threshold, Exemptions etc.

5. Businessmen needs to decide whether supply is at standard Rate, Zero Rate or Exempted Supply to  Implement GST in Business

 6. Businessmen needs to decide who are there supplier, and Consumers to  Implement GST in Business

7. Businessmen needs to have GST  Audit done after Implementing GST in Business

GST Implementation Challanges

All About GST – A Complete Guide to Model GST Law (3rd Edition, August 2016)

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