Before GST Implementation, every company & tax professionals should also realise as to what happened in Malaysia after GST Implementation .
First Stage – Preliminary discussion and screening
Second Stage – The second most important aspect of GST Implementation is through Documentation on Impact, Implications, Procedural Suggestions & Safeguards
Third Stage– GST Execution & In house Legal training cum counselling for Proper Implementation
Duration – Minimum of 2-3 months are required for complete analysis and working out the GST implementation.This will also vary depending upon a specific sector, nature of business, transactions involved, warehousing, logistics, contractual libailities, transitional issues, hidden aspects etc.
It is pertinent to note that in GST which is in practice in entire world, the sine qua non of GST i.e concept of supply, consideration, business,recipient, location of supplier, location of recipient,establishment, reverse charge mechanism, continous supply, input tax credit, zero rated supply, composite supply, time of supply, value of supply, market value,etc is almost similar in every country following OECD. Hence, it is neither too early to work on GST implementation nor it is premature to work on GST implementation in any organisation.
We understand that the framework and fundamental of draft GST is in line with Organisation for Economic Co-operation and Development(OECD) guidelines for which India has shown its commitment way back in 2015 and other GST models of the world are on the same framework as well.