Goods & Service Tax (GST)
The Indian indirect taxation system is due for a seminal tax reform with the introduction of a unified Goods and Services Tax
(GST) as against the prevailing plethora of taxes (value-added tax (VAT), central sales tax (CST), service tax, customs duty,
excise duty, entry tax, etc.). As the council has already passed the GST Law, it is likely that the new GST regime may be
implemented from July 2017.
The new GST regime will open up an array of opportunities for businesses across India as well as those planning to enter the
Indian market. On the other hand, GST may also pose various challenges with respect to business planning, budgeting and investment,
as it will change many earlier assumptions regarding business and the market and as a whole. The challenge at hand for the business
community is to adapt to the transitional tax reforms by understanding the nuances of the new GST regime.
In this evolving indirect tax scenario, we at Aggarwal Financial Advisors LLP plan to assist our clients in bridging the gap over to GST
by providing specialised services to mitigate any GST-related tax risk.