GST: A Race against Time
10 days before the roll out of GST, we spoke about the current state of the different industries and how some of the smaller organisations may find it a little harder to make the transition to the GST. Along with this, we also covered a few very basic but highly important factors that need to be addressed at the earliest to be GST ready.
The same pointers still apply for organisations that are trying to understand the GST ecosystem and what they need to do.
If you want a quick download on how to begin your journey to being GST ready, watch this video!
As we all know GST is going to be implemented on 1st of July, which is less than ten days from now. Looking back over the last 3-6 months of GST implementation, we can see that it has taken shape through understanding of the system, the returns as well as the technology backbone that the GSTN has put together. Each of these has been a big change that has taken time for most people to understand. Obviously the large organisations have been most amenable to use the various tools at an early stage, whereas, the smaller organisations are still getting used to how life is about to change in the GST world.
In the next 10 days everybody has to get ready in some shape form even though the government has given additional time for providing the monthly returns, which was originally scheduled for the mid of August. The additional time window helps everybody to get prepared, so the first priority for every business now, is to get their information systems and data in order, get the right set of intermediaries as required, if not done already.
All this simply means, appoint an ASP, a GSP, unless it is a very small organisation with less than 100 invoices a month that attempts or plans to go to the GSTN portal for a manual upload. But then again one has to be cognizant that even a manual upload will also require download of counter party invoices and technology infrastructure to compare those against own invoices. So overall there are a lot of things that GST will change, a lot of them are known already and there will be things unknown, which will effectively continue not only until 1st July, but possibly for the entire month of July as the final norms on the technology backbone, API, the infrastructure are fully in place. Once every organisation is prepared there will be smooth filing and entry into the digital world of compliance, analytics and digital India.