India’s big four consultancies to help Indian companies prepare for GST
Advertisement
Advertisement
The Goods and Services Tax (GST) is all set to become a reality; however, as reported earlier, not many Indian companies are ready for the changes that it will bring when implemented. This is why India’s Needless to say, they would be raking in big moolah for this, which could go up to Rs 500-600 crores in the next one year.
The Indian government is aiming at a deadline of April 1, 2017 to roll the GST bill out. However, given that the companies are not prepared for the changes, they need to hurry up so that they can make all possible adjustments accordingly. For this, partners at these Big Four and their teams are spending as much as 20-22 hours per day, so that they can advise Indian companies about required changes.
This has also led the companies to consider hiring more employees to meet their targets and cater to maximum clients. This involves roping in experts from countries where GST has been already implemented, viz. Malaysia, Singapore and Australia.
The changes, says a report by ET, are not just about taxation. To adjust to a common GST in place of several state taxes, they need to change everything from the way taxes are calculated to the warehousing strategy and their information technology needs.
Advertisement
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- From terrace to table: 8 Edible plants you can grow in your home
- India fourth largest military spender globally in 2023: SIPRI report
- New study forecasts high chance of record-breaking heat and humidity in India in the coming months
- Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300
- Strong domestic demand supporting India's growth: Morgan Stanley