Why is it so difficult to reach a number?One of the reasons why it may be difficult to reach absolute numbers is because the government has not yet decided which products fall under which tax slabs. This decision will probably be taken in the council’s next meeting in March, and post that we may expect to hear more about the compensation packages. Another challenge facing the government is the issue of finding funds for this compensation. Experts assume that these funds could come from cess levied on the goods and services under the highest tax bracket of 28% – a category that is expected to include luxury cars, aerated beverages, cigarettes, and pan masala. Clean energy cess may also be part of the fund raising scheme.
Getting GST-ready before July 1The deadline for GST rollout has been fixed, and as a business now is the time to take the first steps to becoming GST-ready. This way, when the change comes, you will not be caught off guard! So, what can you do to be prepared for GST? Glad you asked:
- Get your enrollment done on time. To read more about the enrollment process and its relevance, Click here.
- Plan your logistics and warehousing requirement carefully. To read our detailed guide on impact analysis on logistics and warehousing, Click here.
- Adopt such platforms, technologies which will enable your business to be GST-compliant. Click here to get all updates and access a pool of GST Calculators.