Determine online the impact of GST on your clients through www.GSTimpact.com
GST has not only opened up a new world of opportunity for Chartered Accountants(CAs) but has also created an ethical/ professional obligation on the CAs towards their clients who specifically look up to them for guidance and support in preparation & implementation of any tax/ fiscal statute on their business.
In view of the GST roll-out in near future, clients are expecting CAs to guide them with the impact of GST on their business and working capital, suggesting changes in accounting systems, re-strategizing sourcing and distribution system etc. for a smooth and efficient migration to the GST regime.
From a practical standpoint, CAs not having indirect tax practice background are occupied with their existing work and have little time to gear up for GST. It is quite challenging for such CAs to render quality services to their clients. Thus, there is a need of online automated solutions that can be used by CAs to determine the financial and other impacts of GST on their client business.
www.gstimpact.com is an online platform developed by indirect tax experts with numerous years of experience, that offers user-friendly automated tools for online GST impact analysis on various business aspects.
Using the advance tools at www.gstimpact.com, one can obtain a detailed customized report highlighting the impact of GST on the following business aspects:
- Impact on revenue and profits on business
- Impact on output tax liability and input tax credits
- Impact on cash flow including working capital
- Changes required to be made in Accounting and IT systems
- Migration relating support including treatment of closing stock, registrations, etc.
- Documentation and tax records to be maintained
- Compliances to be undertaken
The pricing of report is quite attractive, i.e. INR 4,900 only. Further, special plans are available for the CAs who seek to undertake GST impact assessment for multiple clients.
As an additional incentive for the CAs, the portal also provides editable version of the report so that the CAs can modify the report and insert their firm name in the same for meeting their client needs.
Undertaking GST impact assessment via www.GSTimpact.com is a simple process which requires the user to fill MS-Excel based user-friendly input forms. Such input forms are designed to capture sale/purchase/ credits related data and have robust help facility for enabling the user to fill the form easily.
These input forms are specific to various business sectors like traders, manufacturers or service providers etc and cover all possible forms of indirect tax transactions in the country such as stock transfer, high sea sales etc.
Once the input form is uploaded by user, the detailed GST impact report in a presentation form (with approx. 70 slides) is delivered to the user within 7 days. The report presents financial impact results in tabular and graphical forms which can be easily understood by the user. The report re-createsthe existing profit and loss account to the one under GST law for giving a holistic view of the financial impact.
Many CAs are using the online tools at www.gstimpact.com for serving their clients with respect to GST. Leading newspapers like The Economic Times and Business Standard have also published a news report with respect to the gstimpact.com portal.
Since GST is a major reform, with the assistance of www.GSTimpact.com CAs can make their clients GST ready and develop capability and confidence to commence/ strengthen their practice in the field of indirect taxes.
By: Mr. Ankur Jain and Ms. Rashmi Kedia (Founder, www.GSTimpact.com)