Getting GST Ready
Introduction of GST will lead to rise in training requirements–
(a) for the industry
(b) for tax professionals.
A three-fold training structure can be adopted i.e. training to (1) top management of firms / business owners, (2) process owners and (3) taxation / accounting team. Training would be required in first educating the business owners and higher management on the likely impact of GST on their business and thereafter updating the company personnel with nuances of GST along with regular update sessions.
Since proposed GST is considerably different from Existing Indirect Tax Regime, it is important that massive training exercise is undertaken by the company across all levels so that employees are well versed with the new regime. . It is important that the companies may conduct various tax handholding sessions with ground level personnel so that they are aware of the modalities of the new tax regime.
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