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The Indian economy in 2017 witnessed a revolutionary and one of the largest tax migration exercises that brought with it a mixed bag of response from different spheres. Since the rollout, GST-India has received a warm response from the financial circles who understand the deeper impact of this new tax regime. In fact, according to Taxsutra, a survey “highlights a large increase in no. of indirect taxpayers, many who have voluntarily chosen to be part of GST.”
One of the key impacts of post-GST implementation is the migration of unorganized sectors to more organized structures, a long-awaited move that empowers the government to keep a control on capital movement that often escaped the tax windows.
If we take a closer look on this shift of unorganized sector, the requirement of sustainable working capital to keep the manufacturing and supply funnels running can be mapped out as one of the major reasons that brought about this change.
By definition, working capital is the measure a company’s efficiency and its financial health from a short-term perspective. With the implementation of GST, now the unorganized sector has to pay GST at various levels in order to redeem it themselves, which in the older tax regime was often evaded with late tax filing.
The pointers below will give you a fair idea of the impact of GST on the working capital of a company and help us look at it from a broader perspective.
It will be too early to be conclusive about the pros and cons of the new tax restructuring, but a closer look at the changes brought about by GST implicates a stronger economy with a transparent and uniform taxation structure.
With that comes a need for a robust tax technology that centralizes tax cycles and minimizes errors through automation.
Thomson Reuters has stepped in with a solution, ONESOURCE, that helps automate taxes end-to-end eliminating challenges of complex taxation altogether. The future of tax is technology. Let’s see where this revolution takes the world of taxation.