"GST will affect every part of your business in India with regards to cash flow, costing of capital, pricing of products and services, financial reporting, tax accounting, compliance processes, supply chain, procurements and contracts and all technology currently enabling this ecosystem. In addition, there will be significant training needs for personnel to understand and operate effectively under this new regime.
Termed as the biggest tax reform since independence, it is crucial to understand that GST is not merely a tax change but a business change which is likely to impact various business areas such as Finance, IT, Supply Chain, HR, Marketing etc. On one side there could be a huge impact on the supply chain, and on the other there may be a requirement for redeploying people and different advisors as the three taxes (Excise, Service tax and VAT) would merge into one single tax.