WHERE OPPORTUNITIES LIE

Digital play

The whole GST system is based on digital transactions – no more paper invoices, manual filing of returns and physical payment of taxes. IT & application service providers stand to gain

New compliance

Enormous compliance burden on businesses such as filing 37 returns in a year, matching of invoices for input tax credit. Opportunities for CAs, cost accountants, company secretaries, lawyers

Sales and inventory management

Under GST, tax is paid when goods are shifted from one location to another. It calls for a new sales and inventory management system. ERP, accounting software providers may gain

Business planning and consolidation

GST removes area-based tax exemptions. So, businesses may have to be restructured in the future. Opportunities for lawyers, CAs, investment bankers and ERP providers

Litigation

GST is a new law and there is confusion among taxpayers regarding its provisions. So, there could be a great many cases between the government and taxpayers. Lawyers, tax professionals to gain

Data analytics

GST would throw up a huge chunk of data that can be used for analytics and business intelligence. Opportunities for data analytics firms and ERP solution providers