Introduced in July 2017, Goods and Services Tax (GST) is the biggest indirect tax reform in India. GST laid the foundation for a more efficient tax system, has rationalized the tax structure and simplified the compliance procedures by replacing multiple central taxes and duties, as well as local state taxes.
A key component of GST is the automation of compliance procedures to reduce errors and increase efficiency. GST requires greater integration of tax domain knowledge and technology, as compliance has become paperless and data-intensive, with sector-specific nuances. The digitalization has also created a new paradigm in tax administration and reports and analytics.
EY's DigiGST® can provide a building block in your tax function to gain a competitive edge in this era of digital disruption. From evaluating current data elements to handholding GST compliance with seamless continuity, implementing DigiGST® is effortless and digitally transforms indirect tax compliance exercises.