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The ambiguity that surrounded the implementation of GST seems to be diminishing as the government achieves several key milestones that were pre-requisites for the revolutionary indirect tax regime to go live on July 1. While the industry is geared up to embrace changes that GST will bring about, there is a lot of preparatory work to be done. With a little over two months to go, companies need to start analysing the immediate risks and opportunities resulting from transition to GST as the new legislation will affect the entire ecosystem of an organisation, starting from order to cash.
Although several companies have incurred huge costs owing to assessment of impact of GST on their business, one of the biggest challenges with respect to implementation of GST is project managing such a critical change in legislation with minimal resources and cost.
Some of the key areas which can make GST implementation a success at any organisation are:
While there are many more aspects that can lead to seamless implementation of GST, ensuring business continuity is the biggest challenge for organisations that are late to realise the ramifications of GST on their business. While companies can be quick to align their IT systems through outsourcing partners, it is important to note that project managing such a big change can be a daunting task for any organisation.
Therefore, there is an immediate need for a one-stop-shop customised project management platform that can take over the burden of managing tasks, action items, keep a check on timelines, and engage stakeholders at one place with minimal resources. While there are many project management platforms readily available in the market, there is a void with respect to a holistic platform that can design, organise, manage and document action items, follow-up on deliverables of internal/external stakeholders, incorporate a robust project plan, engage all relevant internal/external stakeholders, manage tasks and project progress.
Certainly, the industry needs a solution that can be customised according to their immediate needs and help them transition into the GST effectively. Such a platform can also be utilised for post implementation monitoring.
- By Sarabjeet Singh, Partner, Risk & Advisory, BMR Advisors with inputs from Meeta Chopra and Chavi Sawhney
The thoughts and opinions shared here are of the author.
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