India’s big four consultancies to help Indian companies prepare for GST

The Goods and Services Tax (GST) is all set to become a reality; however, as reported earlier, not many Indian companies are ready for the changes that it will bring when implemented. This is why India’s big four consultancies, viz. EY, PwC, Deloitte and KPMG, are all set to help top Indian companies prepare themselves for the new taxation regime.

Needless to say, they would be raking in big moolah for this, which could go up to Rs 500-600 crores in the next one year.

The Indian government is aiming at a deadline of April 1, 2017 to roll the GST bill out. However, given that the companies are not prepared for the changes, they need to hurry up so that they can make all possible adjustments accordingly. For this, partners at these Big Four and their teams are spending as much as 20-22 hours per day, so that they can advise Indian companies about required changes.

This has also led the companies to consider hiring more employees to meet their targets and cater to maximum clients. This involves roping in experts from countries where GST has been already implemented, viz. Malaysia, Singapore and Australia.

The changes, says a report by ET, are not just about taxation. To adjust to a common GST in place of several state taxes, they need to change everything from the way taxes are calculated to the warehousing strategy and their information technology needs.