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STUDENTS CONFERENCE OF CA STUDENTS
STUDENTS CONFERENCE OF CA STUDENTS | GST – Scope of Supply
Students Conference of CA Students
GST – Scope of Supply
A Brief Profile:
Name : Anbuselvan A S
Student Registration Number : SRO 0416964
Course : CA – Final
Email – ID : caanbuselvan@gmail.com
Date of Birth : 4th
July 1997
Contact Number : 9362499777/8610676198
Contact Address : No.27, First Street
Alagirinagar, Vadapalani
Chennai - 600026
Achievements:
All India 21st
Rank (75%) Intermediate Professional Competency Course(IPCC) Conducted on May
2015
Cleared CPT with distinction (84%)
Presented the Paper on “Accounting Standard Changes” – during Financial Reporting Session of
National Convention held on Visakhapatnam.
Winner of inter school level Elocution Competitions.
School topper in both Higher Secondary and Secondary School with 97% and 96% respectively
Participated in Quiz competitions conducted by RBI
State level winner in Eureka – Quiz competition
Article Assistant in S.R.Batliboi & Associates LLP associate company of EY (Ernst&Young)
GST – Scope Of Supply
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ANBUSELVAN AS 1
1
SCOPE OF SUPPLY
WHAT’S INSIDE?
v Introduction
v What is GST?
v What is the taxable event under GST?
v What is the meaning “Supply”?
v What are the necessary elements that constitute supply?
v Meaning of Supply as per Schedule I
v Schedule II
v Other Provisions relating to Scope of Supply
v Schedule III
v Conclusion
GST – Scope Of Supply
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ANBUSELVAN AS 2
2
Introduction:
Tax policies play an important role on the economy through their impact on both efficiency and equity. A good
tax system should keep in view issues of income distribution and, at the same time, also endeavour to generate
tax revenues to support government expenditure on public services and infrastructure development. India has
witnessed substantial reforms in indirect taxes over the past two decades with the replacement of State sales
taxes by Value Added Tax (VAT) in 2005 marking a watershed in this regard.
The introduction of Goods and Services Tax (GST) would be
a very significant step in the field of indirect tax reforms in
India. By amalgamating a large number of Central and State
taxes into a single tax, it would mitigate cascading or double
taxation in a major way and pave the way for a common
national market. The ongoing tax reforms on moving to a
goods and services tax would impact the national economy,
international trade, firms and the consumers.
What is GST?
GST stands for “Goods and Services Tax”, and is proposed to be
a comprehensive indirect tax levy on manufacture, sale and
consumption of goods as well as services at the national level.
The GST will basically wipe the indirect tax slate clean, replacing
around a dozen indirect taxes and duties levied by the Centre and
state. GST will basically leave behind only three components of
GST (central, state and integrated GST) as well as basic customs
duty for imports from abroad. This will finally provide for a
single, uniform mechanism of levying indirect taxes. Hopefully, this will also address the complexities of the
present system, encourage tax compliance, and streamline the system of tax credits.
What is the taxable event under GST?
Determination of the taxable event in any tax law is of utmost significance as
the levy of tax is based on occurrence of that event. The taxable event under
GST shall be the supply of goods and / or services made for consideration in
the course or furtherance of business. The taxable events under the existing
indirect tax laws such as manufacture, sale, or provision of services shall stand
subsumed in the taxable event known as ‘supply’.’
GST – Scope Of Supply
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ANBUSELVAN AS 3
3
What is the meaning of ‘Supply’?
The term ‘supply’ is wide in its import and
includes all forms of supply of goods and /
or services such as sale, transfer, barter,
exchange, license, rental, lease or disposal
made or agreed to be made for a
consideration by a person in the course or
furtherance of business. It also includes
import of service. The model GST law also
provides for including certain transactions
made without consideration within the scope of supply.
What are the necessary elements that constitute supply?
(i) Supply of goods and / or services;
(ii) Supply is for a consideration;
(iii) Supply is made in the course or
furtherance of business;
(iv) Supply is made in the taxable territory;
(v) Supply is a taxable supply; and
(vi) Supply is made by a taxable person
Exceptions:
1. Under certain circumstances such as
importation of service (Section 3(1) (b)) or
supplies made without consideration, specified
under Schedule-I
2. Importation of goods is dealt separately under the Customs Act, 1962, wherein IGST shall be levied as
additional duty of customs in addition to basic customs duty.
GST – Scope Of Supply
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ANBUSELVAN AS 4
4
Meaning of Supply as per Schedule I:
1. Permanent transfer/disposal of business assets where input tax credit has been availed on such assets.
2. Supply of goods or services between related persons, or between distinct persons as specified in section 10,
when made in the course or furtherance of business.
3. Supply of goods—
(a) By a principal to his agent where the agent undertakes to supply such goods on behalf of the principal,
or
(b) By an agent to his principal where the agent undertakes to receive such goods on behalf of the principal.
4. Importation of services by a taxable person from a related person or from any of his other establishments
outside India, in the course or furtherance of business.
Example:
1. An individual buys a car for personal use and after a year sells it to a car dealer. Will the transaction be
a supply in terms of Model GST Law?
No, because supply is not made by the individual in the course or furtherance of business. Further, no
input tax credit was admissible on such car at the time of its acquisition as it was meant for non-business
use.
2. A dealer of air-conditioners transfers an air conditioner from his stock in trade, for personal use at his
residence. Will the transaction constitute a supply?
Yes. As per Schedule-I (1) business assets put to a private or non-business use without consideration will
be treated as supply and Input tax credit was taken by the dealer on purchasing the air-conditioner.
3. What do is “supply made in the course or furtherance of business”?
The following business test is normally applied to arrive at a conclusion whether a supply has been made in the
course or furtherance of business
1. Is the activity, a serious undertaking earnestly pursued?
2. Is the activity is pursued with reasonable or recognisable continuity?
3. Is the activity conducted in a regular manner based on sound and recognised business principles?
4. Is the activity predominantly concerned with the making of taxable supply for consideration/ profit
motive?
4. What is taxable Supply?
A “Taxable supply” means a supply of goods and/ or services which is chargeable to good and service
tax under the GST Act.
GST – Scope Of Supply
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ANBUSELVAN AS 5
5
Schedule II:
Schedule II shall apply for determining whether the Supply is a supply of goods or a supply of services.
Matters to be treated as supply of goods and services as per Schedule II:
(1) Transfer
(a) Any transfer of the title in goods is a supply of goods.
(b) Any transfer of goods or of right in goods or of undivided share in goods without the transfer of
title thereof, is a supply of services.
(c) Any transfer of title in goods under an agreement which stipulates that property in goods will pass
at a future date upon payment of full consideration as agreed, is a supply of goods.
(2) Land and Building
(a) Any lease, tenancy, easement, licence to occupy land is a supply of services.
(b) Any lease or letting out of the building including a commercial, industrial or residential complex
for business or commerce, either wholly or partly, is a supply of services.
(3) Treatment or process
(a) Any treatment or process which is being applied to another person’s goods is a supply of services.
(4) Transfer of business assets
(a) Where goods forming part of the assets of a business are transferred or disposed of by or under the
directions of the person carrying on the business so as no longer to form part of those assets, whether
or not for a consideration, such transfer or disposal is a supply of goods by the person.
(b) Where, by or under the direction of a person carrying on a business, goods held or used for the
purposes of the business are put to any private use or are used, or made available to any person for use,
for any purpose other than a purpose of the business, whether or not for a consideration, the usage or
making available of such goods is a supply of services.
(c) Where any person ceases to be a taxable person, any goods forming part of the assets of any business
carried on by him shall be deemed to be supplied by him in the course or furtherance of his business
immediately before he ceases to be a taxable person, unless—
(i) The business is transferred as a going concern to another person; or
(ii) The business is carried on by a personal representative who is deemed to be a taxable
person.
GST – Scope Of Supply
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ANBUSELVAN AS 6
6
(5) The following shall be treated as “supply of service”
(a) Renting of immovable property;
(b)Construction of a complex, building, civil structure or a part thereof, including a complex or building
intended for sale to a buyer, wholly or partly, except where the entire consideration has been received
after issuance of completion certificate, where required, by the competent authority or before its first
occupation, whichever is earlier.
(c) Temporary transfer or permitting the use or enjoyment of any intellectual property right;
(d) Development, design, programming, customisation, adaptation, up gradation, enhancement,
implementation of information technology software;
(e) Agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act;
(f) works contract including transfer of property in goods (whether as goods or in some other form)
involved in the execution of a works contract;
(g) Transfer of the right to use any goods for any purpose (whether or not for a specified period) for
cash, deferred payment or other valuable consideration; and
(h) Supply, by way of or as part of any service or in any other manner whatsoever, of goods, being food
or any other article for human consumption or any drink (other than alcoholic liquor for human
consumption), where such supply or service is for cash, deferred payment or other valuable
consideration.
(6) The following shall be treated as supply of goods
(a) Supply of goods by any unincorporated association or body of persons to a member thereof for cash,
deferred payment or other valuable
Example:
1. Whether transfer of title and/or possession is necessary for a transaction to constitute supply of goods?
Title as well as possession both have to be transferred for a transaction to be considered as a supply of
goods. In case title is not transferred, the transaction would be treated as supply of service in terms of
Schedule II (1). In some cases, possession may be transferred immediately but titled may be transferred at
a future date like in case of sale on approval basis or hire purchase arrangement. Such transactions will
also be termed as supply of goods.
2. Whether transfer of right to use goods will be treated as supply of goods or supply of service?
Transfer of right to use goods shall be treated as supply of service because there is no transfer of title in
such supplies. Such transactions are specifically treated as supply of service in Schedule-II
GST – Scope Of Supply
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ANBUSELVAN AS 7
7
3. Whether goods purchased on hire purchase basis will be treated as supply of goods or supply of services?
Supply of goods on hire purchase will be treated as supply of goods as there is transfer of title, albeit at a
future date.
Other Provisions relating to Scope of Supply:
2A. Where a person acting as an agent who, for an agreed commission or brokerage, either supplies or receives
any goods and/or services on behalf of any principal, the transaction between such principal and agent shall be
deemed to be a supply.
3. The Central or a State Government may, upon recommendation of the Council, specify, by notification, the
transactions that are to be treated as—
(i) A supply of goods and not as a supply of services; or
(ii) A supply of services and not as a supply of goods; or
(iii) Neither a supply of goods nor a supply of services.
4. The supply of any branded service by an aggregator, as defined in section 43B, under a brand name or trade
name owned by him shall be deemed to be a supply of the said service by the said aggregator.
Example:
Flipkart has to pay GST for acting as an aggregator between customers and shopkeepers as they provide a
branded service under a trade name.
Schedule III:
Activities of transactions which shall be treated neither as supply of goods or supply of services under
Schedule III:
(1) Services by an employee to the employer in the course of or in relation to his employment.
(2) Services by any Court or Tribunal established under any law for the time being in force.
(3)
(a) The functions performed by the Members of Parliament, Members of State Legislature, Members
of Panchayats, Members of Municipalities and Members of other local authorities;
(b) The duties performed by any person who holds any post in pursuance of the provisions of the
Constitution in that capacity; or
(c) The duties performed by any person as a Chairperson or a Member or a Director in a body
established by the Central Government or a State Government or local authority and who is not deemed
as an employee before the commencement of this clause.
GST – Scope Of Supply
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ANBUSELVAN AS 8
8
(4) Services by a foreign diplomatic mission located in India.
(5) Services of funeral, burial, crematorium or mortuary including transportation of the deceased.
(b) Activities or transactions undertaken by the Central Government, a State Government or any local
authority in which they are engaged as public authorities as specified in Schedule IV.
Conclusion:
Scope of Supply is extensive in nature and it covers almost all the transactions. All stake holders need to get
ready for a Dual GST – whether we like it or not. We would only say that the impact will be tremendous; laws
will be simplified and if the stake holders rightly understand the intricacies of the law, take timely steps to
upgrade their software and systems; the financial gains will be all pervasive.
Indian industry believes that the GST, as the biggest indirect tax reform, would be an economic game changer
and set the stage for a new era of rapid growth and transformation of the country.
“The ones who are going to be the winners, are not those who are the strongest, or
Those who are the fastest; but those who are the most adaptive to changes.”
THANK YOU

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GST - Scope of Supply

  • 1. STUDENTS CONFERENCE OF CA STUDENTS STUDENTS CONFERENCE OF CA STUDENTS | GST – Scope of Supply Students Conference of CA Students GST – Scope of Supply A Brief Profile: Name : Anbuselvan A S Student Registration Number : SRO 0416964 Course : CA – Final Email – ID : caanbuselvan@gmail.com Date of Birth : 4th July 1997 Contact Number : 9362499777/8610676198 Contact Address : No.27, First Street Alagirinagar, Vadapalani Chennai - 600026 Achievements: All India 21st Rank (75%) Intermediate Professional Competency Course(IPCC) Conducted on May 2015 Cleared CPT with distinction (84%) Presented the Paper on “Accounting Standard Changes” – during Financial Reporting Session of National Convention held on Visakhapatnam. Winner of inter school level Elocution Competitions. School topper in both Higher Secondary and Secondary School with 97% and 96% respectively Participated in Quiz competitions conducted by RBI State level winner in Eureka – Quiz competition Article Assistant in S.R.Batliboi & Associates LLP associate company of EY (Ernst&Young)
  • 2. GST – Scope Of Supply (Student Conference For CA Students at Coimbatore) ---------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------ ANBUSELVAN AS 1 1 SCOPE OF SUPPLY WHAT’S INSIDE? v Introduction v What is GST? v What is the taxable event under GST? v What is the meaning “Supply”? v What are the necessary elements that constitute supply? v Meaning of Supply as per Schedule I v Schedule II v Other Provisions relating to Scope of Supply v Schedule III v Conclusion
  • 3. GST – Scope Of Supply (Student Conference For CA Students at Coimbatore) ---------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------ ANBUSELVAN AS 2 2 Introduction: Tax policies play an important role on the economy through their impact on both efficiency and equity. A good tax system should keep in view issues of income distribution and, at the same time, also endeavour to generate tax revenues to support government expenditure on public services and infrastructure development. India has witnessed substantial reforms in indirect taxes over the past two decades with the replacement of State sales taxes by Value Added Tax (VAT) in 2005 marking a watershed in this regard. The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. The ongoing tax reforms on moving to a goods and services tax would impact the national economy, international trade, firms and the consumers. What is GST? GST stands for “Goods and Services Tax”, and is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. The GST will basically wipe the indirect tax slate clean, replacing around a dozen indirect taxes and duties levied by the Centre and state. GST will basically leave behind only three components of GST (central, state and integrated GST) as well as basic customs duty for imports from abroad. This will finally provide for a single, uniform mechanism of levying indirect taxes. Hopefully, this will also address the complexities of the present system, encourage tax compliance, and streamline the system of tax credits. What is the taxable event under GST? Determination of the taxable event in any tax law is of utmost significance as the levy of tax is based on occurrence of that event. The taxable event under GST shall be the supply of goods and / or services made for consideration in the course or furtherance of business. The taxable events under the existing indirect tax laws such as manufacture, sale, or provision of services shall stand subsumed in the taxable event known as ‘supply’.’
  • 4. GST – Scope Of Supply (Student Conference For CA Students at Coimbatore) ---------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------ ANBUSELVAN AS 3 3 What is the meaning of ‘Supply’? The term ‘supply’ is wide in its import and includes all forms of supply of goods and / or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business. It also includes import of service. The model GST law also provides for including certain transactions made without consideration within the scope of supply. What are the necessary elements that constitute supply? (i) Supply of goods and / or services; (ii) Supply is for a consideration; (iii) Supply is made in the course or furtherance of business; (iv) Supply is made in the taxable territory; (v) Supply is a taxable supply; and (vi) Supply is made by a taxable person Exceptions: 1. Under certain circumstances such as importation of service (Section 3(1) (b)) or supplies made without consideration, specified under Schedule-I 2. Importation of goods is dealt separately under the Customs Act, 1962, wherein IGST shall be levied as additional duty of customs in addition to basic customs duty.
  • 5. GST – Scope Of Supply (Student Conference For CA Students at Coimbatore) ---------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------ ANBUSELVAN AS 4 4 Meaning of Supply as per Schedule I: 1. Permanent transfer/disposal of business assets where input tax credit has been availed on such assets. 2. Supply of goods or services between related persons, or between distinct persons as specified in section 10, when made in the course or furtherance of business. 3. Supply of goods— (a) By a principal to his agent where the agent undertakes to supply such goods on behalf of the principal, or (b) By an agent to his principal where the agent undertakes to receive such goods on behalf of the principal. 4. Importation of services by a taxable person from a related person or from any of his other establishments outside India, in the course or furtherance of business. Example: 1. An individual buys a car for personal use and after a year sells it to a car dealer. Will the transaction be a supply in terms of Model GST Law? No, because supply is not made by the individual in the course or furtherance of business. Further, no input tax credit was admissible on such car at the time of its acquisition as it was meant for non-business use. 2. A dealer of air-conditioners transfers an air conditioner from his stock in trade, for personal use at his residence. Will the transaction constitute a supply? Yes. As per Schedule-I (1) business assets put to a private or non-business use without consideration will be treated as supply and Input tax credit was taken by the dealer on purchasing the air-conditioner. 3. What do is “supply made in the course or furtherance of business”? The following business test is normally applied to arrive at a conclusion whether a supply has been made in the course or furtherance of business 1. Is the activity, a serious undertaking earnestly pursued? 2. Is the activity is pursued with reasonable or recognisable continuity? 3. Is the activity conducted in a regular manner based on sound and recognised business principles? 4. Is the activity predominantly concerned with the making of taxable supply for consideration/ profit motive? 4. What is taxable Supply? A “Taxable supply” means a supply of goods and/ or services which is chargeable to good and service tax under the GST Act.
  • 6. GST – Scope Of Supply (Student Conference For CA Students at Coimbatore) ---------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------ ANBUSELVAN AS 5 5 Schedule II: Schedule II shall apply for determining whether the Supply is a supply of goods or a supply of services. Matters to be treated as supply of goods and services as per Schedule II: (1) Transfer (a) Any transfer of the title in goods is a supply of goods. (b) Any transfer of goods or of right in goods or of undivided share in goods without the transfer of title thereof, is a supply of services. (c) Any transfer of title in goods under an agreement which stipulates that property in goods will pass at a future date upon payment of full consideration as agreed, is a supply of goods. (2) Land and Building (a) Any lease, tenancy, easement, licence to occupy land is a supply of services. (b) Any lease or letting out of the building including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is a supply of services. (3) Treatment or process (a) Any treatment or process which is being applied to another person’s goods is a supply of services. (4) Transfer of business assets (a) Where goods forming part of the assets of a business are transferred or disposed of by or under the directions of the person carrying on the business so as no longer to form part of those assets, whether or not for a consideration, such transfer or disposal is a supply of goods by the person. (b) Where, by or under the direction of a person carrying on a business, goods held or used for the purposes of the business are put to any private use or are used, or made available to any person for use, for any purpose other than a purpose of the business, whether or not for a consideration, the usage or making available of such goods is a supply of services. (c) Where any person ceases to be a taxable person, any goods forming part of the assets of any business carried on by him shall be deemed to be supplied by him in the course or furtherance of his business immediately before he ceases to be a taxable person, unless— (i) The business is transferred as a going concern to another person; or (ii) The business is carried on by a personal representative who is deemed to be a taxable person.
  • 7. GST – Scope Of Supply (Student Conference For CA Students at Coimbatore) ---------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------ ANBUSELVAN AS 6 6 (5) The following shall be treated as “supply of service” (a) Renting of immovable property; (b)Construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or before its first occupation, whichever is earlier. (c) Temporary transfer or permitting the use or enjoyment of any intellectual property right; (d) Development, design, programming, customisation, adaptation, up gradation, enhancement, implementation of information technology software; (e) Agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act; (f) works contract including transfer of property in goods (whether as goods or in some other form) involved in the execution of a works contract; (g) Transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration; and (h) Supply, by way of or as part of any service or in any other manner whatsoever, of goods, being food or any other article for human consumption or any drink (other than alcoholic liquor for human consumption), where such supply or service is for cash, deferred payment or other valuable consideration. (6) The following shall be treated as supply of goods (a) Supply of goods by any unincorporated association or body of persons to a member thereof for cash, deferred payment or other valuable Example: 1. Whether transfer of title and/or possession is necessary for a transaction to constitute supply of goods? Title as well as possession both have to be transferred for a transaction to be considered as a supply of goods. In case title is not transferred, the transaction would be treated as supply of service in terms of Schedule II (1). In some cases, possession may be transferred immediately but titled may be transferred at a future date like in case of sale on approval basis or hire purchase arrangement. Such transactions will also be termed as supply of goods. 2. Whether transfer of right to use goods will be treated as supply of goods or supply of service? Transfer of right to use goods shall be treated as supply of service because there is no transfer of title in such supplies. Such transactions are specifically treated as supply of service in Schedule-II
  • 8. GST – Scope Of Supply (Student Conference For CA Students at Coimbatore) ---------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------ ANBUSELVAN AS 7 7 3. Whether goods purchased on hire purchase basis will be treated as supply of goods or supply of services? Supply of goods on hire purchase will be treated as supply of goods as there is transfer of title, albeit at a future date. Other Provisions relating to Scope of Supply: 2A. Where a person acting as an agent who, for an agreed commission or brokerage, either supplies or receives any goods and/or services on behalf of any principal, the transaction between such principal and agent shall be deemed to be a supply. 3. The Central or a State Government may, upon recommendation of the Council, specify, by notification, the transactions that are to be treated as— (i) A supply of goods and not as a supply of services; or (ii) A supply of services and not as a supply of goods; or (iii) Neither a supply of goods nor a supply of services. 4. The supply of any branded service by an aggregator, as defined in section 43B, under a brand name or trade name owned by him shall be deemed to be a supply of the said service by the said aggregator. Example: Flipkart has to pay GST for acting as an aggregator between customers and shopkeepers as they provide a branded service under a trade name. Schedule III: Activities of transactions which shall be treated neither as supply of goods or supply of services under Schedule III: (1) Services by an employee to the employer in the course of or in relation to his employment. (2) Services by any Court or Tribunal established under any law for the time being in force. (3) (a) The functions performed by the Members of Parliament, Members of State Legislature, Members of Panchayats, Members of Municipalities and Members of other local authorities; (b) The duties performed by any person who holds any post in pursuance of the provisions of the Constitution in that capacity; or (c) The duties performed by any person as a Chairperson or a Member or a Director in a body established by the Central Government or a State Government or local authority and who is not deemed as an employee before the commencement of this clause.
  • 9. GST – Scope Of Supply (Student Conference For CA Students at Coimbatore) ---------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------ ANBUSELVAN AS 8 8 (4) Services by a foreign diplomatic mission located in India. (5) Services of funeral, burial, crematorium or mortuary including transportation of the deceased. (b) Activities or transactions undertaken by the Central Government, a State Government or any local authority in which they are engaged as public authorities as specified in Schedule IV. Conclusion: Scope of Supply is extensive in nature and it covers almost all the transactions. All stake holders need to get ready for a Dual GST – whether we like it or not. We would only say that the impact will be tremendous; laws will be simplified and if the stake holders rightly understand the intricacies of the law, take timely steps to upgrade their software and systems; the financial gains will be all pervasive. Indian industry believes that the GST, as the biggest indirect tax reform, would be an economic game changer and set the stage for a new era of rapid growth and transformation of the country. “The ones who are going to be the winners, are not those who are the strongest, or Those who are the fastest; but those who are the most adaptive to changes.” THANK YOU