GST rollout will not be just a simple introduction of a new tax. GST implementation will have deep and far reaching consequences on the operations of a business – requiring a total overhaul of the business, finance, financial reporting and accounting systems. As management teams start evaluating these changes, they will also require factoring in changes in financial reporting as well as indirect tax accounting. In this article, we look at some of the major GST accounting and compliance changes expected on GST rollout in India.

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