GST 2.0 rollout entails a less burdensome financial investment, yet calls for meticulous adjustments to existing systems.

As the countdown to the transition to GST 2.0 begins, industry experts are offering guidance on the steps businesses need to take to prepare.

Archit Gupta, a prominent figure in the financial sector, has highlighted the importance of revising tax strategies, updating pricing workflows, and strengthening compliance checks for sectors such as FMCG, healthcare, automobiles, electronics, and agriculture.

However, the search results do not provide specific information about which companies and consulting firms are particularly engaged for the GST 2.0 transition measures regarding accounting and advisory services. Nevertheless, it is clear that the switch to GST 2.0 will require the collaboration of various industry players to ensure a smooth transition.

Pritam Mahure, another financial expert, believes that companies, tax consultants, and ERP providers will have 18 days to adapt to GST 2.0, with minimal intimation needed for changes. This timeframe, according to Mahure, should be sufficient for businesses to make the necessary adjustments.

Modern financial ERP systems are expected to play a crucial role in the transition. These systems can automatically calculate GST, generate e-invoices, and sync with various GST returns. All that may be required is some back-end rate changes to accommodate the new GST structure.

Abraham, another industry voice, stresses the importance of careful evaluation of GST classification and HSN code to avoid future disputes. With only 18 days to do so, companies must act quickly to ensure their classifications are accurate and comply with the new GST structure.

Items shifting from 28% plus cess to a single 40% GST require particular attention. Precise handling is necessary, as cess configurations must be retired, credits become claimable, and transitional invoices need careful testing to avoid mismatches.

The Government has provided support for the transition through FAQs and clarifications, aiming to make the process as smooth as possible for all businesses involved. As the transition date approaches, it is essential for businesses to stay informed and prepared to ensure a seamless transition to GST 2.0.

GST 2.0 rollout entails a less burdensome financial investment, yet calls for meticulous adjustments to existing systems.