EY, PwC, Deloitte and KPMG to help top Indian firms in getting ready for GST
By Sanvels - 09 Aug,2016, 2:02 PM

MUMBAI: With the Goods and Services Tax (GST) finally set to become a reality, the Big Four consultancies — EY, PwC, Deloitte and KPMG — are preparing top Indian companies for the new taxation regime on a war footing. And, the business is expected to bring them a windfall. 

Most Indian firms are not yet prepared for GST, said industry trackers, even as the government is aiming for an April 1, 2017 rollout. It's perhaps for the first time when the government is prepared, but industry is not, a senior GST adviser working with one of the biggest companies said. "A handful of companies are ready for GST; others are waking up a night before the main exam." 

Partners at the Big Four and their teams advising and implementing GST strategy for companies are spending as much as 20-22 hours a day on the job. These consultancies are also looking to hire more to ease the workload. Some of them have roped in experts from countries where GST has been already implemented, such as Malaysia, Singapore and Australia. 

People from the taxation, information technology, advisory and auditing functions are working in companies for GST advisory and implementation. At each of the Big Four, anywhere between 500 and 800 people are dedicatedly helping companies meet GST requirements. 

While there are no exact numbers available, the implementation could mean a combined revenue of Rs 500-600 crore for the consultants in the next one year. And, consultancies trying to make the maximum out of the opportunity. Take EY for example. 

The firm has already created a team, some of its members are sitting inside one of the biggest companies in India, trying to figure out the impact GST would have and how there could be a transition from one tax system to another. 

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