GST which came into force on 1 April 2015 has a far and wide impact on a business and no area of the company is spared. The HR function to the same is affected and HR personnel needs to understand its impact on policies of the company as they relate to reward and compensation; and also other benefits provided to employees.
A basic understanding of GST is a starting point for most employees and HR personnel are not exception to the rule. GST is about supply of goods and services where tax is charged on taxable supply. GST (input tax) paid on acquisitions (purchases) by a company are generally allowed to be claimed against the GST charged (Output Tax) on supply of goods and services to their customers.
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