Long delayed GST passed |
The Constitutional Amendment Bill was unanimously passed by the upper house of Parliament (the Rajya Sabha) on Aug 3 will now prompt India Inc to gear up to the GST transition related challenges.Many companies had already taken into cognisance, the multitude of challenges with any new tax regime can bring. Some had begun planning a change in their logistical network, others had already engaged IT consultants as their entire accounting back-end would need to change.The challenge is how much time companies have before the GST implementation," adds Menon.On the government side, as many as 60,000 revenue officials of central and state governments will be trained on GST laws and IT infrastructure framework to prepare them for rollout of the new indirect tax regime by April 2017.Goods and Services Tax (GST) roll-out road map will be ready by March 2017. After the training on GST laws gets complete by December 2016, GSTN will train them on the related IT infrastructure by March 2017. Goods and Services TaxNetwork (GSTN) is a non-government company set up by the Centre and states to provide shared IT framework and services to central and state governments, tax payers and other stakeholders.
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