GST Compliance: Time-bound, Steadfast Steps need be in Place
Accelerated pace at which businesses have to comply with GST is becoming a bone of contention. Since technology is at the core of GST, organizations need to rejig their IT systems in an informed manner
The Goods and Services Tax (GST) bill is one of the biggest tax reforms the country has seen after liberalization of economy in 1991. This move has sent positive signals in the global investor community as prospects of attracting FDI for Government’s flagship programs such as ‘Makein-India’ and ‘Startup India’ have increased. But the ride to implement GST is not going to be easy. Many businesses and states are in state of flux, given the short time- 36 www.dqindia.com frame to implement GST. Particularly in the absence of a law that can clearly dictate the rules, it is hard to align tax departments by April 1, 2017. Many organizations with large set-ups are howling over a lot of complexities in their processes as one of the reasons.
Quizzical businesses are trying to figure out ways that can help them to comply with the GST guidelines in the shortest possible time. Tax departments in most organizations are relying heavily on technology to streamline the