GST to lead us towards a Digital Cashless Society

New Delhi : Four months prior to the implementation of Goods and Service Tax, Confederation of Indian Industry (CII) organized a workshop on “GST: Gearing up for Change” in collaboration with Quantum Global Campus and Grant Thornton, Dehradun. GST is proposed to be a system of indirect taxation in India merging most of the existing taxes into single system of taxation, likely to come into picture from April 2017.

According to the information, more than 120 people from the industry participated. Stakeholders and Industrialist shared their outlook and perspective towards the new indirect tax regime, during the workshop.

Main highlights of the discussion included: Implementation of GST, various areas from GST rate to exempted commodities, inflation to GDP growth, etc. Assorted challenges, infrastructure needed for the implementation of successful and robust GST, dispute between center and state, approach of revenue authorities were also analyzed.

Mr. Harishanker Subramaniam, chairman, CII core group, said, “With the rates already being decided by the GST Council on 3rd November, and the vexed issues and law to be decided shortly, GST is probably all set to be implemented on 1st April 2017”. GST is the most important milestone in the history of India, from an indirect tax perspective, he added.

The workshop concluded on an optimistic note that better implementation of Goods and Service Tax (GST) and demonetization will lead us to a digital cashless society.