GST WILL SIMPLIFY TAX STRUCTURE: CUSTOMS COMMR
14 September 2016
Participating in a seminar convened by Confederation of Indian Industry (CII), Vijayawada zone, here on Tuesday, Rehman said rolling out GST will be beneficial to the country's economy. He explained the advantages of GST for trade and industry sector and presented a comparative study on the current tax systems against GST.
Later, convenor of CII (AP), finance and taxation, P Ravi Kiran hoped that the union and the state governments would provide clarity on the revenue neutral GST rate that is being discussed. "At the moment, the industry and businesses are on overdrive to understand the nuance of the proposed GST law and how it is likely to impact profit and cash-flow," he said.
Naveen Rajpurohit, GST partner for south India from BDO India, an accounting firm, said corporates should get ready and understand the impact of GST. "If there is a fundamental flaw in the implementation of the scheme, they might as well be ready to represent their case before the government in advance so that there will not be any confusion later," he suggested. He further surmised that the corporates would end up spending gargantuan time in recalibrating their business strategies to deal with this significant change.