Mysuru: Introduction of GST is going to have impact on each and every business concern, said G V Krishna Rao, Commissioner, Central Excise, Customs & Service Tax, Mysuru.
He said that the GST will have immediate as well as far reaching implications on business and the Laws as passed by the Parliament raises several pertinent questions whose implications need to be understood by every business concern and prepare for smooth transition to GST.
In this background, CII Mysuru & ICSI organised special interactive session on ‘GST Law: Overview, Impact, Challenges & Roadmap’ at a private hotel here on Tuesday. Speaking on the occasion G V Krishna Rao said “The date has been fixed and as per the official communication which we have been received from ministry of finance, GST has to be implemented from July 1. As pre-preparedness is concerned we have conducted outreach and awareness program on GST since a year now. Six months back we were trying to market GST but now people are aware about GST.”
He said that that as far as central excise and customs and service tax department is concerned, when it comes to GST there are three areas which need to be covered- legal preparedness, administrative preparedness and technology preparedness.
“While legal preparedness will be completed by May 15, the department will be reorganised and a zone named ‘Karnataka Central GST Zone’ will be fore by merging Mysuru and Bengaluru Zone under administrative preparedness. By May 15, the administration-related works will get completed. To get acclimatized to the new set up, GST related works will start from June 1 itself. Required technology is also in place,” added Krishna Rao.
Arjuna Ranga, Chairman, CII who also spoke on the occasion said “GST is going to change all our lives. It is like formatting hard disk to install new software that you want and start working from ground zero. GST in the long term will have huge cultural and ecosystem implications. If we look at two countries that failed in GST implementation Ukraine and Pakistan, they could not manage cost escalation that took place resulting in collapse of the entire system. Over the years they have reformed and we have lot of lessons to learn from them”.
Participants from various industries took part in the day-long interactive session.
