Good and Services tax( GST) was first introduced by P. Chidambaram the former Finance Minister in 2006 , it was initially implemented on 2010 but got delayed. However, in 2016 the bill got clearance from both the houses of the Parliament. The Government estimates that it will radically transform the $2-trillion economy and help boost GDP by up to 2 percentage points.
Finance Minister Arun Jaitley has recently said that the Goods and Services Tax (GST) Bill, which is to exempt the daily-use commodities from the levy, is going to be more efficient and a consumer friendly taxation system.
Meanwhile, the GST council has finalized the tax slab for all sectors.
Sivarama Krishnan, Partner and Leader- Cybersecurity, PwC India said "GSTs information architecture calls for data aggregation within enterprises and also requires information exchange across multiple parties (private enterprises, ASPs, government etc.). That consequently introduces new information and business risks. Unauthorized changes to data, segregation of duties, data leak, and bidirectional information flow between parties are some of the risks that all stakeholders will need to assess and mitigate in the short time-window to go-live."
Sanjay Sethi(CEO and Co-founder, ShopClues) giving his perspective on GST rollout "Though very supportive of the GST reforms, we don't agree with requiring marketplaces to collect 1 percent TCS. It is a clear delegation of government's responsibility to corporates. It adds burden to already stretched resources of marketplaces who support upward of 5 lakh MSME and SME businesses.
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Finance Minister Arun Jaitley has recently said that the Goods and Services Tax (GST) Bill, which is to exempt the daily-use commodities from the levy, is going to be more efficient and a consumer friendly taxation system.
Meanwhile, the GST council has finalized the tax slab for all sectors.
Sivarama Krishnan, Partner and Leader- Cybersecurity, PwC India said "GSTs information architecture calls for data aggregation within enterprises and also requires information exchange across multiple parties (private enterprises, ASPs, government etc.). That consequently introduces new information and business risks. Unauthorized changes to data, segregation of duties, data leak, and bidirectional information flow between parties are some of the risks that all stakeholders will need to assess and mitigate in the short time-window to go-live."
Sanjay Sethi(CEO and Co-founder, ShopClues) giving his perspective on GST rollout "Though very supportive of the GST reforms, we don't agree with requiring marketplaces to collect 1 percent TCS. It is a clear delegation of government's responsibility to corporates. It adds burden to already stretched resources of marketplaces who support upward of 5 lakh MSME and SME businesses.
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